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ANNUAL REPORT
OF THE

COMPTROLLER OF THE CURRENCY
TO THE

FIRST SESSION OF THE FIFTIETH CONGRESS
OF

T H E U N I T E D STATES.

DECEMBER 1, 1887,

IN" TWO VOLUMES.
VOLUME I.

WASHINGTON:
GOVERNMENT PRINTING OFFICE,
18.8 7.







TREASURY DEPARTMENT,

Document No. 1046, 2d •*•
Comptroller of ihs Currency\

TABLE OF CONTENTS.

(A full index will be found at page 365 of this volume.)
REPORT.
Report submitted to Congress
Eequirements of section 333, Revised Statutes of the United States, in detail, as to Comptroller's report
Summary of the state and condition of every national bank reporting during the year
Statement of national banks closed during the year
Suggestions as to amendments to the laws by which the system may be improved
New national-bank code
.'
Legal decisions affecting organization, operations, and dissolution of national banks
Reference to digest of national-bank cases in the Appendix
Suggestion as to interstate commercial code
State banks, savings banks, private banks, and loan and trust companies
Resources, liabilities, and condition thereof
Distribution, number, and average par value of shares of stock
Names and compensation of officers and clerks in the office of the Comptroller of the Currency
Organization and expenses of the office
Number and value of items representing clerical work in the office
Comparative statement of the number of banks organized, and number and compensation of
officers and clerks
Number of national banks organized in each State and Territory during the year, with capital,
bonds, and circulation
Statement of banks failed during the year, their capital, surplus, and liabilities
Causes of failure
Organization of national banks
Conversion of State banks
Number of national banks of primary organization, number in voluntary liquidation, and number insolvent
Extension of corporate existence of national banks
Table showing distribution of national-bank stock
Circulating notes
Minimum of bonds required by going banks
Minimum of bonds and maximum of circulation
Bonds deposited and minimum required, and percentage of excess deposited by banks organized
since July 1, 1882
Interest-bearing funded debt of the United States, and amount held by national banks
Course of redemption of 3 per cent, bonds
Security for circulating notes
United States bonds of aH classes held
Comparison of amounts for five years
Decrease in national-bank circulation
Number and capital of national banks by geographical divisions, bonds deposited, minimum,
excess, and percentages
Increase and decrease in capital and circulation
.'
Banks without circulation
:
Dissolution
Number of banks which have passed into voluntary liquidation and into the hands of receivers.
Banks closed during the year
Inactive receiverships
Dividends paid to creditors of insolvent national banks during past year
Amounts collected from assessments on shareholders
III




Page.
1
1
2
3
4
12
28
38
28
38
40-44
45
46
47,48
49
50
51
52
52-55
55
56,57
58
59-61
62-65
66
66
66
66
67,68
69-72
73
73
73
74
75
76
76
77
77
77
77, 78
79
79

IV

TABLE OF CONTENTS.

Issues and redemptions during the year
Additional circulation on bonds
Issues of national-bank notes
Process of redemption of national-bank notes
Five per cent, redemption fund
Receipts and deliveries by national-bank redemption agency
Amount and mode of payment of national-bank notes redeemed
Redemption of circulation of insolvent national banks
Lawful money deposited
National-bank notes received monthly for redemption by Comptroller of the Currency
Amount destroyed yearly since establishment of the system
Supervision of national banks
Powers of the Comptroller of the Currency, and recommendations
Examinations of national bank s, and areas covered by individual examiners
Reports of national banks, and treatment by office
Compendium of capital, surplus, undivided profits, circulation, bonds, deposits, loans and discounts, specie, etc., 1866-1887
Classification of loans in reserve cities
I n New York City for five years
Twenty-five cities having largest amount of capital
Provisions of law governing reserve
Amount of reserve, and ratio of deposits, New York City, reserve cities, and States and Territories
Clearing-house transactions
Kinds of money, and amount used in settlement of balances
New York Clearing-House transactions for thirty-four years
Clearing-house transactions of the assistant treasurer of the United States in New York
Comparative statements of clearing-houses in the United States
...«„.,
Movement of reserve, weekly, in !N"ew York City
Increase and decrease in exchanges and balances of the clearing-houses of the United States.
Duties, assessments, and redemption charges
State taxation of national banks
'..
Recent decision of the Supreme Court of the United States
Conclusion

Page.
80
81
82
82
83
84,85
86
87
88
89
89
90
90-92
92
9$
95
94
95
96
96-100
100,101
102
104
10$
103
104,105
106
107
107
108
109-118
118-128

APPENDIX.
Contents of digest of national-bank cases
Digest
Digest of recent decisions in banking law
Propositions to amend existing law for improvement in system received from various sources..
Estimated population of each State and Territory, aggregate capital, surplus, undivided profits,
and individual deposits of national and other banks June 1,1887, and per-capita averages of
resources
Number of banks organized, in liquidation and in operation, capital, bonds, circulation issued,
redeemed, and outstanding
National-bank currency issued, redeemed, and outstanding
Number and denominations of national-bank notes issued and redeemed
Increase or decrease of national-bank circulation
Additional circulation issued and lawful money deposited to retire circulation
National-bank notes outstanding, and lawful money on deposit with the Treasurer of the
United States
National banks in States, Territories, and reserve cities, their capital, minimum amount of
bonds required by law, bonds held, and circulation outstanding
National banks in each State, Territory, and reserve city, with capital of $150,000 and under,
and with capital exceeding $150,000
Number of national banks in each State, Territory, and reserve city, with a capital of $250,000
and under, and those with a capital exceeding $250,000
.
National banks in voluntary liquidation under sections 5220 and 5221, Revised Statutes
National banks in voluntary liquidation under sections 5220 and 5221, Revised Statutes, fortho
purpose of organizing new associations
National banks in liquidation under section 7 of the act of July 12, 1882
National banks in liquidation under section 7 of the act of July 12, 1882, succeeded by associations with the same or different title
National banks in the hands of receivers
«..,
Liabilities of national banks, and reserve required




131
133
155
165

175
176
177
178
180
181
182
183
185
187-189
191-199
200
202
203
204-216
217-228

TABLE OF CONTENTS.

V
Page.

Average weekly deposits, circulation, and reserve of national banks in New Yprk City
229
State of the lawful-money reserve
230
Dividends and earnings of national banks
234-243
Eatios of dividends and earnings to capital and to capital and surplus
244
Classification of loans and discounts of national banks
246
Clearings and balances of banks in New York City
247
Abstract of reports of condition of State banks, savings banks, private banks, loan and trust
companies, official and unofficial
249
Report of condition of the National Savings Bank of the District of Columbia
295
Distribution by States, Territories, and geographical divisions, number and average par value
of shares of stock of State, savings, private banks, and loan and trust companies
296
Aggregate resources and liabilities of national banks from 1863 to 1887
299
Summary of the state and condition of national banks on dates of reports during the past year.
319
Generalindex
365
Condition of each national bank at close of business October 5,1887
VoL I I




REPORT
OF

THE COMPTROLLER OF THE CURRENCY,
TREASURY DEPARTMENT,
OFFICE OF COMPTROLLER OF THE CURRENCY,

Wanhington, December 1, 1887.

SIR : In obedience to law, I have the honor to submit a report for the
year ending October 31, 1887, exhibiting—
First. A summary of the state and condition of every association from
which reports have been received the preceding year, at the several
dates to which such reports refer, with an abstract of the whole amount
of banking capital returned by them, of the whole amount of their
debts and liabilities, the amount of circulating notes outstanding, and
the total amount of means and resources, specifying the amount of
lawful money held by them at the times of their several returns.
Second. A statement of the associations whose business has been
closed during the year, with*the amount of their circulation redeemed
and the amount outstanding.
Third. Suggestions as to amendments to the laws relative to banking by which it is thought the system may be improved.
Fourth. A statement exhibiting under appropriate heads the resources and liabilities and condition of the banks, banking companies,
and savings banks organized under the laws of the several States and
Territories, such information being obtained by the Comptroller from
the reports made by such banks, banking companies, and savings
banks, to the legislatures or officers of the different States and Territories, and where such reports could not be obtained, the deficiency
has been supplied from such other authentic sources as were available.
Fifth. The names and compensation of the clerks employed in the
office of the Comptroller of the Currency, and the whole amount of
the expenses of the banking department during the year.
This is the twenty-fifth annual report of the Comptroller of the Currency.
8770 CUR 87
1
1




REPORT OF THE COMPTROLLER OF THE CURRENCY.
FIRST.
SUMMARY OF THE STATE AXD CONDITION OF EVERY NATIONAL BANK REPORTING
DURING THE YEAR ENDING OCTOBER 31, 1887.

December 2s.

M a r c h 4.

M a y 13.

August 1.

October 5.

2,875 b a n k s .

2,909 b a n k s .

2,955 b a n k s .

3,014 b a n k s .

3,049 b a n k s .

KESOURCES.
L o a n s and discounts. $1,464,360,246. 61$1,509,261,355.97 $1,5:>3,768.029.05 $1,553,751,437.12 $1,580,045,647.14
5,997,434. 52
6.273,318. 70
6,523,781.08
6,620,303.93
7,503,486.62
Overdrafts
TJ. S. bonds t o secure
211,537,150.00
228,184,350.00
200,452,300,00
189,032,050.00
circulation
189,083,100.00
TJ. S. bonds t o secure
22,976,900.00
210*0,900.00
24.890,500.00
deposits
26.402.000.00
27,757 000 00
10,576,200.00
9,721,450.00
8,157,250.00
7,808,000.00
TJ. S. bonds on h a n d . .
6,914,3:0. 00
Other stocks, bonds,
81,431,000.66
87,441,034.8ti
88,031,124.15
88,374,837.99
and mortgages
88,831,009.96
D u e from approved
142,117,979.28
140.270,155.75
163,161,181.37
148,067.874.43
reserve a g e n t s
140.873,587.98

Due from other national banks
Due from State banks
and bankers
Real estate, furniture, and fixtures..
and taxes paid
Premiums paid
Checks and other
cash items
Exchanges for clearing-house
Bills of other banks
Fractional cunency.
Trade dollars
•Specie, viz:
Gold coin
Gold Treasury
ceitifieatos
Gold clearinghouse cert's...
Silver coin, dollars
Silver coin, fractional
certificates
Legal-tender notes..
TJ. S. certificates of
deposit for legaltender notes
Five per cent, redemption f u n d
with Treasurer
Due from Treasurer
otherthan redemption fund
Aggregate

88,271,697.96

86,460,829.09

105,576,841.99

99,487,767.80

93,302,413.94

21,465,427.08

21,725,605.99

22,746,190.43

20,952,187.86

22,103,677.18

54,763,530.37

55,128,600. 78

55,729,098.76

56,954,622.58

57,968,159.71

10,283,007. 79
15,160,621.67

8,064,292.40
15,537,721.22

7,781,151.97
16,800,4i>l. 83

5,158 910.86
17,353,130.17

8.253,890.72
17,288,771.35

13,218,973.44

13,308,520.04

13,065,663.71

13,914,070. 02

14,691,373. 38

70,525,126.92
20\i.T_\3:>0. 00
447,833. 09
1,827,3^4.20

89,239 194. 50
22,23--»,206. 00
577.878. 03
1,803,601.40

8(5.829,363. 73
25,188,137.00
556,186.75
184,2-/3. 08

128,211,628.48
22,962,737.00
" 564,266. 72
6;J,G71. 97

88,775,457.99
21,937,881.00
540,594. fiO
609. 25

72,8")5,405.4?

73,503,961.60

73,864,674.03

74,093,439.47

73,782,489. 62

55,259,200. C
O

59,245,100.00

56,387,010.00

54,274,940. 00

53,961,690.00
23,981,000.00

24,928,000.00

24,590,000.0(1

21,489,000.00

24,044,000.00

7,403,152.00

7,517,343. 00

7,139,180.00

6,343,213.00

6,683,368.00

2,789,513.5:3

3,154,893. 55

3,314.612. 99

2,813,138.81

2,715,526.76

3,690,225. 00
67,739,828. 00

8,(167,608.00
CC.22rijl58.00

5,121,188.00
79,505,068.00

3.535,479.00
74,477,312.00

3.961,380.00
73,751,255.00

6,195,000.00

7,645,000.00

8,025,000.00

7,810,000.00

6,190,000.00

10,056,128. 39

9,280,755.33

8,810,585.35

8,341,988.77

8,310,442.35

975,376. 90

1,856,195.13

1,113,554.81

6G0.818. 42

985,410.14

2 507,753,912.95 2,581,143,115.05 2,629,314,022. 42 2,637,276,167.72 2,620,193,475.59

* Total specie..

166,983,556.01

171,078,906.15

167,315,665. 62

165,104,210.28

165,085,454.38

LIABILITIES.
Capital stock paid in.
Surplus fund

$550,698,675.00
159,573,479.21

$555,351,765.00
164,337,132.72

$'65,629 068.45
167,411,521.03

$571,648,811.00
172,348,398.99

$578,462,765.00
173,913,440.97

Other u n d i v i d e d
profits
National-bank circulation outstanding.
State-banknotesoutstanding
...
Dividends unpaid ...
Individual deposits..
TJ. S. deposits
Deposits of TJ. S. disbursing officers
Due to other national
banks
Due to State banks
and bankers
Notes and bills rediscounted
Bills pay able
Aggregate

70,298,286.13

67,248,949.16

70.153,368.11

62,294,634.0:!

71,451,167. 02

202,078,287.00

180,231,498.00

176,771,539.00

106,625,658.00

167,283,343.00

98,099.0;)
98,716.00
98.697.00
115,352.00
108,100.00
1.977,314.40
2,239,929.46
2.495*, 127. 83
1.590.345.06
1,441,028.17
1,169,716,413.13 1,224,925,698.26 1,266,570.537.67 1,285.076.978. 58 1,249,477.126.95
19,186,712.77
20,392,284.03
13,705,700.73
17,556,485.93
15,233,909.94
4,276,257.85

4,277,187.61

3,779,735.14

4,074,903.62

4,831,666.14

223,842,279.46

249,337,482.40

244,575,545.12

235,966,622.46

227,491,984.15

91,254,533.23

103,012,552.48

102,089,438.63

103,603,598.14

102,094,625.68

9,159,345.79
2,444,958.30

7,556,837.10
2,082,374.21

10.132.799,64
2,567,953.30

11,125,236.08
2,985,987.60

17,312,806.39
4,888,439.43

2,507,753,912.95 2,581,143,115.05 2,629,314,022.42 2,637,276,167.72 2,620,193,475.59




REPORT OF THE COMPTROLLER OF THE CURRENCY.
SECOND.
STATEMENT OF NATIONAL BANKS CLOSED DURING THE YEAR.

Name and location of bank.

National Bank of King wood, W.
Va
Commercial National Bank, Marshalltown, Iowa
First National Bank, Indianapolis,
Ind
First National Bank, Pine Bluff,
Ark
first National Bank, Concord,
Mich
•Jamestown National Bank, Jamestown, Dak
First National Bank, Berea, Ohio.
First National Bank, Allerton,
Iowa
Second National Bank, Hillsdale,
Mich
Tonton National Bank, Topton,
Pa
First Naiional Bank, Warsaw, 111.
First National Bank, Hamburgh,
Iowa
Darlington National Bank, Darlington, S. 0
Union National Bank, Cincinnati,
Ohio
Roberts National Bank, Titusville,
Pa
National Bank of .Railway, N. J . . .
Oluey National Hank, Ol'ney.Ill..
Metropolitan National Bank,
Leavonworth, Kans.
Ontario County National Bank,
Canandaigua, N. Y
Winsted National Bank, Winsted,
Conn
Council Bluffs National Bank,
Council Bluffs, Iowa
Palatka National Bank, Palatka,
Fla
Fidelity National Bank, Cincinnati, Ohio
First Naiional Bank, Homer, 111..
First National Bank, Beloit, Wis.
Mystic National Bank, Mystic,
Conn
Exchange National Bank, Louisiana, Mo
Henrietta National Bank, Henrietta, Tex
Exchange-National Bank, Downs,
Kans
National Bank of Suinter, S. C
First National Bank, Dansville,
NY
First National Bank, Corry, Pa...
Stafford National Bank, Stafford
Springs, Conn
Total.

Date of authority
Date of clos- Capital
to commence
ing.
stock.
business.

Nor. 14,1865 Oct. 21,1886 $125, 000

Circulation.
Issued.

ReOutstanddeemed
ing.

$90,140 520, 230

$75, 910

June 9,1883 Oct. 25,1886

100,000

Sept. 1,1881 Nov. 11,1886

500, 000

Sept, 18,1882 Nov. 15,1886

50, 000

26, 280

7,305

18, 975

Sept, 15,1884 Nov. 27,1886

50, 000

11, 250

2,'700

8,550

Apr. 10,1885 Nov. 29,1886
June 27,1872 Dec. 1,1886

50, 000
50, 000

11, 250
45, 000

1, 500
9,909

9,750
35, 091

Sept. 20,1874 Dec.

4,200

18, 300

1G2, 325 30, 295

132, 030

22, 500

6,1886

50, 000

11,250

3,380

7,870

July 20,1865 Dec. 18,18S6

50, 000

13,892

3,228

10,664

June 20,1885 Dec. 28,1886
Aug. 10,186-1 Dec. 31,1886

50, 000
50, 000

18,000
38,250

2,960
3,470

15,040
34, 780
10, 075

June 28, L877 I Dec. 31,1886

50, 000

13, 500

3,425

Mar. 20,1881 j Feb. 10,1887

100, 000

22,500

5,940

16, 560

Aug.

500, 000

237, 230 49, 052

188,178

Dec. 12,1882 I Feb. 28,1887 100, 000
Mar. 10,1805 Mar. 9, 1887 100, 000
Feb. 14,1882 | Mar. 11,1887 60, 000

75, 610 12, 300
42, 500 6,184
4,630
27, 000
2,590
22, 500
1,100
11,250
2,120
11, 250
1,130
22, 500
1,595
19,210
90, 000 2, 235
11, 250 5,130
11, 250 1,350

63, 310
36,316
22,370

6,1881 j Feb. 14,1887

May 26,1881 Mar. 15,1887

100, 000

Aug. 11,18S2 Mar. 23,1887

50, 000

Mar. 15,1879 Apr. 12,1887

50, 000

I

Dec, 30,1835 May

5,1887 : 100,000
!

Nov. 20,1834 May 30,1887

50, 000

I

Feb. 27,1886 June 20,1887 1,000,030
June 2,1883 June 22,1887 | 50, dOO
!
Aug. 4,1874 June 30,1887 ! 50,000
i
June 14,1865
July 7,1887 ", 52, 450
Jan. 7, 1884
July 12, 1887 ! 50, 000
Aug. 8,1883
July 25,18S7 ! 50, 030
Sept. 30,1886 Aug. 1,1887
50, 000
Nov. 20,1883 Aug. 22,1887
50, 000
Sept. 4,1863 Aug. 25,1887
Dec. 6,1884 Sept. 16,1887
Jan.

9,130
21, 370
17, 615
87, 765
6,120
9,900

47, 205

3,166

44, 039

11,250

1,130

10,120

11, 250
11,250
11, 250

50, 000
100, 000

7,1865 Oct. 12,1887

19,910
10,150

11, 250
44,450

200, 000

94, 048

11, 250
550

10, 700
11,250
11, 250
44, 450
94, 048

.J4, 087,450 1, 315,640 192,804 1,122, 836

Of the above banks, twenty-five went into voluntary liquidation and
eight failed.




REPORT OF THE COMPTROLLER OF THE CURRENCY.
THIRD.
SUGGESTIONS AS TO AMENDMENTS TO THE LAWS RELATING TO BANKING BY WHICH THE SY-STEM MAY BE IMPROVED AND THE SECURITY OF THE HOLDERS OF ITS NOTES AND OTHER CREDITORS MAY
BE INCREASED.

The views expressed in the Report of 1886 as to the sufficiency of the
security now provided for the circulating notes of national banks are
respectfully reaffirmed, and the suggestions then made for improving
the general features of the national banking system are renewed. These
suggestions, with others drawn from enlarged experience, have been
embodied in a bill for a national-bank code, incorporated herewith, and
respectfully commended to the early attention of Congress. Every
material change proposed to be made by the adoption of this code, and
the reasons for it, will appear in the statement appended to it. In order
that due preparation may be made for the early consideration of this
important measure, the explanatory statement, the bill, and a codification of all existing lawrs, arranged in sections parallel with those of the
bill, have been sent in advance to the Senators, Representatives, and
Delegates in Congress, in order that each may satisfy himself of the
fidelity and accuracy of the codification of the laws now in force, and
by means of this medium of comparison may conveniently compare with
those laws the provisions of the proposed code.
Upon scrutiny it will be found that the proposed code conforms to
the existing law, with some variation in phraseology and some unimportant modification of import, except in the following instances:
Sections 4, 5, and G increase the salary of the Deputy Comptroller of
the Currency, enlarge his duties, and state in a more comprehensive
manner the prohibition against the Comptroller or Deputy Comptroller
having any interests inconsistent with their official positions.
Section 33 jmnides against such a constitution of the board of directors as makes the officers of the bank a majority of the board.
Section 42 incorporates into the oath which directors are required to
take an obligation to inform themselves at all times as to the business
and condition of the association. This addition to the law is, in my
judgment, necessary, because in a recent case submitted to the courts
it has beeirtlecided that directors who do not keep themselves informed
as to the business of their association can not be held responsible for
the mismanagement of its affairs.
Sections 44 and 45 are new matter. They provide a formal method
by which directors may resign their positions and be discharged from
further accountability.
Section 51 forbids the organization of national banks with branches.
When the system was first established there were some State banks
with branches, and as it was desired that these should be induced to
become national banks, provision was made for their retaining their
branches after conversion. This reason no longer exists, and it would
appear to be in the line of public policy to take precaution in advance
against any future development of the national banking system in the
direction of combination and agglomeration similar to the development
among railroad and other corporations controlling interests upon which
the business and convenience of wThole communities depend. In section
127 of the proposed code provision is made for national banks having
more than one office under certain conditions.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

5

Section 50 supplements existing law as to the extension of the corporate existence of national banks, by providing adequate relief to shareholders who do not assent to the extension of the bank, and who do not
concur with [he directors as to the appraisement of its stock.
Section 62 states in more precise language, and with some modification, the existing restrictions upon national banks as to holding real
estate.
Sections 67 to 71, inclusive, provide a method by which the stockholders of national banks may substitute for their contingent liability
a surplus fund to be held by the bank. In this connection I respectfully refer to the recommendations presented to Congress in the Comptroller's Keport for 1886, and to what is said on the subject in the
appropriate place in the Eeport of this year.
Sec; ion 75 makes an important change in the amount of bonds
required to be deposited by the banks.
The acts of 1863 and J864 required a deposit of bonds not less in
amount than one-third of the capital; the act of 1874 made $50,000 the
minimum for banks of which the capital exceeded $150,000 ; the act of
1882 fixed the amount at one-fourth the capital in cases where the
capital does not exceed $150,000, and at $50,000 for all. banks of which
the capital exceeds $150,000.
The proposed code divides the banks into two classes, those with a
capital of $250,000 and less, and those of which the capital exceeds
$150,000, and reduces the amount to be deposited by the smaller banks
from one-fourth to one-tenth of their capital, and that to be deposited
bv the larger banks from $50,000 to $25,000.
The reason for the change is, that the bond requirement is a serious
impediment to the absorption into the national-bank system of the State
banks, which are still numerous in those sections which were more or
less excluded from early participation in the privileges of the acts of
1863 and 1864; and it is also an impediment to the formation of new
banks of large capital. While the change may induce some banks to
withdraw a portion of their bonds, it may reasonably be expected that
the deposit of bonds made by new banks and by banks increasing their
capital will offset such withdrawals to some extent.
The danger of a spasmodic contraction of the national-bank circulation is obviated by the retention of the clause in section 9 of the act of
July 12, 1882, which provides that not more than $3,000,000 of lawful
money shall be deposited in any one calendar month for the purpose
of withdrawing such circulation ; but there seems no reason to retain
the other clause of that section, which prohibits banks that have reduced
circulation from again increasing it until after an interval of six months.
Among all the objections that have been made to the national-bank
currency, none seems so well founded, and at the same time so serious,
as the charge that it is inelastic in volume, and therefore devoid of one
of the prime requisites of a bank currency. The clause referred to
manifestly tends to aggravate this defect, and it should, therefore, be
discarded from the law.
Sections 89 to 94, inclusive, provide for the custody and periodical
examination of the phttes aud dies used in the printing of nationalbank notes and for the destruction of material no longer in use. Under
the existing law, the Comptroller of the Currency is responsible for the
safe keeping and proper use of these plates and dies, but since the
enactment of that provision the Bureau of Engraving and Printing has
been removed from the Treasury building, and it is now a physical impossibility for the Comptroller of the Currency to have any knowledge




6

REPORT OF THE COMPTROLLER OF THE CURRENCY.

of or supervision over the keeping or the handling of these plates and
dies.
Section 97 modifies the existing law as to national-bank notes, so as
to permit them to-be counted as a part of the cash reserve of the banks.
This feature is introduced rather to settle a doubt than to make a change,
because there seems to be good reason to believe that these notes may
be so counted under the existing law.
Section 98 provides that the cashier's signature to the circulating
notes of the bank may be affixed by an agent appointed with due
formality. This provision, it is believed, will relieve many banks from
an inconvenience which at times is quite serious.
Section 114 repeals the requirement that banks extending their corporate existence shall after three years deposit lawiul money to the
amount of their outstanding circulation.
Section 115 extends to the entire national-bank circulation the provision in section 6, act of July 12, 1882, which reserves to the United
States whatever profit arises from the failure to redeem the notes of
banks extending their corporate existence; and in this connection it
should be observed that the other provisions in section 6 of that act
are omitted from this code. The omitted clauses provide that the circulating notes of extended banks shall be retired, and that notes of a
different and readily distinguishable design shall be issued in x>lace of
them.
The purpose of the provision now omitted is not obvious, especially
as the act declares that the bank alter extension " shall continue to be
in all respects the identical association it was before the extension of its
period of succession."
The debate on the bill (see Congressional Record, pages 2534 to 5878,
volume 13, parts 3 to 6, inclusive, Forty-seventh Congress, first session)
shows that the change in the design of the notes was connected with
the provision reserving to the United States any profit arising irom the
non-presentation for redemption of the oid,issue of notes.*
It seems to have been intended that the notes of new design, now
known as the series of 1882, should be issued only to banks extending
their period of succession, whereas it appears that all banks that have
been organized since the passage of the act in question have received
notes of the series of 1882, and therefore the distinction has now been
lost, which was presumably intended to be preserved, between the circulation of extended banks and of those still operated under their original ceriificates of organization. It is impracticable.at this late day to
re-establish this distinction, because of 2,263 banks issuing notes of the
series of 1882 only 1,217 have been extended.
While the act of 1882 contains the only express provision in the statutes reserving to the Treasury the profit arising from the non-presentation of national-bank notes, yet under the operation of the act of June
20,1874, all profits from that source must necessarily remain in the
* The bill was reported from committee by Mr. Crapo. of Massachusetts, who, in
the course of his remarks, May 13, 1882, while it was under discussion in the House,
said:
"There can be no doubt, while all the burdens attending the issue and circulation
of bank notes fall upon the banks, that all the gain from loss of bank notes inures to
the Government. To avoid any delay in receiving this gain the sixth section of the
bill provides for a new issue of bank notes, and a redemption of the'present issue, as
summarily and effectually as is possible by the liquidation of the banks. The bill
under consideration disposes of all doubts, if any exist, as to who shall receive the
profits resulting from lost bank notes." (Pago 3904, vol. 13, part 4, Cong. Record.)




REPORT OF THE COMPTROLLER OF THE CURRENCY.

7

Treasury, because the Treasury is the depositary of the ultimate redeinptiou land of every bank, and it is certain that the moment will
never come within the period of succession of any bank when it can be
determined whether or not at some time thereafter its still outstanding1
notes may not be presented for redemption at the Treasury.
For these reasons it is considered no departure from existing law,
and no infringement upon the rights which any bank can establish or
enjoy, to embody in a code framed for continuous application to a permanent system the distinct provision that all uncalled-for moneys in
the various redemption funds shall ultimately belong to the United
States, while it is a distinct gain to get rid of the obligation to keep up
an unnecessary and confusing distinction between circulating notes
issued by banks organized prior to July 12,1882, but not yet extended,
and those issued by banks organized or extended after that date.
If these views prevail with Congress, it will, no doubt, also seem
expedient to adopt the series of 1882 as a uniform design for the entire
national-bank currency, and in that case it will be no more than just
to provide by an appropriation from the Treasury for the expense of
preparing new plates for the 797 banks now entitled to the notes of the
old design.
Section 127 is that to which allusion is made in explaining section
51. There seems to be in some large cities, especially where*the blanks
are concentrated in one part of the city, out of the reach of many of
their customers, a growing need for some such provision as is made in
this section.
Sections 134 and 135 preserve all existing provisions as to reserve,
except that which allows the 5 per cent, fund in the hands of the
Treasurer of the United States for the redemption of circulating notes
to be counted as a part of the lawful-money reserve against deposits.
It seems barely possible that the intent of section 3, act of June 20,
1874, in this regard may have been misapprehended, but in any case
it is anomalous in law and misleading in practice to count as a part of
the reserve against deposits a fund wholly devoted to the redemption
of circulation and not to any, even the least, extent available for paying depositors.
Except in the cases of some few banks of which the circulation is
large and the deposits small, no material inconvenience is likely to be
caused by the omission of the redemption fund from the items of reserve,
especially if the recommendation is adopted to count national-bank
notes on haod as part of the lawful-money reserve against deposits.
On October 5, 1887, the banks held in the aggregate in their cash
$21,937,884 national-bank notes, while the total amount on deposit in
the redemption fund was only $8,310,442.25.
Section 136 relieves banks of the obligation of keeping a cash reserve against Government deposits. The existing statute requires a
reserve on all deposits, and its language admits of no exception, but it
is probable that this was not meant to include deposits of public money,
because the Secretary of the Treasury is authorized by law to determine, in his own discretion, the security for, and the regulations applicable to, such deposits. It is believed that the proposed amendment will facilitate the operations of the Treasury. It will certainly
relieve the depositary banks of a needless and an expensive requirement.
Section 146 is intended to remedy an inconsistency in the present
law, which gives the Comptroller of the Currency power to place a




8

REPORT OF THE COMPTROLLER OF THE CURRENCY.

receiver in charge of a bank of which any impairment of capital is
not made up within three months after notice from him, while under
the same circumstances the directors can not enforce assessments against
stockholders until four months after such notice.
Sections i47 to 150, inclusive, contain what is believed to be a very
salutary check upon the managers of national banks in respect to investments in real-estate securities. Since the liabilities of banks are
payable on demand, the fundamental principle of good banking is that
the assets should be readily convertible into money. Beal estate and
real-estate securities are hardly ever readily convertible, while under
conditions often arising they become inconvertible and remain so for
long periods of time. Experience teaches that these conditions are
sure to arise just when the exigencies of the community demand from
banks the largest and readiest money accommodation,
Dealing in real estate and in bonds and debentures secured by real
estate is of course an entirely legitimate employment for private or
corporate capiVal, and there seems no lack of capital seeking such employment; it is generally safe, and often profitable; but commercial
banks should be restrained from investing their deposits in such forms,
lest their depositors should be exposed to the danger of finding that
the cash upon which they depend for their current transactions has become locked up in investments, which, however safe and profitable for
the bank, can not be made to reproduce the cash at the moment at which
it is most urgently needed. Statistics presented in the Report of this
year show that real-estate investments are responsible wholly or in part
for the failure of 16 out of the 100 national banks of which the causes
of failure have been ascertained.
While the general principle here stated is indisputable, and admits
of but few exceptions in its application to settled communities where
real estate investments constantly tend to increased permanence, yet
it should not be overlooked that in some sections of the country a very
large amount of active capital is always seeking employment in realestate securities, which tends to make such securities exceptionally
convertible, and it is no doubt difficult for the banks situated in those
localities to keep themselves entirely free from this business. To meet
these cases, section 14.8 has been framed in such a way as to afford to
such banks an opportunity to accommodate their customers and promote the general business around them without too much risk of becoming embarrassed with locked-up funds.
Sections 151 and 152 are designed to give more elasticity to the
present provision of law which limits to one-tenth of the capital of the
bank, loans of money to any individual, firm, or corporation. This is
a perplexiug subject, and it is difficult to regulate it by statute satisfactorily ; yet experience proves that existing restraints have been on
the whole salutary in their character, for in many cases disaster has
followed the disregard of them.
The statistics of failures already referred to show that excessive loans
(which are generally made to officers and directors of the banks, or to
firms or companies in which they are interested) have caused wholly
or in x>art 18 out of 100 failures.
Section 153 provides a penalty for making loans contrary to law. Heretofore the only penalty attaching to a violation of such restraints was
the forfeiture of the franchise of the bank and the dissolution of the
corporation, a punishment quite out of proportion to the offense, except
under circumstances of concealment and aggravation rarely occurring,




REPORT OF THE COMPTROLLER OF THE CURRENCY.

9

and still more rarely discovered before the failure of the bank renders
the penalty superfluous.
Sections 155 to 160, inclusive, are intended to throw some additional
safeguards around the administration of the banks, and to impress
upon the directors a more definite sense of responsibility by indicating
to them practical methods for discharging their trusts.
Section 101 embodies, with slight modifications, the prohibition contained in section 5208 of the lie vised Statutes, against certifying checks
not drawn against actual money. I respectfully submit that it would
be well to strike this provision out of the law altogether, because experience shows that it has failed to prevent the practice of certifying
checks representing stock operations, against which it is understood to
have been aimed, while it has excluded national banks from very
valuable business which State institutions, which are not subject to the
same prohibition, carry on free from the wholesome supervision to which
national banks are subjected.
If, however, the provision is to be retained in the law, I earnestly
recommend the adoption of the modification herein submitted, so as to
relieve from its operation legitimate and well-redognized methods of
accommodation that materially facilitate the commercial business of
the country.
Section 163 embodies the present usury law, except that it permits
of special contracts as to rate of interest in the States and Territories
where no usury law exists.
In this connection I make bold to say that, in my judgment, it would
be a decided step toward emancipating industry from the trammels of
antiquated notions of governmental guidance to omit from this codeall reference to usury and to leave only a provision fixing the rate of
interest in the absence of special stipulation between lender and bor
rower. No one of experience can doubt that money would be cheaper
and more accessible to all borrowers if there w^ere no usury laws in
force any where in the United States.
Sec! ion 172 reduces the penalty from $100 a day to $10 a day in cases
where the banks fail to transmit reports within the period prescribed in
the statutes. The present law has never been fully enforced, and probably can not be; the penalty is excessive.
Sections 174 to 176, inclusive, enlarge the provisions of law applying
to examiners of national banks and define their duties and responsibilities. The effect of these sections is mainly to incorporate into the statute what has heretofore been practiced by the best examiners.
Section 177 establishes a new scale for reckoning the assessment of
examination fees upon national banks.
From many points of view it would be expedient for the examiners
to be paid out of the tax upon the national banks, and not by fees. The
present system establishes relations between the bank and the examiner which are inconsistent with the functions of that officer and with
what ought to be his attitude toward the bank.
Sections 179 and 180 relieve banks of the obligation to pay fees for
preliminary examination, and provide for these fees and the expenses of
special examinations being paid out of such appropriation as Congress
may make for that purpose.
In the Eeport for 1886 I recommended the employment of supervising examiners, to be paid by the Government, and the views then en
tertained as to the value Of such an addition to the inspection machinery
of the system have been confirmed in the highest degree by the additional experience and observation of the last twelve months.




10

REPORT OF THE COMPTROLLER OF THE CURRENCY.

The advantages to be secured may be briefly stated as follows :
1. That banks may be specially examined at any point of time between the dates of ordinary examination without exciting alarm in the
community and without reflecting upon the management of the bank.
Such intermediate examinations are often very desirable in order to
clear up doubtful inferences from reports of examiners and reports of
condition, and to set at rest apprehensions excited by communications
reaching the Comptroller's office. Banks are sometimes clandestinely
assailed by local enemies, and sometimes a truthful warning comes from
an obscure or a doubtful source. It is impossible lor the Comptroller
to discriminate between the true and the false in such charges, while
their simple existence places him under a resj)onsibility from which
the present system of examination provides no method of relief. If he
orders a special examination and the charges prove to be false, the mere
examination, by discrediting the bank, inflicts upon it unmerited and
often irreparable injury. If the apprehension of these consequences
should deter the Comptroller from ordering an examination in a case
where the charges afterward turn out to have beeu true, he will find it
difficult to escape censure from the community which has apparently
had its losses aggravated by what seems to be indifference or something worse.
2. The visits of a supervising examiner will afford to the banks,
especially those in remote localities, a protection which they can not
now receive against arbitrary or otherwise improper conduct on the
part of the local examiner, and will also protect both the banks and
the public against injury in case the local examiner proves to be inattentive, incompetent, or corrupt.
3. Supervising examiners will carry with them all over the Union a
knowledge of correct and uniform methods of business, and, it properlyselected, will x>ossess the capacity of instructing both the local examiners and the officials of the banks in respect to these matters. Statistics show that out of 100 failures of national banks, 27 are due wholly
to bad management, and iu 36 other cases bad management contributed
to the failure. Sixty-three per cent, of failures thus appear attributable in whole or in part to ignorance and to loose methods of business.
4. Supervising examiners will have circuits beginning and ending
with the office of the Comptroller, and they will supply a means by
which this officer can obtain definite and comprehensive information
about banking interests in remote sections and about the local examiners. Such information is very important to a proper administration
of the office at Washington; but it is still more important to the banks
that the Comptroller should understand their circumstances and their
needs, varying, as these do, according to the peculiarities of different
sections, and that he should have trustworthy information as to the
character, methods, and personal bias of the local examiners.
Sections 185 and 186 give to the Comptroller of the Currency a reasonable degree of supervision over national banks that have gone into
voluntary liquidation. It appears to have been held in former years
that after associations had, in accordance with law, made some progress in voluntary liquidation, the Comptroller might lawfully interpose and appoint a receiver to wind up their affairs. As the law now
stands, it does not appear to me to justify action in accordance with
these precedents, and. if this is the case, there is obviously.a gap in the
completeness of the protection which the law aims to extend to the
creditors and stockholders of national banks.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

11

Sections 188 and 189 prescribe the duties of the directors and officers
of national banks that are in a position of insolvency. They embody
existing provisions and the decisions of the courts in respect to matters
not now provided for by statute.
Sections 195 to 197, inclusive, provide for the discharge of receivers
of national banks in cases not provided for in the existing law. Justice
seems to require some such enactments as are here proposed, and without them it may reasonably be expected that the difficulty now experienced of obtaining the best men for receivers will constantly increase.
Sections 198 and 199 supplement the present law for the selection of
an agent of stockholders by supplying certain details now required by
the Comptroller but which should have statutory force.
Section 20G affords to agents of stockholders the means of obtaining
their discharge, no such means now existing.
Sections 207 to 209, inclusive, provide for the case of a bank which
has been restored to solvency during the receivership, and which the
stockholders desire to revive under its old name. Such a ca*se was
lately presented when, within thirty days of the appointment of a re
oeiver 1or the Abiugton National Bank, of Abington, Mass., the creditors were paid in full, with interest, and sufficient assets remained to
justiiy resumption of business upon a capital above the minimum
limited to the locality. The name and reputation of this bank were
regarded by its stockholders as of material value, and, being desirous
that that value should not be lost to them by a change of name, they
made application to be allowed to resume business. Alter careful examination of the laws, I could find nothing either permitting or forbidding compliance with this application; it appeared to be a matter
not provided for either way, and therefore i could reply only that if the
stockholders unanimously agreed to resume, I would recognize the bank
as again in operation.
Section 213 re-enacts section 380 of the Revised Statutes, with a proviso which is intended to obviate the claim made by some district
attorneys that the statute permits them to force upon receivers of
national banks services which are neither required nor desired. I assume that it was not the intention of Congress to confer upon these
officers a statutory right to act as counsel to receivers of national banks,
irrespective of their qualifications or of their local interests and connections.
Section 217 amends the provision as to a semi-annual tax upon circulation by relieving barjks from the tax on so much of their circulation
as is predicated upon the minimum deposit of bonds required by law.
While for more than one reason it may be well to tax circulation voluntarily taken out or maintained, neither reason nor justice appears to
justify a tax on circulation represented by a compulsory deposit of
bonds.
Section 223 re-enacts section 5219 of the Revised Statutes, with a
change of phraseology aimed at securing to national banks adequate
protection against such State and municipal assessment and taxation as
places them at a disadvantage in competition with corporations which
are doing the same business but which call their operations by special
names.
It is only reasonable to believe that there was no intention on the
part of Congress to make the discrimination, which has in some cases
been in ferret! from the language of the present statute, between moneyed
capital in the hands of individuals aud moneyed capital managed by
corporations.




12

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Sections 227, 228, and 229 re-enact the provisions of section 5209 of
the Revised Statutes, with some changes suggested by experience,
others prompted by precaution, and some additions applying to persons
appointed to be examiners of national banks.
Section 232 extends the general provisions for the punishment of
forgers and other like offenders to persous who, without authority of
law, affix signatures to the blank circulating notes printed for national
banks, or who issue or circulate such notes knowing that they have not
been duly signed by the proper officers of the association for which
they were printed. The present law contains no provision for this
offense, which is a manifest omission.
Section 235 re-enacts section 5243 of the Eevised Statutes, and provides for its enforcement. In the last Eeport of the Comptroller of the
Currency the attention of Congress was called to several instances of
violation of section 5243 which have been of long standing, and of
which no judicial notice has been taken, either before that report was
made or since.
An act relating to national-banking

associations.

Be it enacted by the Senate and House of Representatives of the United States of
America, in Congres assembled, as follows:
CHAPTER I.—THE BUREAU OF THE CURRENCY.

SECTION 1. There shall be in the Department of the Treasury a bureau charged
with the execution of all laws passed by Congress relating to national banking associations; the chief officer of which bureau shall be called the Comptroller of the
Currency, and shall perform his duties under the general direction of the Secretary of the Treasury. (Sec. 3*24, R. S.)
SEC. 2. The Comptroller of the Currency shall be appointed by the President, on
the recommendation of the Secietary of the Treasury, by and with the advice and
consent of the Senate, and shall hold his office for the term of live years unless sooner
removed by the President, upon reasonsr to be communicated by him to the Senate ;
and he shall be entitled to a salary of iiv e thousand dollars a year. (Sec. 3*25, R. S.)
SEC. 3. The Comptroller of the Currency shall, within lifteen days from the time of
notice of his appointment, take and subscribe the oath of office, and he shall give to
the United fctates n bond in the penalty of ore hundred thousand dollars, with not
less than two responsible sureties, to be approved by the Secretary of the Treasury,
conditioned for the faithful discharge of the duties of his office. (Sec. 326, R. S.)
SEC. 4. There shall bo in the Bureau of the Comptroller of the Currency a Deputy
Comptroller of the Currency, to be appointed by the Secretary, who shall be entitled
to a salary of three thousand rive hundred dollars a year, and who shall possess the
power and perform the duties attached by Jaw^ to the office of Comptroller during a
vacancy in the office or during the absence or inability of the Comptroller. The
Deputy Comptroller shall also take the oath of office prescribed by the Constitution
and laws of the United States, and shall give a like bond in the penalty of fifty thousand dollars. (Sec. 327, R. S.)
SEC. 5. The Comptroller of the Currency, when present and acting, may delegate
to tho Deputy Comptroller of the Currency such part of the powers and duties pertaining to the office of the Comptroller of the Currency as he may consider proper
and expedient for the speedy and systematic performance of public business.
SP:C. 6. It shall not bo lawful for the Comptroller or for the Deputy Comptroller, of the Currency, either directly or indirectly, to be a stockholder or otherwise
pecuniarily interested in any national banking association, or in any other institution, corporation, or firm engaged in any banking operations. (Sec. 329, R. S.)
SEC. 7. The seal devised by the Comptroller of the Currency for his office, and
approved by the Secretary of the Treasury, shall continue to be the seal of office of
the Comptroller, and may be renewed when necessary. A description of the seal,
with an impression thereof, and a certificate of approval of the Secretary shall
be filed in the office of the Secretary of State. (Sec. 330, R. S., as amended by an Act
February 18, 1875.)
SEC. 8.'There shall be assigned from time to time to the Comptroller of the
Currency by the Secretary of the Treasury suitable rooms in the Treasury building
for conducting the business of the Currency Bureau, containing safe and secure fire-




REPORT OF THE COMPTROLLER OF THE CURRENCY.

13

proof vaults, in which the Comptroller shall deposit and safely keep all valuable
things belonging to his office; and the Comptroller shall from time to time furnish
the necessary furniture, stationery, fuel, lights, and other proper conveniences for
the transaction of the business of his office. (Sec. 331, R. S.)
SEC. 9. The Comptroller of the Currency shall employ from time to time the necessary clerks, to be appointed and classified by the Secretary of the Treasury, to
discharge such duties as the Comptroller shall direct. (Sec. 328, R. S.)
SEC. 10. The Comptroller of the Currency shall make an annual report to Congress
at the commencement of its session, exhibiting—
(1) A summary of the state and condition of all the associations from which
reports have been received the preceding year, at the several dates to "which such
reports refer, with an abstract showing the whole amount of banking capital
returned by them, the whole amount of their debts and liabilities, the amount of
circulating notes outstanding, and the total amount of their means and resources,
specifying the amount of lawiul money held by them at the times of their several
returns, and such other information in relation to such associations as, in his judgment, may be useful.
(2) A statement of the associations which have withdrawn from business during
the year, with the amoui.il of their circulation redeemed and the amount outstanding
(3) A statement of the associations which have failed during the year, or which
for any other reason have been placed in the hands of a receiver, together with a
special report in each ca^e as to the cause of failure, and the liabilities, assets, and
so forth.
(4) A statement exhibiting under appropriate heads the resources and liabilities
and the condition of the banks, banking companies, and savings banks, organized
under the laws of the several States and Territories, which information shall be
obtained by the Comptroller from tho reports made by such banks, banking companies, and savings banks to the legislatures or officers of the different States aiid Territories, and, where such reports cannot be obtained, the deficiency shall be supplied
from such other authentic sources as may be available.
(5) The names and compensation of the clerks employed by him, and the whole
amount of the expenses of the Bureau of the Currency during the year.
(6) Such suggestions as he may deem proper for the amendment and improvement
of the laws relating to national banking associations. (Sec. 333, R. S.)
SEC. 11. The expenses necessarily incurred in executing the laws respecting the
X)rocuring of circulating notes, and all other expenses of the Bureau of the Currency, except as otherwise provided, shall be paid out of the proceeds of the taxes or
duties assessed and collected on the circulation of national banking associations
under this act. (Sec. 5173, R. S.)
CHAPTER II.—ORGANIZATION OF ASSOCIATIONS.

SEC. 12. Associations for carrying on the business of banking under this act may
be formed by any number of natural persons, not less in any case than five. (Sec.
5133, R. S.)
SEC. 13. The persons forming the associations shall enter into articles of association,
which shall specify in general terms the object for which the association is formed,
&nd may contain any other provisions, not inconsistent with law, which the association may see lit to adopt for tho regulation of its business and the conduct of its
affairs. These articles shall be signed by the persons uniting to form the association,
and a copy of them shall be forwarded to the Comptroller of the Currency, to be filed
and preserved in his office. (Sec. 5133, R. S.
SEC. 14. The persons uniting to form such association shall, under their hands
make an organization certificate, which shall specifically state—
(1) The name assumed by such association, which name shall be subject to the
approval of tho Comptroller of the Currency.
(2) The place where its operations of discount and deposit are to be carried on,
designating the State, Territory, or District, and the particular county, and the cityj
town or village.
(3) Tho amount of capital stock, and the number of shares into which the same is
to be divided.
(4) The names and places of residence of the shareholders, and the number of
shares held by each of them.
(5) The fact that the certificate is made to enable such persons to avail themselves
of the advantages of this act. (Sec. 5134, R. S.)
SEC. 15. The organization certificate shall be acknowledged before a judge of some
court of record, or notary public, and, together with the acknowledgment thereof,
authenticated by the seal of sucL court or notary, shall be transmitted to the Comp-




14

REPORT OF THE COMPTROLLER Ob1 THE CURRENCY.

troller of the CIUTNJIICV, who shall record and carefully preserve the sa:ne in his
office. (Sec. 5135, R. S.)
SEC. 16. Upon duly milking and filing articles of association and an organization
certificate, the association shall become, as from the date of the execution of its
organization certificate, a body corporate. (Sec. 5136, R. S.)
SEC. 17. The capital stock of associations organized under this act shall not be less
than the amounts following:
(1) Every association in a city having more than fifty thousand inhabitants, twohundred thousand dollars.
(2) Every other association, one hundred thousand dollars, except that, with the
approval of the Secretary of tne Treasury, associations with a capital stock of not
less than fifty thousand dollars each may be organized in any place having not more
than six thousand inhabitants. (Sec. 5138, R. S.)
SEC. 18. The capital stock of each association shall be divided into shares of one
hundred dollars each and be deemed personal property, and shall be transferable on
the books of the association in such manner as may bo prescribed in the by-laws or
articles of association. Every person becoming a shareholder by such transfer shall,,
in respect to the shares thus acquired, succeed to all the rights and liabilities of the
prior holder of such shares. (Sec. 5139, R. S.)
SEC. 19. At least fifty per centum of the capital stock of every association shall be
paid in money within thirty days from the execution of the organization certificate
and before the association shall be authorized to commence business; and the remainder of 1he capital stock shall bo paid in installments of at least ten per centum each
on the whole amount of the capital as irequently as one installment at the end of
each succeeding month from the time 1he association shall be authorized by the
Comptroller of the Currency to commence business. The payment of each installment shall be certified to the Comptroller, under oath, by the president or cashier of
the association. (Sec. 5140, R. S.)
SEC. 20. Whenever any shareholder, or his assignee, fails to pay any installment on
the stock when the same is required by the preceding section to be paid, the directors
of such association may sell the stock of such delinquent shareholder at public
auction to any person who will pay the highest price therefor, to be not less than the
amount then due thereon, with the expenses of advertisement and sale; and the
excess, if any, shall be paid to the delinquent shareholder. Three weeks' previous
notice of such sale shall be given in a newspaper of general circulation published in
the city or county where the association is located. (Sec. 5143, R. S.)
SEC. 21. If no bidder can be found who will pay for such stock the amount due
thereon to the association, and the cost of advertisement and sale, the amount previously paid shall bo forfeited to the association, and such stock shall be sold as the
directors may order, within six months from the time of such forfeiture, and if not
sold it shall be canceled and deducted from the capital stock of the association. (Sec.
5141, R. S.)
SEC. 22. If such cancellation and reduction shall reduce the capital of the association below the minimum of capital required by law, the capital stock shall, within
thirty days from the date of such cancellation, be increased to the required amount;
in default of which a receiver may be appointed by the Comptroller of the Currency
to close up the business of the association. (Sec. 5141, R. S.)
SEC. 23. Whenever a certificate is transmitted to the Comptroller of the Currency,
as provided in this act, and the association transmitting the same notifies the Comptroller that at least fifty per centum of its capital stock has been duly paid in, and
that such association has complied with'all the provisions of this act required to be
complied with before an association shall be authorized to commence the business of
banking, the Comptroller shall examine into the condition of such association, ascertain especially the amount of money paid in on account of its capital, the name and
place of residence of each of its directors, the amount of the capital stock of which
each is the owner in good faith, and generally whether such association has complied
with all the provisions of this act required to entitle it to engage in the business of
banking; and he shall cause to be made and attested by the oaths of a majority of
the directors, and by the president or cashier of the association, a statement of all
the facts necessary to euable him to determine whether the association is lawfully
entitled to commence the business of banking. (Sec. 5168, R. S.)
SEC. 24. If, upon a careful examination of the facts so reported, and of any other
facts which may come to his knowledge, whether by means of a special commission
appointed by him for the purpose of inquiring into the condition of such association
or otherwise, it appears that such association is lawfully entitled to commence the
business of banking, the Comptroller of the Currency shall give to such association a certificate, under his hand and official seal, that such association has complied with all the provisions required to be complied with before commencing the
business of banking, and that such association is authorized to commence such business. But the Comptroller may withhold from any association his certificate author-




REPORT OF THE COMPTROLLER OF THE CURRENCY.

15

izing the commencement of business, whenever lie has reason to suppose that the
shareholders have formed the same for any other than the legitimate objects
contemplated by this act. (S«.c. 5169, R. S.)
SEC. '25. The association shall cause the certificate issued under the preceding section to be published for at least sixty days next after the receipt thereof in some
newspaper published in the city or county where the association is located. (Sec.
5170, R.S.)
SEC. 26. Any association, after filing notice in the office of the Comptroller of the
Currency, may, by the vote of shareholders owning two-thirds of the shares, increase
its capital stock, in accordance with the provisions of this act, to any sum, notwithstanding the limit fixed in its original articles of association and determined by the
Comptroller. No increase of capital shall be valid until the whole amount of such
increase is paid in, and notice thereof has been transmitted to the Comptroller of
the Currency, and his certificate obtained specifying the amount of such increase
of capital istock, and that it has been duly paid in as part of the capital of such
association; but failure to notify the Comptroller and to obtain his certificate shall not
exempt subscribers to such increase of capital from any obligation or responsibility
undertaken by them or arising out of such subscription. No increase of the capital
stock of any association, either within or beyond the limit fixed in its original
articles of association, shall be made except in the manner herein provided. (Act
May 1,1883, sec. 1, and sec. 5142, R. S.)
SEC. 27. Any association, by the vote of shareholders owning two-thirds of the stock
may reduce its capital stock to any sum not below the amount required by section
seventeen of this act, and not below the amount required for its outstanding circulation. But no such reduction shall take effect and no payments shall be made on account thereof until the action of the shareholders has been duly certified to the Comptroller of the Currency, and his approval has been obtained. (Sec. 5143, R. S.)
SEC *^8. Any association, with the approval of the Comptroller of the Currency,
may change its title by vote of shareholders owning two-thirds of the stock. (Act
May 1,188(5.)
SEC. 29. Any association, by a vote of shareholders own ing two-thirds of the stock,
and with the approval of the Comptroller of the Currency, may change its location
to any place within the same State not more than thirty miles distant. But if the
capital stock of the association is less than the amount prescribed for associations to
be established in the place to which the association is to remove, it must be increased
to the required amount before such removal; and if the increase of capital involves an
increase in the amount of bonds to be deposited with the Treasurer of the United
States, the additional bonds shall be deposited before the removal. (Act May 1,1886.)
SEC. 30. A duly authenticated notice of the new title or location selected, and of
the vote authorizing the change, shall be sent to the office of the Comptroller of the*
Currency; and no change of title or location shall be made or claimed until the
Comptroller shall have issued his certificate of approval of the same. (Act May 1,
1886.)
SEC. 31. All rights, privileges, and powers, and all debts and liabilities of the association under its old title or at its old location shall devolve upon and inure to the
association under its new title and at its new location. No change of title or location
shall release any association from any liability incurred previous to such change, or
affect any action or proceeding in law to which it is a party, or in which it is interested.
(Act May 1,1886.)
SEC. 32. No association shall make any change in its articles of association by which
the rights, remedies, or security of existing creditors of the association shall be impaired. (Sec. 5139, R.S.)
SEC. 33. The affairs of each association shall be managed by a board of directors, not
less than live in number, exclusive of the vice-president, cashier, assistant cashier, or
any other officer, except the president, who may be a member of the board. (Sec.
5145, U. S.)
SEC. 34. The directors shall be elected by the shareholders at a meeting to be held at
any tima before the association is authorized by the Comptroller of the Currency to
commence the business of banking, and afterward at meetings to be held on such
day in January of each year as is specified in the articles of association. They shall
hold office for one year, and until their successors are elected and have qualified. (Sec.
5145, R. S.)
SEC. 35. If the articles of association do not fix the day on which the election
shall be held, the day for the election shall be designated by the board of directors in
their by-laws, or otherwise ; or if the directors fail to fix the day, shareholders representing two-thirds of the shares may do so. (Sec. 5149, R. S.)
SEC. 36. If, from any cause, an election of directors is not made at the time
appointed, the association shall not be dissolved on that account, but an election
may be. held an any subsequent day. Thirty days' notice of such election shall be-




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REPORT OF THE COMPTROLLER OF THE CURRENCY.

given in all cases in a newspaper published in the city, town, or county in which the
association is located. (Sec. 5149, K. S.)
SEC. 37. In all elections of directors, and in deciding all questions at meetings of
shareholders, each shareholder shall be entitled to one vote on each share of stock held
by him. Shareholders may vote by proxies duly authorized in writing; but no officer
or employee of such association shall act as proxy. No vote shall be allowed on any
share of which the certificate is held by or for the association as collateral security,
or otherwise, or on which there is any installment or assessment due and unpaid, in
whole or in part. (Sec. 5144, R. S.)
SEC. 38. Any vacancy in the board shall be filled by appointment by the remaining
directors, and any director so appointed shall hold his place until the next election.
(Sec. 5148, R. S.)
SEC. 39. The directors shall choose one of their number to be the president of
the board, (Sec. 5150, R. S.)
SEC. 40. Every director must, during his whole term of service, be a citizen of the
United States, and at least throe-fourths of the directors must have resided in the
State, Territory, or District in which the' association is located, for at least one year
immediately preceding their election, and three-fourths of every board must at all
times consist of permanent residents in such State, Territory, or District. Every
director during his continuance in office must own in his own right, free from any
lien, at least ten shares of the capital stock of the association of which he is a
director. (Sec. 5146, R. S.)
SEC. 41. Any director who ceases to be the owner of ten shares of the capital
stock of the association, or who becomes in any other manner disqualified, shall
thereby vacate his place. Notice of any vacancy so arising shall at once be #iven
to the'Comptroller of the Currency by the presfdent or cashier. (Sec. 5146, R. S.)
SEC 42. Each director, when appointed or elected, shall take an oath that he will
at all times inform himself as to the business and condition of such association, and
so far as the duty devolves on him will diligently and honestly administer its
affairs; that he will not knowingly violate, or willingly permit to be violated, any
of the laws relating to national banking associations; and that he is the owner, in
good faith and in his own right, of the number of shares of stock required by this
act, subscribed by him, or standing in his name on the books of the association,
and that the same is not hypothecated, or in any way pledged as security for any
loan or debt. Such oath, subscribed by the director making it and certified by the
officer before whom it is taken, shall be immediately transmitted to the Comptroller of the Currency, and shall be filed and preserved in his office. (Sec. 5147, R. S.)
SEC. 43. If any person elected or appointed a director shall fail to qualify, by
taking the prescribed oath, within thirty days from the date of such election or
appointment, his place in the board shall be deemed to be vacant and shall be
filled as in other cases of vacancy.
SEC. 44. Any director may resign from the board upon serving upon the president,
vice-president, or cashier written notice of his intention so to do. But such resignation shall not take effect until an acknowledgment or proof of such service shall
have been filed with the Comptroller of the Currency, and his certificate to that
effect shall have been obtained, and shall have been published for at least thirty days
in every issue of tho newspaper in which the association is accustomed to publish
its statements of condition. A like certificate must bo obtained by the association
and similarly published whenever a vacancy occurs in the board by the death,
removal, or disqualification of a director.
SEC. 45. Any director may request the Comptroller of the Currency at any time,
upon a written statement of his reasons therefor, to cause an examination to be
made into the affairs of the association ; and the Comptroller, if he is satisfied that
the request is made in good faith and upon reasonable grounds, may order such
examination to be made. But tho Comptroller may require the director making the
request to enter into a stipulation to pay the cost of such examination, if it shall
prove to have been unnecessary, and to deposit beforehand a sufficient sum of money
for that purpose.
SEC. 45. If the directors of any national banking association shall knowingly
violate or knowingly permit any of the officers, agents, or servants of the association
to violate any of the provisions of this act, all the rights, privileges, and franchises
of the association shall be thereby forfeited. But before the association shall be
declared dissolved such violation shall be determined and adjudged by a proper circuit, district, or Territorial court of the United States, in a suit brought for that
purpose by the Comptroller of the Currency, in his own name. In case of such violation, every director who participated in or"assented to the same shall be held liable
in his personal and individual capacity for all damages which the association, its
shareholders, or any other person shall have sustained in consequence thereof. (Sec.
5-239, R. S.)




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17

SEC. 47. Any bank incorporated by special law, or any banking institution organized under a general law of any State, may become a national banking association
under this act by the name prescribed in its organization certificate; and in such case
the articles of association and the organization certificate may be executed by a majority
of the directors of the bank or banking institution; and the certificate shall declare
that the owners of two-thirds of the capital stock have authorized the directors to
make such certificate and to change and convert the bank or banking institution
into a national banking association. A majority of the directors, after executing the
articles of association and organization certificate, shall have power to execute all
other papers, and to do whatever may be required to make the organization perfect
and complete as a national banking association. (Sec. 5154, R. S.)
SEC. 48. The shares of any such association may continue to be for the same amount
each as they were before the conversion; and any State bank which is a stockholder in any other bank by authority of State laws, may continue to hold its stock,
although either bank, or both, may be organized under, and may have accepted the
provisions of this act. (Sec. 5154, R. S.)
SEC. 49. When the Comptroller of the Currency has given to such association a certificate, under his hand and official seal, that the provisions of this act have been
complied with, and that it is authorized to commence the business of banking, the
association shall have the same powers and privileges and shall be subject to the
same duties, responsibilities, and rules, in all respects, as are prescribed for other
associations originally organized as national banking associations, and shall be held
and regarded as such an association. But no such association shall have a less capital
than the amount prescribed for associations organized under this act. (Sec. 5154, R. S.)
SEC. 50. The directors at the time of the conversion may continue to be the directors
of the association until others are elected or appointed in accordance with the provisions of this chapter. (Sec. 5154, R. S.)
SEC. 51. No bank having branches shall continue to operate such branches after
being converted into a national banking association.
SEC. 52. Associations may be organized under this act for the purpose of issuing
notes payable in gold; and, except as specially provided, such associations shall be
subject to all the provisions of law to which the other associations organized under
this act are subject. (Sec. 5185, R.S.)
SEC. 53. Any association organized for the purpose of issuing notes payable in gold
may be converted into an association with the same powers and obligations in all
respects as the other associations organized under this act. Such conversion shall
be effected in the same manner in which banks organized under State laws are converted into national banking associations. But the organization certificate shall
bear the date of the original organization of the association. (Act February 14,1880.)
SEC. 54. Nothing in this act shall affect any appointments made, acts done, or proceedings had or commenced iu or toward the organization of any national banking
association under any laws previously in force ; but all associations which were organized or in process of organization under any such law, shall enjoy all the rights and
privileges granted, and be subject to all the duties, liabilities, and restrictions imposed by this act. (Sec. 5156, R. S.)
CHAPTER IIL-EXTEXSION OF PEEIOD OF SUCCESSION.

SEC. 55. Any association at any time within two years next previous to the date of
the expiration of its original period of corporate existence, and with the approval
of the Comptroller of the Currency, may, by amending its articles of association,
extend its period of succession for a term of not more than twenty years from the
expiration of the period of succession named in the articles of association, and shall
have succession for such extended period. Butssuch amended articles of association
shall not be valid until the Comptroller shall have given to the association a certificate
as hereinafter provided. (Act July 12, 1882, sees. 1 and 2.)
SEC 56. Such amendment; of the articles of association shall be authorized by the consent in writing of shareholders owning not less than two-thirds of the capital stock
of the association ; and the board of directors shall cause such consent to be certified
under the seal of the association, by its president or cashier, to the Comptroller of
the Currency, accompanied by an application made by the president or cashier for
the approval of the amended articles of association by the Comptroller. (Act July 12,
1«82, sec. 2.)
SEC. 57. Upon the receipt of the certificate and application provided for in the preceding section, the Comptroller of the Currency shall cause a special examination to
be made, at the expense of the association, to determine its condition, and if after
such examination, or otherwise, the condition of the association shall appear to him
to be satisfactory, he shall give to such association a certificate under his hand and
seal that the association has complied with all the provisions required to be complied with, and is authorized to have succession for the extended period named in the

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REPORT OF THE COMPTROLLER OF THE CURRENCY.

amended articles of association ; but if the condition of the association appears to be
unsatisfactory, he shall withhold such certificate of approval. (Act July 12, 1882,
sees. 2 and 3.)
SEC. 58. Any association so extending the period of its succession shall continue to
enjoy all the rights, privileges, and immunities granted to, and shall continue to be
subject to all the duties, liabilities, and restrictions imposed upon national banking
associations; and it shall continue to be in all respects the identical association it
was before the extension of its period of succession. (Act July 12, 1882, sec. 4.)
SEC. 59. If any shareholder not assenting to the amendment extending the period
of succession shall, within thirty days from the date of the Comptroller's certificate
of approval, give to the directors notice in writing of his desire to withdraw from
the association, he shall be entitled to receive from the association the value of the
shares so held by him. Such value shall be ascertained by an appraisal made by
a committee of three persons, one to be selected by the dissenting shareholder, one
by the directors, and the third by these two. If the directors refuse or unnecessarily delay to appoint an appraiser to act for them, the Comptroller of the Currency may make the appointment. In case the value fixed by the committee shall
not be satisfactory to the shareholder or to the association, either may appeal to
the Comptroller, who shall cause a reappraisal to be made, which shall be final and
binding; and if the reappraisal shall change the value fixed by the committee, the
expense of reappraisal shall be paid by the party against whom such change is made.
The value so ascertained and determined shall be deemed to be a debt due to the
shareholder from the association, and shall be forthwith paid by it; and the shares
so surrendered and appraised shall be sold at public sale, after due notice, within
thirty days after the final appraisal provided for in this section. (Act July 12, 1882,
sec. 5.)
SEC. 60. In the organization of any association intended to replace another association, and retaining the name thereof, the holders of stock in the expiring association,
in proportion to their shares, respectively, shall be entitled to preference in the allotment of the shares of the new association. (Act July 12, 1882, sec. 5.)
CHAPTER IV.-POWERS AND OBLIGATION

SEC. 61. Every national banking association, in the name designated in its organization certificate, shall have power—
(1) To adopt and use a corporate seal.
(2) To have succession for the period of twenty years from its organization, unless
it is sooner dissolved according to the provisions of its articles of association, or by
the act of its shareholders owning two-thirds of its stock, or unless its franchise
becomes forfeited by some violation of law.
(3) To make contracts.
(4) To sue and be sued, complain and defend, in any court of law or equity, as
fully as natural persons.
(5) To elect or appoint directors, and by its board of directors to appoint a president, vice-president, cashier, and other officers, define their duties, require bonds of
them and fix the penalty thereof, dismiss such officers or any of them at pleasure, and
appoint others to fill their places.
(6) To prescribe, by its board of directors, by-laws not inconsistent with law, regulating the, manner in which its stock shall be transferred, its directors elected or
appointed, its officers appointed, its property transferred, its general business conducted, and the privileges granted to it by law exercised and enjoyed.
(7) To exercise, by its board of directors, or duly authorized officers or agents,
subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of
exchange, and other evidences of debt; by receiving deposits; by buying and selling
exchange, coin,and bullion; by lending money on personal security ; and by obtaining and issuing circulating notes according to the provisions of this act.
But no association shall transact any business, except such as is incidental and
necessarily preliminary to its organization, until it has been authorized by the
Comptroller of the Currency to commence the business of banking. (Sec. 5136, R. S.)
SEC. 62. A national banking association may purchase, hold, and convey real estate
for the following purposes, and for no others:
(1) Such as shall be necessary for its adequate accommodation and protection in
the transaction of its business.
(2) Such as shall be mortgaged to it as security for debts previously contracted.
(3) Such as shall be conveyed to it in satisfaction of debts i>reviously contracted in the course of its dealings.
(4) Such as it shall purchase at sales under judgments, decrees, or mortgages held
fry the association, or shall purchase in order to secure debts due to it.




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19

But no loan shall be made upon any understanding that the association is afterward to receive a mortgage or lien upon real estate as security therefor, or to take
any conveyance of real estate in payment thereof, in whole or in part. And no association shall hold for a longer period than five years the possession of any real estate
upon which there is any mortgage or lien, or the title and possession of any real estate
or any interest therein, otherwise than for the purpose specified in subdivision one of
this section. (Sec. 5137, R. S.)
SEC. 63. All associations designated for that purpose by the Secretary of the Treasury shall be depositaries of public money, under such regulations as may be prescribed by the Secretary; and they may also be employed as financial agents of the
Government; and they shall perform all such reasonable duties, as depositaries of
public moneys and financial agents of the Government, as may be required of them.
The Secretary shall require the associations thus designated to give satisfactory
security, by the deposit of United States bonds and otherwise, for the safe keeping and
prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government. Every association
so designated as receiver or depositary of the public money shall take and receive at
par all of the national currency bills, by whatever association issued, which may form
part of the public money deposited with it. (Sec. 5153, R. S.)
SEC. 64. The president and cashier of every association shall cause to be kept at all
times in the office where its business is transacted a full and correct list of the names
and residences of all the shareholders in the association, and the number of shares
held by each. Such list shall be subject to the inspection of all the shareholders and
creditors of the association, and of the officers authorized to assess taxes under State
authority, during business hours of each day in which business may be legally transacted. A copy of such list, as the same shall be on the first Monday of July of each
year, verified by the oath of the president or cashier, shall be transmitted to the
Comptroller of the Currency within five days from that date, under penalty of ten
dollars for each day of delay thereafter. (Sec. 5210, R. S.)
SEC. 65. The shareholders of every association shall be held individually responsible,
equally and ratably, and not one for another, for all contracts, debts, and engagements of such association, to the extent of the amount of their stock therein, at the
par value thereof, in addition to the amount invested in such shares. (Sec. 5151, R. S.)
SEC. 66. The provisions of the preceding section shall not apply to shareholders of
any banking association now existing under State laws, having not less than five
millions of dollars of capital actually paid in, and a surplus of twenty per centum on
hand, both to be determined by the Comptroller of the Currency; but such shareholders shall be liable only to the amount invested in their shares. Such surplus of
twenty per centum shall be kept undiniiuishcd and be in addition to the surplus provided for in this act, and if at any time there is a deficiency in such surplus of twenty
per centum, the association shall not pay any dividends to its shareholders until the
deficiency is made good, and in case of such deficiency the Comptroller of the Currency may compel the association to close its business and wind up its affairs under
the provisions of chapter VIII. of this act. (Sec. 5151, R. S.)
SEC. 67. Whenever the surplus fund of any association shall exceed by twenty per
centum the amount of its capital stock, the shareholders of such association may be
relieved of the individual liability imposed by section sixty-six of this act; and the
shareholders of every association may be relieved of such liability in the proportion
which the surplus, after deducting an amount equal to twenty per centum of the
capital, bears to the whole amount of the capital stock. But no exemption from
individual liability shall be obtained through any process by which any portion of
the capital stock of an association may be, or may have been, converted into surplus,
and in no case shall the shareholders of any association be relieved of any proportion
of their individual liability until all the conditions of the two succeeding sections
are complied with.
SEC. 63. Whenever the shareholders of an association shall become entitled to any
exemption from individual liability, the directors of such association, if they deem
advisable, and at such times as shall seem to them proper, may cause the president
or cashier to certify to the Comptroller of the Currency the amount of the surplus
fund accumulated by the association; and upon the receipt of such certificate the
Comptroller shall cause to be made, at the expense of the association, a special examination of its affairs; and if, after such examination had, the Comptroller shall be
satisfied that the association is solvent, and that its capital and surplus are represented by good and adequate assets, he shall give to the association a certificate,
under his hand and seal, setting forth that the association has complied with all
the provisions required to be complied with by this and the preceding section, and
specifying the proportion of the exemption from liability on each share of the
capital stock.
SEC. 69. The association shall cause the certificate of the Comptroller of the Currency issued under the preceding section to be printed in each issue of a newspaper




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REPORT OF THE COMPTROLLER OF THE CURRENCY.

published in the city or county where the association is located for at least sixty
days next after the issuing thereof.
SEC. 70. If any association, of which the shareholders have become exempt from
any portion of their individual liability, shall have its surplus reduced, by losses or
otherwise, below the amount required for such exemption, such association, within
three months after receiving notice thereof from the Comptroller of the Currency,
shall make good the deficiency in the surplus by assessment upon the shareholders pro
rata for the amount of capital stock held by each ; and, upon notice from the Comptroller, the Treasurer of the United States shall withhold the interest upon all
bonds which the association has on deposit with him until otherwise notified by
•the Comptroller. If any association shall not make good its surplus as herein
required, and shall fail to go into liquidation within three months after receiving
notice from the Comptroller, a receiver may be appointed by the Comptroller to
close up the business of the association.
SEC. 71. If any shareholder shall neglect or refuse to pay within two months any
assessment made by the directors for the purpose of restoring reduced surplus, the
directors shall cause a sufficient amount of the capital stock of such shareholder to
be sold at public auction to make good the deficiency, and the balance, if any, shall
be returned to such delinquent shareholder or shareholders. Ten days' notice of such
sale shall be posted in the office of the association and shall be published in a newspaper of the city or town where the association is located.
SEC. 72. Persons holding stock as executors, administrators, guardians, or trustees
shall not be personally subject to any liabilities as stockholders; but the estates and
funds in. their hands shall be liable in like manner and to the same extent as the
testator, intestate, ward, or person interested in such trust-funds would be, if living
and competent to act and hold the stock in his own name. (Sec. 515*2, R. S.)
SEC. 73. All savings banks or other banks no w organized, or which shall hereafter be
organized in the District of Columbia, under any acfc of Congress, shall be subject to
ail the laws of the United States applicable to national banking associations, so far
as those laws may be applicable to such savings banks or other banks. But no savings bank now established and which has a capital stock paid up in whole or in part
shall be required to have a paid-in capital exceeding one hundred thousand dollars.
(Act June 30, 1876, sec. 6^
CHAPTER V.—ISSUE AND REDEMPTION OF CIRCULATING- NOTES.
SEC. 74. The term "United States bonds," as used throughout this chapter, shall be
construed to mean registered bonds of the United States bearing interest; and any
reference to the value of such bonds shall be construed to mean the par value, unless
the market value is specified. (Sec. 5158, R. S.)
SEC. 75. Every association, before it shall be authorized to commence banking business, shall transfer and deliver to the Treasurer of the United States United States
registered bonds, bearing interest, in the amounts following:
(1) Every association having a capital not exceeding two hundred and fifty thousand dollars, an amount equal to not less than one-tenth of the capital stock.
(2) Every association having a capital in excess of two hundred and fifty thousand
dollars, an amount not less than twenty-five thousand dollars.
The deposit of bonds made by each association shall be increased as its capital may
be increased, so that every association shall at all times have on deposit with the
Treasurer United States bonds to the amount herein prescribed. (Sees. 5159 and 5160,
K. S.; Act July 12, 1882, sec. 8, and Act June 20, 1874, sec. 4. Sec. 5160, R. S.)
SEC. 76. The bonds transferred to the Treasurer of the United States under the
requirements of the preceding section shall be received by him upon deposit, and
shall bo by him safely kept in his office, until they shall be otherwise disposed of,
in pursuance of the provisions of this act; and such bonds shall be held exclusively
as security for the circulating notes of the association by which they were transferred,
until such notes are redeemed, except as otherwise provided. (Sees. 5159 and 5167
R. S.)
SEC. 77. To facilitate a compliance with section seventy-five of this act, the Secretary of the Treasury is authorized to receive from auy association, and canoel, any
United States coupon bonds, and to issue in lieu thereof registered bonds of like
amount, bearing a like rate of interest, and having the same time to run. (Sec. 5161
R. S.)
SEC. 78. All transfers of United States bonds made by any association under the provisions of this act shall be made to the Treasurer of the United States in trust for the
association, with a memorandum written or printed on each bond, and signed by the
cashier, or some other officer of the association making the deposit. A receipt shall
be given to tho association by the Comptroller of the Currency, or by a clerk appointed by him for that purpose, stating that the bond is held in trust for the association on behalf of which the transfer is made, and as security for the redemption and




HKVOllT OK T.IIK <X>>1TTEOLU.:;K <H' THE (M KivKNCJV.

21

payment of any circulating notes that have been or may be delivered to such association. (Sec. 5162, R. S.)
SEC. 79. No assignment or transfer by the Treasurer of the United States of any
bond deposited with him under the provisions of this act shall be valid unless countersigned by the Comptroller of the Currency. Every such transfer or assignment,
immediately after it is so countersigned, shall be entered in a book to be kept by the
Comptroller in his office for that purpose. The Comptroller shall state in such entry
the name of the association from the account; of which the transfer is made, the name
of the party to whoin it is made, the par value, and the numerical designation and
the denomination of each bond transferred. (Sees. 51(52 and 5163, R. S.)
SEC. 80. The Comptroller of the Currency, immediately upon countersigning aud
entering any transfer or assignment by the Treasurer of the United States of any
bonds belonging to a national banking association, shall advise by mail the association from the account of which the transfer is made of the kind and numerical
designation of the bonds and the amount thereof so transferred. (Sec. 5164, R. S.)
SEC. 81. The Comptroller of the Currency shall have at all times, during office hoars,
access to the books of the Treasurer of the United States for the purpose of ascertaining the correctness of any transfer or assignment of bonds presented for his countersignature; and the Treasurer shall have the like access to the book mentioned in
section seventy-nine of this act, to ascertain the correctness of the entries in the
same. The Comptroller shall also have like access to the bonds on deposit with the
Treasurer, to ascertain their amount and condition. (Sec. 5165, R. S.)
SEC. 82. Every association having bonds deposited in the office of the Treasurer oi
the United States shall, once or oftener in each fiscal year, examine and compare
the bonds pledged by the association with the books of the Comptroller of the Currency and with the accounts of the association, and, if they are found correct, shall
execute to the Treasurer a certificate setting forth the different kinds and the
amounts thereof, and that the same are in the possession and custody of the Treasurer at the date of the certificate. Such examination shall be made at such time
or times, during the ordinary business hours, as the Treasurer and the Comptroller,
respectively, may select. It may be made by an officer or agent of such association,
duly appointed in writing for that purpose; and the certificate before mentioned,
when made by such officer or agent, shall be of the same force and validity as if executed by the president or cashier. A duplicate of such certificate, signed by the
Treasurer, shall be retained by the association. (Sec. 5166, R. S.)
SEC. 83. If any association fail to appoint one of its officers or an agent to make tiie
examination required by the preceding section, or if such officer or agent fail to
attend at the time designated, or to make the examination, or to execute the certificate specified, the examination may be made and the certificate may be executed
by some person designated for the purpose by the Secretary of the Treasury. And
such person, upon a faithful performance of such duties, shall be entitled to recover
from the association reasonable compensation therefor, to be fixed by the Comptroller of the Currency.
SEC. fc4. The Comptroller of the Currency shall give to each association powers of
attorney to receive and appropriate to its own use the interest on the bonds which it
has so transferred to the Treasurer. But such powers of attorney shall not apply to
any portion of such interest withheld in pursuance of any provision of this act; and
they shall become wholly inoperative whenever such association fails to redeem its
circulating notes, or is placed in the hands of a receiver or other agent of the Comptroller in accordance with law. (Sec. 5167, R. S )
SEC. 85. Whenever the market or cash value of any bonds deposited writh the Treasurer by any association is reduced below^ the rate of one hundred dollars for ninety
dollars of the circulation issued for the same, the Comptroller of the Currency may
demand of the association and receive from it the amount of such depreciation in other
United States bonds at cash value, or in money, to be deposited with the Treasurer as
long as such depreciation continues. (Sec. 5167, R. S.)
SEC. 86. The Comptroller of the Currency, upon the terms prescribed by the Secretary of the Treasury, may permit an exchange to be made of any bondsMeposited with
the Treasurer by any association for other bonds of the United States authorized to be
received as security for circulating notes, if he is of the opinion that such an exchange
can be made without prejudice to the United States. (Sec. 5167, R. S.)
SEC. 87. Upon a deposit of bonds as prescribed by section seventy-five of this act,
the association making the same shall be entitled to receive from the Comptroller of
the Currency circulating notes of different denominations, in blank, registered and
countersigned as hereinafter provided, equal in amount to ninety per centum of the
current market value, not exceeding par, of the United States bonds so transferred
and delivered; but at no time shall ihe total amount of circulating notes supplied to
any association exceed ninety per centum of its capital stock at such time actually
paid in. (Sec. 5171, R. S., and Act July 12, 1882, sec. 10.)




22

1IEP0RT -Of1 THE COMPTROLLER OF THE CURRENCY'.

SEC. 88. In order to furnish suitable notes for circulation, the Comptroller of tlio
Currency, under the direction of the Secretary of the Treasury, shall cause plates and
dies to be engraved, in the best manner to guard against counterfeiting and fraudulent
alterations, and shall have printed therefrom and numbered, such quantity of circulating notes, in blank, of the denominations of rive dollars, ten dollars, twenty
dollars, fifty dollars, one huudred dollars, five hundred dollars, and one thousand
dollars, as may be required to supply the associations entitled to receive the same.
Such notes shall bear upon their face the statement that they are secured by United
States bonds deposited with the Treasurer of the United States, which statement shall
be attested by the written or engraved signatures of the Treasurer and Register and
by the imprint of the seal of the Treasury. They shall likewise express upon their
face the promise of the association to which they are supplied to pay the amount
thereof on demand; and for the proper attestation of this promise blank spaces shall
be left for the signatures of the president or vice-president and the cashier. There
shall also be printed upon such notes, under such regulations as the Secretary shall
prescribe, the charter number of the association to which they are supplied; and
they shall bear such devices and statements other than those herein specified, and
shall be in such form as the Secretary shall, by regulation, direct. (Sec. 5172, R. S.,
and Act June 20, 1874, sec. 5.)
SEC. 89. The plates, dies, bed-pieces, and other appliances prepared for the printing of the national-bank notes, together with the original engraved plates, the cylinders and other material used in the preparation thereof, shall be kept in suitable
vaults in the building of the Bureau of Engraving and Printing. They shall be at
all times, when not in actual use, under the control and direction of the Comptroller
of the Currency, but in the special charge of a custodian, wiio shall be responsible
for the safe keeping of such appliances as come into his charge, and for the proper
issue and due return, the same day, of every piece taken out for use. The custodian
shall keep an accurate record of every such issue and return, and at the end of each
calendar month he shall transmit to the Comptroller of the Currency a report in
such form as that officer may prescribe. (Sees. 5173 and 5174, R. S.)
SEC. 90. The custodian shall be appointed by the Secretary of the Treasury, and
shall be entitled to a salary of three thousand dollars a year. He shall give to the
United States a bond in the penalty of twenty-five thousand dollars, with not levss
than two responsible sureties to be approved by the Secretary, conditioned for the
faithful discharge of his duties.
SEC. 91. Once in each year the Secretary of the Treasury shall cause to be examined
all the plates, dies, bed-pieces, cylinders, and other appliances used in the preparation of the national-bank notes, and a correct list to be taken thereof, and such
list to be compared with the list made the previous year, and all differences to be
noted and accounted for, and a full report made to him of such examination and the
results.
SEC. 92. All material prepared for or used in the printing of the notes of associations which are in liquidation, or»have closed business, and all other material not
required for present or future use, shall be destroyed, under such regulations as shall
be prescribed by the Comptroller of the Currency and approved by the Secretary of
the Treasury.
SEC. 93. The examination and destruction provided for by the two preceding sections shall be conducted by a committee of three persons, one to be selected by the
Comptroller of the Currency, one by the Treasurer of the United States, and one by
the Register of the Treasury, all subject to the approval of the Secretary of the Treasury. Such committee shall perform its duties under regulations to be established by
the Secretary, and each member thereof shall be entitled to such compensation as may
be provided by such regulations. But no person appointed for this duty shall hold
any position or office under either of the officers charged with the selection of the
committee, nor shall the same person be twice appointed upon the committee.
SEC. 94. The expenses of such examinations and destructions shall be paid out of
any appropriation made by Congress for the special examination of national banking
associations and bank-note plates.
SEC. 95. Every association shall reimburse the Treasury the cost of engraving the
plates required for printing its circulating notes. (Act June 20, 1874, sec 3, and Act
June 12, 1882, sec. 6.)
SEC. 96. Upon deposit with the Treasurer of the United States of any United States
bonds, bearing interest, payable in gold, in the manner prescribed for other associations,
it shall be lawful forthe Comptroller of the Currency to furnish to any association organized under section fifty-two of this act circulating notes of different denominations,
but none of them of less than five dollars, and not exceeding in amount ninety per
centum of the par- value of the bonds deposited, which notes shall express the promise
of the association to pay them, upon presentation at the office at which they are
issued, in gold coin of the United States, and they shall be so redeemable. (Sec. 5185.
R. S.)




BEPOET OF THE COMPTROLLER OF THE CURRENCY.

23

SEC. 97. After any association receiving circulating notes under this act lias caused
its promise to pay such notes on demand to be signed by its president or vice-presidsnfc and cashier, in such manner as to make them obligatory promissory notes
payable on demand, at its place of business, such association may issue and circulate
the same as money. And the same shall be received at par in all parts of the United
States in payment of taxes, excises, public lands, and all other dues to the United
States, except duties on imports ; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations
within the United States, except interest on the public debt, and in redemption of
the national currency. They may also be counted as apart of the lawful-money
reserve which any association is required to keep on hand against its deposits; but
they shall not be available for deposit with the Treasurer of the United States in the
redemption fund of five per centum upon circulation. (Sec. 5182, R. S.)
SEC. 9S. The cashier, with the approval of the board of directors, which approval
shall be entered upon the directors' minutes, and certified to the Comptroller of the
Currency, may appoint a deputy to affix the cashier's signature to the circulating
notes of the association. Bat such notes shall not be signed by any assistant or acting
cashier.
SEC. 99. No national banking association shall issue any notes or other obligations to circulate as monev, except the circulating notes authorized by this aefc. (Sec.
5183, R. S.)
SEC. 100. The Comptroller of the Currency shall receive, when delivered to him in
sums of one hundred dollars or any multiple thereof, worn or mutilated circulating
notes issued by any association, and shall furnish to the association other blank
circulating notes to an equal amount in place thereof; and, also, upon due proof of
the destruction of any circulating notes, he shall deliver to the association by which
such notes were issued other blank circulating notes to an equal amount. (Sec. 1584,
R. S.)
SEC. 101. The Comptroller of the Currency shall establish regulations for registering in proper books all worn or mutilated notes received by him and all
notes which have been redeemed or surrendered to be canceled, and' he shall cause
all such notes, after identification and registration, to be destroyed by maceration,
under regulations to be prescribed by the Secretary of the Treasury, and in the
presence of four persons, one to be appointed by the Secretary of the Treasury,
one by the Comptroller of the Currency, one by the Treasurer of the United States,
and one by the association interested in such destruction, A certificate of such
destruction, signed by the parties witnessing the same, shall be made in the books
of the Comptroller, and a duplicate thereof shall be by him forwarded to the association the notes of which are thus destroyed. If any association shall fail to appoint
some person to witness the destruction of its notes, the Comptroller may designate
some person to act as witness for it; and the person so appointed shall be entitled to
reasonable compensation for such services. (Sec. 5184, R. S., and Act June 23, 1874.)
SEC. 102. The Comptroller of the Currency may direct any bonds to be returned, in
sums of not Jess than one thousand dollars, to the association which transferred the
same, upon the surrender to him and the cancellation of a proportionate amount of
its circulating notes. But no such return of bonds shall be made if thereby the
remaining bonds which the association has on deposit would be reduced below the
amount required by section seventy-five of this act, or below the amount required,
either at par or in cash value, to secure the unsurrendered circulating notes of the
association. (Sec. 5167, R. S.)
SEC. 103. Any association may take up the bonds deposited by it with the Treasurer
of the United States, in excess of the amount it is required to keep on deposit, if no
circulating notes have been issued thereon, or when notes have been issued thereon,
if a proportionate amount of such notes are surrendered to the Comptroller of the
Currency for cancellation without replacement. Any association closing up its business and dissolving its organization may take up, in sums of not Jess than one thousand dollars, the bonds deposited by it, upon surrendering to the Comptroller a proportionate amount of its circulating notes; and in like manner any association which
reduces its capital stock may take up the bonds it has on deposit in excess of the
amount required by section seventy-five of this act. (Sec. 5160, R. S.)
SEC. 104. Every association shall at all times keep and have on deposit in the Treasury of the United States, in lawful money of the United States, a sum equal to five per
centum of its circulating notes, to be held and used for the redemption of such notes.
And when the circulating notes of any associations, assorted or unassorted, shall bo
presented for redemption to the Treasurer of the United States, in sums of one thousand dollars or any multiple thereof, the same shall be redeemed in United States
notes, or, at the option of the Treasurer, in coin of equal current value with such
United States notes. Upon the request of the person presenting any national-bank
notes for redemption, the Treasurer may, if convenient, pay the same in' gold or silver
coin certificates. (Act June 20, 1874, sec. 3.)




24

REPORT OF THE COMPTROLLER OP THE CURRENCY.

SEC. 105. All notes redeemed by the Treasurer of the United States under the preceding section shall be charged by him to the respective associations issuing ttie
same, and he shall notify them severally, on the first day of each month, or oftener,
at his discretion, of the amount of such redemptions; and whenever such redemptions for any association shall amount to the sum of five hundred dollars, such association so notified shall forthwith deposit with the Treasurer in United States notes,
or in such coin or coin certificates as the Treasurer may accept as equivalent thereto,
a sum equal to the amount of its circulating notes so redeemed. (Act June 20,1874,
sec. 3.)
SEC. 106. When such redemptions have been reimbursed as required, the circulating
notes redeemed shall be forwarded to the respective associations by which they were
issued ; but if any of such notes are worn, mutilated, defaced, or otherwise unfit for
use, they shall be forwarded to the Comptroller of the Currency to be destroyed and
replaced. (Act June 20, 1874, sec. 3.)
SEC. 107. Any association desiring to withdraw any of its circulating notes, may,
upon the deposit of lawful money with the Treasurer of the United States, in sums of
not less than four thousand five hundred dollars, take up the bonds which it has
transferred to the Treasurer for the security of such circulating notes, in the order in
which it makes such deposit of lawful money; and the outstanding notes of such
association, to an amount equal to the lawful money deposited, shall be redeemed at
the Treasury of the United States, and destroyed, as prescribed in this chapter. But
the bonds on deposit to secure the circulating notes of such association shall not
be reduced below the amount required by section seventy-five of this act. (Act June
20,1874, sec. 4, and Act July 12,1882, sec. 8.)
SEC. 108. Not more than three millions of dollars of lawful money shall be deposited
during any calendar month for the purpose of withdrawing circulating notes as provided in the preceding section. But this provision shall not apply where bonds on
deposit with the Treasurer are called by the Secretary of the Treasury for redemption. (Act July 12, 18S2, sec. 9.)
SEC. 109. Every association which shall go into voluntary liquidation shall, within
six months from the date of the vote to liquidate its affairs, deposit with the Treasurer of the United States lawful money of the United States sufficient to redeem all
its outstanding circulation. The Treasurer shall execute duplicate receipts for
money thus deposited, stating the amount received by him and the purpose for
which it has been received, and shall deliver one to the association and the other to
the Comptroller of the Currency; and the money shall be paid into the Treasury of the
United States and placed to the credit of such"association upon redemption account.
(Sec. 5222, R. S.)
SEC. 110. Whenever a sufficient deposit of lawful money to redeem the outstanding
circulation of an association proposing to close its business has been made, the bonds
deposited by the association to secure payment of its notes shall be reassigned to it.
And thereafter the association and its shareholders shall stand discharged from all
liabilities upon the circulating notes, and those notes shall be redeemed at the Treasury of the United States. If any such association shall fail to make the deposit and
take up its bonds for thirty days after the expiration of the time specified, the Comptroller of the Currency shall have power to sell, at public auction in New York City,
the bonds pledged to secure the circulating notes of such association, and, after providing for the redemption and cancellation of such notes, and the necessary expenses
of the sale, to pay over any balance remaining to the association or its legal representative. (Sec. 5.24, R. S., as amended by Act February 18, 1875.)
SEC. 111. Whenever the Treasurer of the United States has redeemed any of the
notes of an association which has commenced to close its affairs, he shall cause the
notes to be mutilated and charged to the redemption account of the association;
and all notes so redeemed by the Treasurer shall, every three months, be certified
to'and destroyed by maceration, in the manner prescribed in section one hundred
and one of this act. (Sec. 5225, R. S.)
SEC. 112. The provisions of the three preceding sections shall apply also to associations of which the corporate existence expires, and which do not extend their succession, the deposit of lawful money to be made within six months from the expiration
of such corporate existence. (Act July 12,1882, sec. 7.)
SEC. 113. An association which is in good faith winding up its business for the purpose of consolidating with another association shall not be required to deposit lawful
money for its outstanding circulation ; but its bonds on deposit and its outstanding
circulating notes shall be reported by the association with which it is in process or
consolidation. (Sec. 5223, R. S.)
SEC. 114. When any association shall extend the period of its succession, the circulating notes issued to it prior to such extension shall be redeemed at the Treasury of
the United States, as provided in section one hundred and four of this act; and such
notes when redeemed shall be forwarded to the Comptroller of the Currency and de-




REPORT OF THE COMPTROLLER OF THE CURRENCY,

25

stroyed. From time to time as such notes are redeemed new circulating notes shall
be supplied to the association. (Act July 12,1882, sec. 6.)
SEC. 115. Any gain that may arise from the failure to present for redemption the
circulating notes of any association shall inure to the benefit of the United States.
(Act July 12,1882, sec. 6.)
SEC. 116. All notes of national banking associations redeemed at the Treasury of
the United States shall be canceled, except when returned to the association by
which they were issued, as provided by section one hundred and six of this act. (Sec.
5223, R S.)
SEC. 117. All notes of national banking associations, worn, defaced, mutilated, or
otherwise unfit for circulation, when received by an assistant treasurer, or by any
designated depositary of the United States, shall be forwarded to the Treasurer of
the United States for redemption as provided in section one hundred and four of this
act. (Act June 20, 1874, sec. 3.)
SEC. 118. Whenever any association fails to redeem in the lawful money of the United
States any of its circulating notes, upon demand of payment duly made duriug the
usual hours of business, at the office of such association, the holder may cause the
same to be protested, in one package, by a notary public, unless the president or
cashier of the association offers to waive demand and notice of the protest, and, in
pursuance of such offer,, makes, signs, and delivers to the party making such demand
an admission in writing, stating the time of the demand, the amount demanded, and
the fact of the non-payment thereof. The notary public, on making such protest, or
upon receiving such admission, shall forthwith forward such admission or notice of
protest to the Comptroller of the Currency, retaining a copy thereof. If, however,
satisfactory proof is produced to the "notary public that the payment of the notes
demanded is restrained by order of any court of competent jurisdiction, he shall not
protest the same. (Sec. 5226, R. S.)
SEC. 119. All fees for protesting the notes of any association shall be paid by the
person procuring the protest to be made, and such association shall be liable therefor;
but no part of the proceeds of any bonds deposited by such association shall be applied to the payment of such fees, nor shall such fees be preferred to other claims
against an insolvent association. When the holder of any notes causes more than
one note or package to be protested on the same day he shall not acquire a claim for
more than one protest fee; and no fees shall in any case be allowed for protesting
the notes of any association after it has closed its doors in consequence of insolvency.
(Sees. 5526 and 5238, R. S.)
SEC. 120. On receiving notice that any national banking association has failed to redeem any of its circulating notes the Comptroller of the Currency, with the concurrence of the Secretary of the Treasury, may appoint a special agent, of whose
appointment immediate notice shalt be given to such association, who shall immediately proceed to ascertain whether it has refused to pay its circulating notes in the
lawful money of the United States, when demanded, and shall report to the Comptroller the fact so ascertained. (Sec. 5227, R. S.)
SEC. 121. If from the protest, and from the report made by the agent appointed under
the preceding section the Comptroller of the Currency is satisfied that such association
has refused to pay its circulating notes and is in default, he shall, within thirty days
after he has received such report, declare the bonds deposited by such association forfeited to the United States, and they shall thereupon be so forfeited. (Sec. 5227, R. S.)
SEC. 122. Immediately upon declaring the bonds of an association forfeited for nonpayment of its notes the Comptroller of the Currency shall give notice, in such manner
as the Secretary of the Treasury, by general rules or otherwise, shall direct, to the
holders of the circulating notes of such association to present them for payment at the
Treasury of the United States, and the same when presented shall be paid in lawful
money of the United States; whereupon the Comptroller shall cause the bonds
pledged by such association, or so much of them as may be necessary to redeem its
outstanding notes, to be sold at public auction in the city of New York, after giving
thirty days7 notice of such sale to the association. (Sees. 5229 and 5230, R. S.)
SEC. 123. When all the bonds of an association have been sold, as provided in
the preceding section, and the proceeds thereof are insufficient for tlie payment of
the outstanding notes of the association, the Uuited States shall have a paramount
lien upon all the assets of the association for the amount of the deficiency; aud such
deficiency shall be made good out of such assets in preference to any and all claims
whatsoever, except the necessary costs and expenses of administering the same. (Sec.
5230, R. S.)
SEC. 124. The Comptroller of the Currency, if he deems it for the interest of the
United States, may sell at private sale any of the bonds of an association shown to
have made default in paying its notes, and receive therefor either money or the circulating notes of the association. But no such bonds shall be sold by private sale for
less than par, nor for less than the market value thereof.at the time of sale; and no
sales of any such bonds, either public or private, shall be complete until the transfer




26

REPORT OF THE COMPTROLLER OF THE CURRENCY.

of the bonds shall have been made with the formalities prescribed by section seventynine of this act. (Sec. 5231, R. S.)
SEC. 125. Every association the circulating notes of which shall be redeemed by the
Treasurer of the United States, as provided in section one hundred and four of this
act, and every association making any deposit of lawful money with the Treasurer for
reducing its circulation, shall be assessed the cost of transporting and assorting its
notes, and such assessment shall be in proportion to the circulating notes redeemed,
and shall be charged to the fund deposited with the Treasurer under the requirement
of said section one hundred and four, and every association which shall maKe a
deposit of lawful money for retiring its circulation in full shall, at the time of such
deposit, be assessed, for the cost of transporting and redeeming its notes then outstanding, a sum equal to the average cost of the redemption of national-bank notes
during the preceding year, and shall thereupon pay such assessment. (Act June 20,
1874, sec. 3, and Act July 12, 18-s3, sec. 8.)
SEC. 126. The Secretary of the Treasury may from time to time make such regulations
respecting the perpetuation of the evidence of the payment of circulating notes presented at the Treasury of the United States for redemption as may seem to him proper.
(Sec 5232, R. S.)
CHAPTER VI.—THE BANKING BUSINESS.

SEC. 127. The usual business of each association shall be transacted at an office or
banking house located in the place specified in its organization certificate. But, with
the approval of the Comptroller of the Currency first obtained, any association may
have in such place more than one office for receiving deposits, paying checks, and buying and selling exchange; and in every such case the association shall couform to the
requirements of the Comptroller as to the clerical force to be employed and the
accounts to be kept at and for each such office, and as to the extra compensation for
examinations thereof. (Sec. 5190, R. S.)
SEC. 128. For the purposes of this act the cities of Albany, Baltimore, Boston,
Cincinnati, Cleveland, Detroit, Kansas City, Louisville, Milwaukee, New Orleans,
Omaha, Philadelphia, Pittsburgh, Saint Joseph, San Francisco, and Washington shall
be known as reserve cities; and the cities of Chicago, New York, and Saint Louis
shall be known as central reserve cities. (Sec. 5191, R. S.)
SEC. 129. Upon the application, in writing, of three-fonrths in number of the associations located in any city of the United States having fifty thousand inhabitants, the
Comptroller of the Currency shall have authority to designate such city a reserve city.
(Act March 3, 1887.)
SEC. 130. Upon the application, in writing, of three-fourths in number of the associations located in any city of the United States having two hundred thousand
inhabitants, the Comptroller of the Currency shall have authority, with the approval
of the Secretary of the Treasury, to designate such city a central reserve city. But if
any city named in section one hundred and twenty-eight of this act as a reserve city
shall be designated a central reserve city, it shall thereafter be known only as a central reserve city. (Act March 3, 1887.)
SEC. 131. Every association in a reserve city, or in a central reserve city, shall at all
times have on hand lawful money of the United States equal to at least twenty-five
per centum of its deposits and other liabilities payable on demand, and every other
association shall at all times have on hand lawful money of the United States equal
to at least fifteen per centum of its deposits and its liabilities so payable. But no
association is required to keep on hand lawful money on account of Government
deposits, except as provided in section one hundred and thirty-six of this act. (Sec.
5191, R. S., and Act March 3, 1887.)
SKC. 132. Whenever the lawful money of any association shall be below the amount
required by the preceding section, such association shall not impair its cash resources
by making any new loans or discounts, otherwise than by discounting or purchasing
bills of exchange payable at sight or on demand, nor make any dividend of its profits
until the required proportion between its deposits and its lawful money of the United
States has been restored. (Sec. 5191, R. S.)
SEC. 133. Whenever the lawful-money reserve of any association is found to be below
the amount required, the Comptroller of the Currency, may notify the association to
make good its reserve; and if the association shall fail so to do for thirty days after
such notice, the Comptroller, with the concurrence of the Secretary of the Treasury,
may appoint a receiver to wind up its business. (Sec. 5191, R. S.)
SEC." 134. Three-fifths of the reserve of fifteen per centum required by section one
hundred and thirty-one of this act may consist of cash balances due from associations
in reserve cities or in central reserve cities ; and one-half of the lawful money reserve
of associations in reserve cities may consist of cash balances due from associations in
central reserve cities. But every association with which any part of the lawfulmoney reserve of any other association is kept shall first be approved for that purpose




REPORT OF THE COMPTROLLER OF THE CURRENCY.

27

by the Comptroller of the Currency. (Sees. 5192 and 5195, R. S.; Act June 20,1874,
and Act March 3, 1887, sec. 2.)
SEC. 135. Certificates representing specie or lawful money specially deposited by
the members of any clearing-house1 association for the purpose of settling balances
between them shall, when owned ami held by any association which is a member of
such clearing-house, be deemed to be lawful money within the meaning of section
one hundred and thirty-one of this act. (Sec. 5192, R. 8.)
SEC. 136. Any association designated by the Secretary of the Treasury as a depositary
of public money may be required by the Secretary to keep on hand on account of
such deposits such reserve fund as he may deem expedient. But such deposits shall
not be counted in estimating the reserve required under section one hundred and
thirty-one of this act.
SEC. 137. The Secretary of the Treasury may receive, at the Treasury or at any
sub-treasury, from any national banking association United States notes on deposit,
without interest, in sums of not less than ten thousand dollars, and issue certificates
therefor in such form as he may prescribe, in denominations of not less than live
thousand dollars, payable on demand in United States notes at the place where the
deposits were made. The notes so deposited shall not be counted as part of the
lawful-money reserve of the association ; but the certificates issued therefor may be
counted as such, and may be deposited with the Treasurer of the United States as a
part of the five per cent, fund for the redemption of the circulating notes of the
association. (Sec. 5193, R. S.)
SEC. 138. The power conferred on the Secretary of the Treasury by the preceding
section shall not be exercised so as to create any expansion or contraction of the currency. And United States notes for which the certificates are issued under that section, or other United States notes of like amount, shall be held as special deposits in
the Treasury and used only for the redemption of such certificates. (Sec. 5194, R. S.)
SEC. 139. No association shall be a member of any clearing-house in which gold
certificates issued under the authority of the act of July twelfth, eighteen hundred
and eighty-two, and silver certificates shall not be receivable in the settlement of
clearing-house balances. (Act July 12, 1882, sec. 12.)
SEC. 140. Every association shall take and receive at par, for any debt or liability to
it, any and all notes or bills issued by any lawfully organized national oanking association. This provision shall not apply to any association organized for the purpose
of issuing notes payable in gold; but every such association shall receive at par in
the payment of debts the gold notes of every other such association which at the
time of such payment is redeeming its circulating notes in gold coin of the United
States. (Sees. 5186 and 5196, R. S.)
SEC. 141. No association shall at any time, or for any purpose, pay out or put in
circulation the notes of any bank or banking association which are not at such time
receivable, at par, on deposit, and in payment of debts by the association so paying
out or circulating them ; nor shall any association knowingly pay out or put in circulation any notes issued by any bank or banking association which at the time of
such paying out or putting in circulation is not redeeming its circulating notes in
lawful money of the United States. (Sec. 5206, R. S.)
SEC. 142. No association shall, either directly or indirectly, pledge or hypothecate any
of its notes of circulation, for the purpose of procuring money to be paid in on its
capital stock, or to be used in its banking operations, or otherwise ; nor shall any
association use its circulating notes, or any part thereof, in auy manner or form, to
create or increase its capital stock. (Sec. 5203, R. S.)
SEC. 143. No association shall make any loan or discount on the security of the shares
of its own capital stock, nor be the purchaser or holder of any such shares, unless
such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith ; and stock so purchased or acquired shall be sold at
public or private sale within six months from the time of such purchase or acquisition or, in default thereof, a receiver maybe appointed by the Comptroller of the
Currency to close up the business of the association. (Sec. 5201, R. S.)
SEC. 144. No association shall, during the time it shall continue its banking operations, withdraw, or permit to be withdrawn, either in the form of dividends or otherwise, any portion of its capital stock. But nothing herein shall prevent the reduction
of the capital stock of the association under section twenty-seven of this act. (Sec.
5204, R. S.)
SEC. 145. Every association of which the capital stock is not paid up as required
by law, and every association of which the capital stock may become impaired by losses
or otherwise, shall, within three months after receiving notice thereof from the
Comptroller of the Currency, pay the deficiency in the capital stock, by assessment
upon the shareholders in proportion to the shares held by each; and the Treasurer
of the United States, upon notice from the Comptroller, shall withhold the interest
upon all bonds held by him in trust for any such association, until otherwise notified
by the Comptroller. If any such association shall fail to pay up its capital stock and




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KEPORT OF THE COMPTROLLER OF THE CURRENCY.

shall refuse to go into liquidation, for three months after receiving notice from him,
the Comptroller may appoint a receiver to close up its business. (Sec. 5205, R. S.)
SEC. 146. If any shareholder shall neglect or refuse to pay within two months any
assessment made by the directors for the purpose of restoring impaired capital, the
directors shall cause a sufficient amount of the capital stock of such shareholder to
be sold at public auction to make good the deficiency, and the balance, if any, shall
be returned to such delinquent shareholder. Ten days' notice of such sale shall be
posted in the office of the association, and shall be published in a newspaper of the
city or town where the association is located. (Act June 30, 1876.)
SEC. 147. No association shall take, either in its own name, or in the name of any
person or corporation for its benefit, any mortgage or lien upon real estate as security for a contemporaneous loan or for future advances made or to be made by it; nor
shall any association purchase or hold any bond, note, or eviden ce of debt so secured,
or the shares or debentures of any company or corporation dealing in real-estate
securities.
SEC. 148. The provisions of the preceding section shall not apply in either of the
following cases:
(1) The discount for an indorser in the ordinary course of business of a bona fide
bill of exchange or negotiable promissory note having not more than four months
to run, which is deemed by the board of directors a good asset without reference to
any mortgage or lien collateral thereto.
(2) The taking of a bill or note so secured which has not more than four months to
run, when the same is assigned to the association, in good faith, for the purpose of
procuring the extension of a debt previously incurred.
(3) The taking of a mortgage or lien on real estate, or any obligation secured
thereby, for the purpose of securing a debt previously contracted in good faith.
But in all the cases specified in this section a full record of the transaction, and of
the reasons therefor, shall be entered upon the directors' minutes, and shall be attested
by the sigLatures of a majority of the board.
SEC. 149. Nothing in this act shall be held to invalidate the title of any association
to any bonds, debentures, or stocks acquired by it, or to any bill, note, or evidence of
debt discounted by it, nor to render any mortgage or lien upon real estate invalid,
nor to (deprive any association or its assigns of the title to or possession of any real
estate, or of any of the remedies to which mortgagees or persons holding liens upon
real estate are entitled by the laws of the State, Territory, or District in which the
property is situated.
SEC. 150. Every associatiou offending against the provisions of section one hundred
and forty-seven of this act shall be liable to a penalty for each infraction at the rate of
one per centum per month upon the amount involved therein during the entire period
that such obligations or securities are held by it, or by any person or corporation for
its benefit.
SEC. 151. The total liabilities to any association, of any person, firm, company, or
corporation, for money borrowed, including in the liabilities of a firm or company
the liabilities of the several members thereof, shall at no time exceed one-tenth part
of the capital stock actually paid in. But the discount of bills of exchange drawn
in good faith against actually existing values, shall not be considered as money borrowed by the drawers or indorsers thereof; nor shall the discount of commercial paper
actually owned by the persons for whom such discount is made be regarded as money
borrowed by the makers of such paper; but in all such* cases the limitation herein
specified shall apply to the person, firm, company, or corporation, for whose use or
benefit, directly or indirectly, any such loans or discounts are made. (Sec. 5200, R. S.)
SEC. 152. The prohibition of the preceding section shall not apply to loans made upon
convertible collateral security, of wThich the cash market value is not less than the
amount borrowed thereon, if neither the value nor the convertibility of the security
is dependent upon the solvency or the success of any party to the loan. But the total
liabilities of any person, firm, or corporation to an association, including loans on
collaterals, shall at no time exceed twenty per centum upon the aggregate of its
paid-in capital stock and surplus fund.
SEC. 153. Any association which shall make any loan contrary to the provisions of
section one hundred and fifty-one of this act shall be subject to a penalty at the rate
of one per centum per month on the entire amount of such loan for the period for
which it shall have been made, and during which it shall continue.
SEC. 154. No association shall at any time be indebted, or in any way liable, to an
amount exceeding the amount of its capital stock at such time actually paid in and
remaining undimiuished by losses or otherwise, except on account of demands of the
nature following:
(1) Notes of circulation.
(2) Moneys deposited with or collected by the association.
(3) Bills of exchange or drafts drawn against money actually on deposit to the
credit of the association or due thereto.




REPORT OF THE COMPTROLLER OF THE CURRENCY,

29

(4) Liabilities to the stockholders of the association for dividends and reserved
profits. (Sec. 5202 R. S.)
SEC. 155. All losses sustained by any association shall be promptly charged against
its undivided profits, and like charge shall be made of all bad debts; and no association
shall at any time make or publish any statement of its condition which does not reflect the deduction from its undivided profits of all losses incurred up to that time,
and of all bad debts.
SEC 156. Tho directors of any association, at stated periods, to be fixed by the bylaws and reported to the Comptroller of the Currency, may declare dividends out of
its net earnings, or any portion thereof, except the portion required by section one
hundred and fifty-eight of this act to be passed to surplus account; but no dividend
shall be made by any association, while it continues its banking operations, to an
amount greater than its net profits then on hand, after deducting all losses and bad
debts.
SEC. 157. In all cases before any dividend is declared or paid the directors shall
ascertain by personal examination that all losses and bad debts have been charged
off and that the association otherwise is in a good condition to make such distribution
of net earnings; and every director shall be held to have assented to any dividend
declared by the board, unless he shall at once notify the Comptroller of the Currency
of his dissent.
SEC. 158. Every association shall accumulate a surplus fund equal to at least twenty
per cenium of its capital stock, by appropriating thereto ten per centum or more of its
net profits as ascertained by deducting from the gross earnings and profits all bad debts
as defined in section one hundred and sixty-six of this act, and ail losses, expenses,
and taxes.
SEC. 159. The ascertainment of net profits shall be made by the officers and
accouniaiits of the association, under the supervision of the board of directors, at
half-yearly intervals, and every time a dividend is to be declared. And whenever
the surplus fund of any association is less than twenty per centum of its capital stock,
the association shall not declare or pay any dividend until after the ascertainment
herein required shall have been made, and until at least ten per centum of the net
profits of the last half year or shorter period, if dividends are oftener paid, has
been carried to the credit of surplus-fund account.
SEC. 160. No part of the surplus fund shall be withdrawn, in the form of dividends
or otherwise, except so much thereof as may be in excess of the amount specified in
section one hundred and fifty-eight of this act.
SEC. 161. It shall be unlawful for any officer, clerk, or agent of any national banking
association to certify, accept, or otherwise render the bank liable for any check
drawn upon the association, unless the person or company drawing the check has on
deposit with the association, at the time such check is certified, an amount of money
equal to the amount specified therein. Any check so certified by a duly authorized
officer shall be a good and valid obligation against the association ; but for any act of
any officer, clerk, or agent, in violation of this section, the Comptroller of the Currency may assess a penalty upon such association not exceeding one per centum of
the amount so unlawfully certified. (Sec. 5208, R. 8.)
SEC. 162. The prohibition of the preceding section shall not apply to the certification of checks drawn by regular customers of an association to meet drafts upon them
to which bills of lading or transportation receipts for produce or marketable commodities or securities are attached, if these, or other securities equally valuable and
convertible, are held by the certifying bank until the overdraft is made good.
SEC. 163. Any association may take, receive, reserve, and charge, on any loan or discount made, or upon any note, bill of exchange, or other evidence of debt, interest
at the rate allowed by the laws of the State, Territory, or District where the bank is
located, and no more, except that where by the laws of any State a different rate is
limited for banks of issue organized under State laws, the rate so limited shall be
allowed for * associations organized or existing in any such State under this act.
When no rate is fixed by the laws of the State,, Territory, or District, and no
agreement is made in advance with the borrower, an association may take, receive, reserve, or charge a rate not exceeding seven per centum, and such interest
may bo taken in advance, reckoning the days for which the note, bill, or other
evidence of debt has to run. The purchase, discount, or sale of a bona fide bill
of exchange, payable at another place than the place of such purchase, discount, or
sale, at not more than the current rate of exchange for sight drafts in addition to the
interest, shall not be considered as taking or receiving a greater rate of interest.
(Sec. 5197, R. S.)
SEC. 164. The taking, receiving, reserving, or charging a rate of interest greater
than is allowed by the preceding section, when knowingly done, shall be deemed a
forfeiture of the entire interest which the note, bill, or other evidence of the debt
carries with it, or which has been agreed to be paid thereon. (Sec. 5198, R. S.)




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REPORT OF THE COMPTROLLER OF THE CURREIXCT.

SEC. 165. In case a rate of interest greater than is allowed by tins act has been paid,
the person by whom it has been paid, or his legal representatives, may recover back
from the association taking or receiving the same, in an action in the nature of an
action of debt, twice the amount of the interest thus paid. But such action must be
commenced within two years from the time the usurious transaction occurred.
(Sec. 5198, R. 8.)
SEC. 166. All debts due to any association, on which interest is past due and unpaid
for a period of six months, shall be considered bad debts within the meaning of this
act, unless the same are well secured or are in process of collection.
SEC. 167. The penalties authorized to be imposed by sections one hundred and fifty,
one hundred and fifty-three, and one hundred and sixty-one of this act shall be
assessed against the offending association by the Comptroller of the Currency, subject
to an appeal to the Secretary of the Treasury ; and in default of payment, the amount
thereof shall be withheld by the Treasurer from the interest on the United States
bonds deposited by such association to secure its circulating notes. In case any penalty in default shall amount to more than the interest due to such association at the
next quarterly payment of interest on such bonds, the excess thereof, and the amount
of other penalties in default, may be recovered from the association by suit instituted
by the Comptroller, in his own name in the United States district court for the district in which the association is located.
CHAPTER VII.—PJG POSTS AND EXAMINATIONS.

SEC. 168. Every association shall make to the Comptroller of the Currency, accordingto the form which maybe prescribed by him, not less than five reports during each
year, each verified by the oath or affirmation of the president, vice-president, or cashier
of such association, and attested by the signatures of at least three other directors.
Each such report shall exhibit, in detail and under appropriate heads, th resources
and liabilities of the association making the same at the close of business on any past
day specified by the Comptroller; and it shall be transmitted to the Comptroller
within five days after the receipt of a request or requisition therefor from him. (Sec.
5211, R.S.)
SEC. 169. Each report made to the Comptroller of the Currency under the requirements of the preceding section shall, in the same form in which it is made to the
Comptroller, be published, at the expense of the association by which it was made, in
a newspaper published in the place where such association is established ; and such
proof of publication shall be furnished as may be required by the Comptroller.
(Sec. 5211, R. S.)
SEC. 170. The Comptroller of the Currency shall have power to call for special
reports from any particular association whenever, in his judgment, the same are
necessary in order to a full and complete knowledge of its condition. (Sec. 5211, R. S.)
SEC. 171. In addition to the other reports required by this act each association
shall report to the Comptroller of the Currency, within ten days after declaring any
dividend, the amount of such dividend, the amount of net earnings in excess thereof,
and such other facts touching the declaration of such dividend as the Comptroller
shall prescribe. Such reports shall be attested by the oath of the president, vicepresident, or cashier of the association. (Sec. 5212, R. S.)
SEC. 172. Any association failing to make and transmit any report required by
this chapter shall be subject to a penalty often dollars for each day it delays so to do
after the periods respectively mentioned, which penalty shall be assessed by the
Comptroller of the Currency. Whenever any association delays or refuses to pay the
penalty so assessed, the amount thereof shall be retained by the Treasurer of the
United States, upon the order of the Comptroller, out of the interest, as it may
become due to the association, on the bonds deposited to secure circulation. (Sec.
0213, R.S.)
•
SEC. 173. All savings banks or savings and trust companies organized under authority of any act of Congress shall make to the Comptroller of the Currency, and shall
publish all the reports which national banking associations are required to make and
publish under the provisions of this chapter, and shall be subject to the same penalties for failure to make or publish such reports as are herein provided; which penalties may be collected by suit before any court of the United States in the district in
which HUCII savings banks or savings and trust companies may be located. (Act June
30, 1876, sec. 6.)
SEC. 174. The Comptroller of the Currency, with the approval of the Secretary of
the Treasury, shall, as often as shall be deemed necessary or proper, appoint a suitable person or persons to make an examination of the affairs of every national
banking association and of every savings bank or savings and trust company organized under authority of any act of Congress. Such persons shall be known as
examiners of national banks, and each such examiner shall have power to make a




REPORT OF THE COMPTROLLER OF THE CURRENCY.

31

thorough examination into all the affairs of the association, and, in doing so, to examine any of the officers and agent** thereof, on oath, and shall make to the Comptroller a full and detailed report of the condition of the association. But no person
shall be appointed to examine the affairs of any association in which, or adversely
to which, he has any interest, personal or pecuniary. (Sec. 5240, R. S.)
SEC. 175. The Comptroller of the Currency may from time to time assign examiners of national banks to certain cities or districts, and require them to reside at some
convenient place therein, or at a point readily accessible thereto, and to exercise a
general inspection over all national banking associations therein. But no examiner
shall visit or examine any bank except by direction, either general or special, of the
Comptroller.
SEC. 176. Every person appointed an examiner of national banks shall take an
oath that he will perform faithfully all the duties of his office, and preserve inviolate
all confidences reposed in him by the Comptroller of the Currency, or by the officers
or agents of any association ; and that he wTill not divulge any information obtained
by examination of any bank, except in his official reports or when called to testify
in some competent court, nor use, directly or indirectly, such information or his
official position or opportunities in any manner not authorized by this act.
SEC. 177. The compensation of persons appointed to examine associations not located
in a reserve city or in a central reserve city, or in either of the States of Colorado,
Oregon, California, and Nevada, or in any Territory, shall be an annual salary equal
to two cents on every thousand dollars of aggregate liabilities of the associations
examined during the year, and for each examination an additional sum as follows:
(1) For examining an. association having a capital not exceeding one hundred and
fifty thousand dollars, twenty dollars.
(2) For examining an association having a capital exceeding one hundred and fifty
thousand dollars and not exceeding throe hundred thousand dollars, twenty-five
dollars.
(3) For examining an association having a capital exceeding three hundred thousand dollars and not exceeding five hundred thousand dollars, thirty dollars.
(4) For examining an association having a capital exceeding five hundred thousand dollars and not exceeding seven hundred and fifty thousand dollars, forty dollars.
(5) For examining an association having a capital exceeding seven hundred and
fifty thousand dollars and not exceeding one million dollars, fifty dollars.
((5) For examining an association having a capital of over one million dollars, sixty
dollars, and one dollar additional for every one hundred thousand dollars of capital
in excess of one million dollars. (Sec. 5210, R. S.-, as amended by Act February 19,
1875.)
SEC. 178. The compensation of persons appointed to examine associations located in
any reserve city, or in any central reserve city, or in either of the States of Colorado,
Oregon, California, and Nevada, or in any Territory, shall be fixed by the Secretarv
of the Treasury, upon the recommendation of the Comptroller of the Currency. (Sec.
5240, R. S., as amende'd by Act February 19, 1875.)
SEC. 179. The fees for examining associations shall be assessed by the Comptroller
of the Currency upon the respective associations so examined; and shall be paid by
such associations. (Sees. 5283 and 5240, R. S.)
SEC. 180. The Comptroller of the Currency is authorized, whenever he may deem it
useful, to cause examination to be made into the condition of any bank in the District of Columbia organized under act of Congress. Tho Comptroller, at his discretion, may report to Congress the results of such examination. The expense necessarily incurred in any such examination, and all expenses of any preliminary or other
special examination into the condition of any association, wherever situated, shall
be paid out of any appropriation made by Congress for special bank examinations;
but this provision does not include special examinations of associations in liquidation. (Sec, 332, E. S.)
SEC. 181. No association shall be subject to any visitorial powers other than such as
are authorized by this act, or are vested in the courts of justice. (Sec. 5241, R. S.)
CHAPTER VIII.—LIQUIDATION A^D RECEIVERSHIP.

SEC. 182. When the corporate existence of an association, asfixedin section sixty-one
of this act. expires, and is not extended, such corporate existence shall continue for the
sole purpose of liquidating the affairs of the association until such affairs are finally
closed. (Act July 12, 18rt2, sec. 7.)
SEC. 183. Any association may go into liquidation and be closed by the vote of shareholders owning two-thirds of its stock. (Sec. 5220, R. S.)
SEC. 184. Whenever a vote to go into liquidation is taken the board of directors
shall cause such fact to be certified, under the seal of the association, by its president
<Q?' vCasJbiiftf*, to the Comptroller of the Currency, and shall cause notice to be pub-




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REPORT OF THE COMPTROLLER OF THE CURRENCY.

4shed that the association is closing up its affairs, and that all its circulating notes
and all other claims against it are to be presented for payment. Such publication shall
be made for a period of two months in a newspaper published in the city of New York,
and also in a newspaper published in the city or town in which the association is
located. Like publication shall be made whenever an association is to be wound up
by reason of the expiration of its corporate existence. (Sec. 5221, R. S., and Act July
12, 1882, sec. 7.)
SEC. 185. Every association in liquidation shall, on the first of January and first of
July of each year, report the progress of such liquidation to the Comptroller of the
Currency, in such form as he may require; and the Comptroller, if he deems it expedient, may cause such reports to be verified by a special examination at the expense
of the association. The reports required by this section shall be made upon the oath
or affirmation of the president, vice-president, or cashier of the association, and shall
be attested by the signatures of at least three directors.
SEC. 186. Upon the request of any of the creditors or shareholders of an association
in liquidation, the Comptroller of the Currency, after due hearing and inquiry, may appoint ii receiver to wind up the affairs of such association. Such receiver, in addition
to his other powers, shall have power to inquire into the doings of the persons previously conducting the liquidation, and to proceed against them for damages in case
they shall appear to have wasted or misappropriated the assets, or to have failed
in any other way to administer the affairs of the association prudently and equitably.
SEC. 187. When any association has gone into liquidation the individual liability
of the shareholders may be enforced by any creditor of such association by bill in
equity, in the nature of a creditor's bill, brought by such creditor on behalf of
himself and of all other creditors of the association against the shareholders thereof
in any court of the United States having original jurisdiction in equity for the district in which such association was located. (Act June 30, 1886, sec. 2.)
SEC. 188. Whenever an association has failed to pay its circulating notes on demand
or to pay the current demands of its depositors, or is otherwise in a position of insolvency, it shall not be lawful for such association or any of its directors, officers, clerks,
or agents to pay out any of its notes or other moneys, to receive deposits, to discount
or purchase any notes or bills, or in any other way, directly or indirectly, to prosecute the business of banking. But nothing herein shall forbid an association to
receive and safely keep money and other property belonging to it, or to redeem its
circulating notes. (Sec. 2228, R. S.)
SEC 189. All transfers of the property or credits of any association, and all acts
which x>revent or are intended to prevent the application of its assets in the manner
prescribed in this chapter shall be utterly void, when made or done after an act of
insolvency committed by such association, or in contemplation of insolvency, and
with intent to defeat the pro-rata distribution of tke assets of the association, or
with intent to give any creditor preference over others. No attachment, injunction,
or execution shall be issued against an insolvent association or its property before
final judgment in any suit, action, or proceeding in any State, qounty, or municipal
court j and where such process shall have been issued, it shall be immediately quashed
or dissolved upon proof that the association was insolvent at the time of the issue
thereof. (Sec. 5242, R. S.)
SEC. 190. In addition to the cases where the appointment of a receiver is especially
provided for, a receiver of a national banking association may be appointed by the
Comptroller of the Currency in either of the following cases:
(1) Whenever the Comptroller shall become satisfied, as specified in sections one
hundred and eighteen and one hundred and twenty of this act, that the association
has failed to pay its circulating notes and is in default.
(2) Whenever after due examination the Comptroller shall become satisfied that
the association is insolvent.
(3) Whenever the association is dissolved, and its rights, privileges, and franchises are declared forfeited, as provided in section forty-six of this act.
(4) Whenever any creditor of the association who has obtained a judgment against
it in any court of record makes application for the appointment of a receiver, and
furnishes the certificate of the clerk of the court that such judgment has been rendered, and has remained unpaid for thirty days after the expiration of the time for
taking an appeal or a writ of error. (Sec. 5234, R. S., and Act June 30, 1876, sec 1.)
SEC. 191. The Comptroller of the Currency may require of the receiver appointed by
him such bond and security as he may deem proper. (Sec. 5234, R. S.)
SEC. 192. The receiver appointed by the Comptroller of the Currency shall, under
the direction of the Comptroller, take possession of the books, records, and assets of
every description of the association, collect all debts, dues, and claims belonging to
it, and, upon the order of a court of record of competent jurisdiction, may sell or compound all bad or doubtful debts, and, on a like order, may sell all the "real and personal property of the association, on such terms as the court shall direct, and may, if
necessary to pay the debts of the association, enforce the individual liability of the




REPORT OF THE COMPTROLLER OF THE CURRENCY.

33

stockholders. The receiver shall pay over all money so obtained to the Treasurer of
the United States, subject to the order of the Comptroller; and he shall make report
to the Comptroller of all his acts and proceedings. (Sec. 5234, R. S )
SEC. 193. The Comptroller of the Currency, upon appointing a receiver, shall cause
notice to be given, by advertisement in such newspapers as he may direct, for three
consecutive months, calling on all persons who may have claims against the association to present the same, and to make legal proof thereof. (Sec. 5235, R. S.)
SEC. 194. From time to time, after full provision has been first made for refunding to
the United States any deficiency in the funds specially devoted to redeeming the notes
of the association, the Comptroller of the Currency shall make a ratable dividend of
the money so paid over to him by the receiver on all such claims as may have been
proved to his satisfaction or adjudicated in a court of competent jurisdiction; and,
as the proceeds of the assets of the association are paid over to him, he shall make
further dividends on all claims previously proved or adjudicated. But all expenses
of any receivership shall be paid out of the assets of the association before final distribution of the proceeds thereof. (Sees. 5236 and 5238, R. S.)
SEC. 195. Whenever the assets of an insolvent association are exhausted and its
affairs are wound up, the receiver, under instructions from the Comptroller of the Currency, may apply to the United States circuit court for the district in which the
association was located, for a final discharge from further accountability; and if it
shall appear that he has well and faithfully administered the trust, and that there
are no further assets to be realized, the court shall have power to grant him a
discharge and to require the cancellation and surrender of his bond or bonds; and
thereupon both the receiver and the Comptroller of the Currency shall stand forever
discharged from all further accountability for the debts and obligations of such association.
SEC. 196. When any person appointed receiver of an association is removed from
such receivership by the Comptroller of the Currency, he may apply to the circuit
court of the United States for the district in which such association was located to
grant him a discharge from further accountability, and to cause his bond, or bonds, to
be canceled and surrendered; and thereupon such court shall have power to summon
the Comptroller of the Currency to show cause why such petition should not be
granted and, after due hearing and investigation, the court may make such order as
shall be deemed proper.
SEC. 197. If any person appoiuted receiver of an association shall die, or shall permanently absent himself from the country, or if he shall become in any other way unable to make a petition for discharge, or if he shall refuse or neglect to make such
petition, such petition may be made in his behalf by his sureties, or by either of
them.
SEC. 198. Whenever, after any association has been placed in the hands of a receiver
by the Comptroller of the Currency, all claims against such association which have
been proved and allowed, and all expenses of the receivership have been paid in full,
and lawful money of the United States has been deposited for the redemption of the
circulating notes of the association, the Comptroller shall cull a meeting of the
shareholders for the purpose of electing an agent to receive the remaining assets of
the association. Such meeting shall be called by publishing notice for thirty days in
a newspaper published in the place where the business of the association was carried on. (Act June 30,1876, sec. 3.)
SEC. 199. No person shall be allowed to vote at such meeting upon any share of stock
upon which the assessment has not been paid in full, or upon any share which has
been surrendered to ^he receiver in compromise or settlement of debts to the association, but all such shares of stock shall be deducted from the whole number of shares,
and a majority of such reduced number shall prevail in the election of an agent and
in determining all other questions. (Act June 30,1876, see. 3.)
SEC. 200. The agent shall be elected by ballot; and he must receive votes representing at least a majority of the stock upon which votes can be cast. (Act June 30,1876,
sec. 3.)
SEC. 201. In selecting an agent, administrators or executors of deceased shareholders may act and sign as the decedent might have done if living, and guardians
may so act and sign for their wards. (Act June 30,1876, sec. 3.)
SEC. 202. Before any of the assets of the association are delivered to the agent some
of the shareholders of the association shall execute and file a bond to the satisfaction
of the Comptroller of the Currency, conditioned for the payment and discharge in
full of any and every claim against the association that may thereafter be proved,
before, and allowed by any competent court, and also for the faithful performance of
all the duties of the trust. (Act June 30, 1876, sec. 3.)
SEC. 203. When the bond required by the preceding section has been filed, the Comptroller of the Currency and the receiver shall transfer to the agent all the undivided
or uncollected or other assets and property of the association then remaining in their
hands, or subject to their order or control; whereupon the Comptroller and the re-

8770 CUR 87




3

34

REPORT OF THE COMPTROLLER OF THE CURRENCY.

ceiver shall be discharged and released from any and all liability to such associationr
and to each and all of the creditors and shareholders thereof. (Act June 30, 1876,
sec. 3.)
SEC. 204. For the purpose of enabling them to make the transfer provided for by the
preceding section, the Comptroller of the Currency and the receiver are-severally empowered to execute any deed, assignment, or other instrument that may be necessary
and proper. (Act June 30,1876, sec. 3.)
SEC. 205. The agent selected by the shareholders is authorized to sell, compromise,
or compound the debts due to the association upon the order of the United States
circuit court for the district where the business of the association was carried on, or
other competent court. He shall hold, control, and dispose of the assets and property of the association which he may receive for the benefit of the shareholders of
such association as they, or a majority of them in value or number of shares, may
direct, distributing such assets and property among such shareholders in proportion
to the shares held by each, discriminating eqyitably between those who have paid
assessments in full, those who have paid in part, and those who have not paid at all;
and he may in his own name, or in the name of such association, sue and be sued, and
do all other lawful acts and things necessary to finally settle and distribute tiio assets,
and property in his hands. (Act June 30,1876, sec. 3.)
SEC. 206. Whenever the agent of the shareholders has collected and distributed all
the assets of rthe association, he may apply to the United States circuit court for the
district in w hich the association was located for a final discharge from further accountability ; and if it shall appear that he has well and faithfully administered his
trust, and that there are no further assets to be collected and distributed, the court
shall grant him a discharge from all further accountability for the debts and obligations of.such association. And thereafter all claims against the association shall be
forever barred.
SEC. 207. When the assets of any association which has been adjudged to be insolvent
by the Comptroller of the Currency, and for which a receiver has been appointed,
shall prove sufficient to pay all the creditors in full, with interest, such association
shall not be deemed to be dissolved; but after the receiver shall have so paid such
creditors, and shall have transferred and delivered to an agent of the shareholders the
undivided or uncollected assets and property of the association, the association shall
be entitled to resume the business of banking, if the shareholders owning two-thirds
of the capital stock shall desire so to do. Before resuming business the association
shall restore the entire amount of its capital stock. But, with the approval of the
Comptroller, the capital stock may be reduced in the manner prescribed in section
twenty-seven of this act before it is restored.
SEC. 208. Where any association has determined to resume business as provided
in the preceding section, the agent elected by the shareholders shall certify such fact
to the Comptroller of the Currency, and the Comptroller, wThen he shall be satisfied
that the association has complied with all the requirements of the preceding section,
and that the shareholders have reorganized the administration thereof by the election
of a board of directors, shall issue his certificate that such association is entitled to
resume the business of banking.
SEC. 209. The association shall cause the certificate of the Comptroller of the Currency, issued under the preceding section, to be printed in each issue of some paper
published in the place where the association is located, for at least sixty days after
the issuing thereof.
CHAPTER IX.—JURISDICTION, SUITS, AND EVIDENCE.
SEC. 210. All national banking associations established under the laws of the United
States shall, for the purpose of all actions by or against them, real, personal, or mixed,
and all suits in equity, be deemed citizens of the States in which they are respectively
located ; and in such cases the circuit and district courts of the United States shall
not have jurisdiction other than such as they would have in cases between the individual citizens of the same State. But the provisions of this section shall not be held to
affect the jurisdiction of the courts of the United States in cases commenced by the
United States, or by the direction of any officer thereof, or in cases for winding up
the affairs of any such association. (Act March 3, 1887, sec. 4.)
SEC. 211. The jurisdiction for suits brought by or against any national banking
association in any State, county, or municipal court, except suits between an association and the United States, or the officers and agents of the United States, shall
be the same as, and not other than, the jurisdiction for suits by or against banks not
organized under any law of the United States, which do or might do banking business where such national banking association maybe doing business when such suits
are commenced. (Act July 12, 1874, sec. 4.)
SEC. 212. All proceedings by any national banking association to enjoin the Comptroller of the Currency, under the provisions of any law relating to national banking




REPORT OF THE COMPTROLLER OF THE CURRENGY.

35

associations, shall be had in the district where such association is located. (Sec.
736, R. S.)
SEC. 213. All suits and proceedings arising out of the provisions of law governing
national banking associations, in which the United Stages or any of its officers or agents
shall be parties, shall be conducted by the district attorneys of the several districts
under the direction and supervision of the Solicitor of the Treasury. Nothing herein
shall be construed to confer upon any district attorney the right to conduct any suits
or proceedings on behalf of a receiver; but he may be employed by such receiver,
with the approval of the Comptroller of the Currency, and, in such case, shall receive for his services the same compensation as would be paid to other counsel out
of the funds of the trust. (Sec. 380, R. S.)
SEC. 214. Whenever an association against which proceedings have been instituted,
on account of any alleged refusal to redeem its circulating notes, denies having failed
to do so, it may, at any time within ten days after it has been notified of the appointment of an agent, as provided in section one hundred and twenty of this act, apply to
the nearest circuit, district, or territorial court of the United States to enjoin further proceedings in the premises; and such court, after citing the Comptroller of
the Currency to show cause why farther proceedings should not be enjoined, and after
the decisions of the court or finding of a jury that such association has not refused to
redeem its circulating notes, when legally presented, in the lawful rnoney of the
United States, shall make an order enjoining the Comptroller, and any receiver acting
under his direction, from all further proceedings on account of such alleged refusal.
(Sec. 5237, R. S.)
SEC. 215. Every certificate, assignment, and conveyance executed by the Comptroller of the Currency, in pursuance of law, and sealed with his seal of office, shall be
received in evidence in all places and courts; and all copies of papers in his office, certified by him and authenticated by his official seal, shall in all cases be evidence
equally with the originals. An impression of such seal directly on the paper shall be
as valid as if made on wax or wafer. (Sec. 884, R. S.)
SEC. 216. Copies of the organization certificate of any national banking association,
duly certified by the Comi>troller of the Currency, and authenticated by his seal of
office, shall be evidence in all courts and places within the jurisdiction of the United
States of the existence of the association, and of every matter which could be proved
by the production of the original certificate. (Sec. 885, R. S.)
CHAPTER X.—TAXATION.

SEC. 217. Every association shall pay to the Treasurer of the United States, in the
months of January and July, a duty of one-half of one per centum each half-year upon
the average amount of its notes in circulation, after deducting the amount of such
notes represented by the minimum amount of bonds which such association is required to keep on deposit with the Treasurer. (Sec. 5214, R. S.)
SEC. 218. In order to enable the Treasurer to assess the duties imposed by the preceding section, each association shall, within ten days from the first days of January and
July of each year, make a return, under the oath of its president or cashier, to the
Treasurer, in such form as that officer may prescribe, of the average amount of its
notes in circulation for the six months next preceding the most recent first day of
January or July. (Sec. 5215, R. S.)
SEC. 219. Every association which fails to make the return required by the preceding
section shall be liable to a penalty of two hundred dollars, to be collected either out
of the interest as it may become due such association on the bonds deposited with
the Treasurer, or, at his option, in the manner in which penalties are to be collected
of other corporations under the laws of the United States. (Sec. 5215, R. S.)
SEC. 220. Whenever any association fails to make the required half-yearly return, the
duties to be paid by such association shall be assessed upon the amount of notes
delivered to such association by the Comptroller of the Currency, after makin^ the
deduction specified in section two hundred and seventeen of this act. (Sec *5216
R. S.)
SEC. 221. Whenever an association fails to pay the duties imposed herein, the sums
due may be collected in the manner provided for the collection of United States taxes
from other corporations ; or the Treasurer may reserve the amount out of the interest
as it may become due on the bonds deposited with him by such defaulting association. (Sec. 5217, R. S.)
SEC. 222. In all cases where an association pays in excess of what is found due from
it, on account of the duty required to be paid to the Treasurer of the United States,
the association may state an account therefor, which, on being certified by the Treasurer, and found correct by the First Comptroller of the Treasury, shall be refunded in
the ordinary manner by warrant on the Treasury. (Sec. 5218, II. S.)




36

REPORT OF THE COMPTROLLER OF THE CURRENCY.

SEC. 223. Nothing in this act shall prevent all the shares in any association from being
included in the valuation of the personal property of the owner or holder of such
shares, in assessing taxes imposed by authority of the State within which the association is located ; but the legislature of each State may determine and direct the manner and place of taxing all the shares of national banking associations located within
the State, subject only to the two restrictions: first, that the taxation shall not be at a
greater rate in proportion to their real value than is assessed upon the shares of other
corporations engaged in receiving deposits, negotiating loans, or transacting any other
business similar to that which national banks are authorized to transact, or at any
rate which will amount on the aggregate of all the shares to more than is assessed
upon a like amount of other capital similarly employed, whether in the hands of individuals or under the control of corporations; secondly, that the shares of any
national banking association owned by non-residents of any State shall be taxed in
the city or town where the association is located, and not elsewhere. Nothing herein
shall be construed to exempt the real property of associations from either State, county,
or municipal taxes, to the same extent, according to its value, as other real property
is taxed. (Sec. 5219, R. S.)
SEC. 224. Whenever any national banking association has ceased to do business by
reason of insolvency or bankruptcy, no tax shall be assessed or collected, or paid into
the Treasury of the United States, on account of such association, which will diminish
the assets thereof necessary for the full payment of all its depositors. (Act March
1, 1879, sec. 22.)
CHAPIER XI.—PENAL PROVISIONS.

SEC. 225. No officer acting under the provisions of this act shall countersign or deliver to any association, or to any other company or person, any circulating notes contemplated by this act, except in accordance with the true intent and meaning of its
provisions. Every officer who violates this section shall be deemed guilty of a high
misdemeanor, and shall be fined not more than double the amount so countersigned
and delivered, and imprisoned not less than one year and not more than fifteen years.
(Sec. 5187, R. S.)
SEC. 226. No association shall offer or receive United States notes or national-bank
notes as security or as collateral security for any loan of money, or for a consideration agree to withhold the same from use, or offer or receive the custody or promise
of custody of such notes as security or as collateral security or consideration for any
loan of money. Any association offending against the provisions of this section shall
be deemed guilty of a misdemeanor, and shall be fined not more than one thousand
dollars and a further sum equal to one-third of the money so loaned. The officer or
officers of any association who shall make any such loan shall be liable for a further
sum equal ts one-quarter of the money loaned. Any fine or penalty incurred by a
violation of this section shall be recoverable for the benefit of the party bringing the
suit. (Sec. 5207, R. S.)
SEC. 227. Every director, and every other person employed in or by any association
who embezzles, abstracts, or willfully misapplies any of the moneys, funds, or credits
of the association; or who, without" authority from the directors, issues or puts in
circulation any of the notes of the association ; or who, without such authority,
issues or puts forth any certificate of deposit, draws any order or bill of exchange,
makes any acceptance, assigns any note, bond, draft, bill of exchange, mortgage,
judgment, or decree; or who makes any false representation as to the business or
resources of the association or makes any false entry in any book, report, or statement
of the association, with intent, in either case, to injure or defraud the association or
any other company, body politic or corporate, or any individual person, or to deceive,
the public, any officer of the association, or the Comptroller of the Currency, or any
person appointed to examine the affairs of any such association; and every person
who with like intent aids or abets any other person in any violation of this section
shall be deemed guilty of a misdemeanor and shall be imprisoned not less than five
years nor more than ten. (Sec. 5209, R. S.)
SEC. 228. If any person appointed or directed by the Comptroller of the Currency
to examine into the affairs of any association shall make any false entry in any
report or statement made by him to the Comptroller, or shall suppress or conceal
any material fact, with intent to deceive that officer, such person shall be deemed
guilty of a misdemeanor, and shall be imprisoned not less than live nor more than tep
years.
SEC. 229. Every examiner of national banks who shall knowingly violate any confidences reposed in him by the Comptroller of the Currency, or by the officers or
agents of any association, or who shall use his official position, or the information
acquired in the discharge of his official duties, for any purpose not authorized by this
act, shall be deemed guilty of a misdemeanor, and shall be fined not less than one
thousand, and not more than five thousand, dollars, and shall be imprisoned not less
than one, and not more than five, years.
SEC. 230. It shall not be lawful to design, engrave, print? or in any manner make or
execute, or to utter, issue, distribute, circulate, or use, any business or professional




REPORT OF THE COMPTROLLER OF THE CURRENCY.

37

card, notice, placard, circular, hand-bill, or advertisement, in the likeness or similitude of any circulating note or other obligation or security of any banking association organized or acting under the laws of the United States which has been or may
be issued under this act, or any act of Congress, or to write, print, or otherwise impress upon any such note, obligation, or security any business or .professional card,
notice, or advertisement, or any notice or advertisement of any matter or thing whatever. Every person who violates this section shall be liable to a penalty of one hundred dollars, recoverable one-half to the use of the informer. (Sec. 5188, R. S.)
SEC. 231. Every person who falsely makes, forges, or counterfeits, or causes or procures to be made, forged, or counterfeited, or willingly aids or assists in falsely making,
forging, or counterfeiting any note in imitation of, or purporting to be in imitation
of, the circulating notes issued by any banking association now or hereafter authorized
and acting under the laws of the United States; or who passes, utters, or publishes,
or attempts to pass, utter, or publish, any false, forged, or counterfeited note, purporting to be issued by any such association doing a banking business, knowing the same
to be falsely made, forged, or counterfeited, or who falsely alters, or causes or procures to be falsely altered, or willingly aids or assists in falsely altering, any such circulating notes, or passes, utters, or publishes, or attempts to pass, utter, or publish, as
true any falsely altered or spurious circulating note issued, or purporting to have
been issued, by any such banking association, knowing the same to be falsely altered
or spurious, shall be imprisoned at hard labor not less than five years nor more than
fifteen years, and fined not more than one thousand dollars. (Sec. 5415, R. S.)
SEC. 232. Every person, who, without authority of law, affixes any signature to any
blank circulating note printed for any national banking association, or, who issues
or puts in circulation any such note, knowing that the same has not been duly signed
by the proper officers of the association for which it was printed, shall be imprisoned
at hard labor for not less than five, and not more than fifteen years, and shall be fined
not more than one thousand dollars.
SEC. 233. Every person who mutilates, cuts, defaces, disfigures, or perforates with
holes, or unites or cements together, or does any other thing to any bank bill, draft,
note, or other evidence of debt issued by any national banking association, or who
causes or procures the same to be done, with intent to render such bank bill, draft,
note, or other evidence of debt unfit to be reissued by such association, shall be liable
to a penalty of fifty dollars, recoverable by th'e association. (Sec. 5189, R. S.)
SEC. 234. Any officer, clerk, or agent of any national banking association who shall
willfully violate the provisions of section one hundred and sixty-one of this act, or
who shall resort to any device, or receive any fictitious obligation, direct or collateral,
in order to evade the provisions thereof, or who shall certify or accept checks before
the amount thereof shall have been regularly entered to the credit of the dealer upon
the books of the banking association, shall be deemed guilty of a misdemeanor, and
shall, on conviction thereof in any circuit or district court of the United States, be
fined not more than five thousand dollars, or shall be imprisoned not more than five
years, or both, in the discretion of the court. (Act July 12, 1882, sec. 13.)
SEC. 235. All banks not organized and transacting business under the national
banking laws, and all persons or corporations doing the business of bankers, brokers,
or savings institutions, except savings banks authorized by Congress to use the word
"national" as a part of their corporate name, are prohibited from using the word
"national" as a portion of the name or title of such bank, corporation, firm, or partnership ; and any violation of this prohibition shall subject the party chargeable
therewith to a penalty of fifty dollars for each day during which it is permitted or
repeated. And it is hereby made the duty of the United States district attorney for
the judicial district in which such bank is located, or such business carried on to proceed against all persons or corporations violating this section. (Sec. 5243, R. S.)
CHAPTER XII.—GENERAL. PROVISIONS.

SEC. 236. The provisions of this act, which are expressed without restrictive words
as applying to "national banking associations," or to ''associations," apply to all
associations organized to carry on* the business of banking under any act of Congress. And the word " association" means national banking association, unless otherwise specially indicated. (Sec. 5157, R. S.)
SEC. 237. Any oath required by this act may be taken before any officer who is
authorized, either by the laws of the United States or by the local municipal laws,
to administer oaths in the State, Territory, or District where the oath may be administered; but when any such oath is taken before an officer not using an official
seal, proper evidence of the authority of such officer to administer oaths shall be
filed in the office of the Comptroller of the Currency. When taken in any foreign
country, any such oath may be administered by any diplomatic or consular representative of the United States.
SEC. 238. All sums of money collected for penalties under this act shall be paid
into the Treasury of the United States, except as otherwise provided.




38

REPORT OF THE COMPTROLLER OF THE CURRENCY.

SEC. 239. In the absence or disability of the cashier all certificates and verifications
required by this act to be made by him may be made by the assistant cashier, if
the association has such an officer, and if it has no such officer, then by some one
appointed by the directors to perform the duties of cashier.
SEC. 240. Where by this act publication is required to be made in a newspaper, it shall
be made in a newspaper among those of most frequent issue and largest circulation in
the place. If no newspaper is published in such place, the publication shall be made
in some newspaper among those of the largest general circulation therein.
SEC. 241. This act shall be known as the National-Bank Code.
SEC. 242. All laws and parts of laws re-enacted herein are repealed ; but such repeal
shall not extend to any matters other than those relating to national banking associations.
SEC. 243. Congress may at any time amend, alter, or repeal this act.
LEGAL DECISIONS.

The "Digest of National-Bank Cases'7 presented in the Eeport of
1886 is reproduced in the Appendix, page 133, enlarged by the incorporation of decisions announced during the last twelve months. There
will also be found in the Appendix, page 155, a digest of decisions determining questions arising in practical banking. An examination of
this digest will bring out very clearly how wide apart, and even contradictory, are the decisions which have been rendered in different
States in respect to substantially the same question. Considering how
active and extended the interstate commercial relations now are, and
how much of the business of the national banks consists of operations
in exchange, arising out of transactions between the citizens of different
States, it may not be out of place for the Comptroller to draw attention
to the confusion and friction caused by these local differences of judicial
construction.
The time may not yet be ripe for the enactment by Congress of an
interstate commercial code, but such legislation appears to be in logical
sequence to the establishment and extension of the national banking
system and to the regulation by Congress of interstate transportation,
and it would certainly be a great convenience to banks and merchants.
FOURTH.
STATE, SAYINGS, AND PRIVATE BANKS, AND LOAN AND TRUST COMPANIES.

In order to comply with the fourth requirement of section 333 of the
Eevised Statutes of the United States, the Comptroller has obtained,
through the courtesy of the authorities of 21 States, which exact returns of this nature, all the information received by them. This information, transmitted sometimes in detail and sometimes compiled by the
State officers, embraces the affairs of 1,620 incorporated institutions and
182 private banking concerns, making 1,802 in all.
In order to obtain the information about the institutions of like character in States and Territories where no, returns are made to local
authorities, resort was had to an extended and laborious correspondence. The names and addresses of over 4,000 concerns were collected,
and to each a circular was sent asking for the information desired, and
inclosing blank forms to be filled and returned. Out of the total number thus approached less than 1,400 have returned answers available
for the purpose in view, and in many of these cases further correspondence was necessary in order to elicit all the information desired. In
addition to this correspondence, each bank reporting its condition
through the medium of State officials was written to individually, and
requested to report the distribution of its stock.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

33

The returns of 1,620 institutions obtained from the State authorities
embrace a statement of the condition of 914 banks operated under State
charters; aggregate capital, $114,830,660; surplus and undivided profits, $44,943,984; deposits, $390,821,688; of 42 loan and trust compauies,
capital, $21,858,797; surplus and undivided profits, $18,308,324; deposits, $199,799,370; of 664 savings banks, of which 580 report no capital,
and 84 report capital aggregating $6,991,166. The aggregate surplus
and undivided profits of the 664 savings banks is $120,187,883, and their
aggregate deposits amount to $1,157,867,483. One hundred and eightytwo private banks report capital to the amount of $5,896,144, surplus
and undivided profits of $1,720,192, and deposits of $18,843,930.
In response to circulars sent directly, reports of condition have been
received from 1,354 concerns in States and Territories where no reports
are required to be made to local authorities, viz, from 499 State banks
having an aggregate capital of $26,169,717, surplus and undivided
profits of $8,028,226, and deposits of $55,738,334; from 16 loan and
trust companies, with capital of $14,496,972, surplus and undivided
profits of $8,884,995, and deposits of $40,391,341; from 20 savings
banks, with capital of $3,099,700, surplus and undivided profits oi
$6,712,360, and deposits of $77,868,586; and from 819 private banks
with capital of $34,183,294, surplus and undivided profits of $16,443,708,
and deposits of $77,736,527.
The 1,471 incorporated banks and loan and trust companies, reporting their condition officially and unofficially, have an aggregate capital
of $177,356,146, and of these 1,120 furnished statements as to the distribution of their stock, aggregating $151,587,705 in par value. From
examination of the details of those statements, it appears that the par
value of the share ranges from $10 to $1,000, and the average par value
of all the shares is $79.53.*
It was desired to make a classified report of the holdings of gold, silver, legal tenders, and national-banknotes, but as only a comparatively
small number of associations outside of the national-bank system separate the items composing "cash on hand," and as the majority of the
State reports simply show "cash on hand" and "cash in bank," the
result is not as satisfactory as was hoped for. From the reports in
which "cash on hand" is classified, it appears that the amount held by
1,360 such associations in gold coin is $27,015,952; in gold certificates,
$937,710; in silver coins, $1,824,657; in silver certificates, $598,313;
in specie (not classified), $13,744,873; and in legal tenders and nationalbank notes, $35,462,589.
For purposes of comparison, reference is made to the following table:
STATEMENT SHOWING THE AMOUNT OF GOLD, SILVER, ETC., HELD BY NATIONAL
BANKS, A:ND OTHER BANKING ASSOCIATIONS, AT DATE OF LATEST RETURNS.
Vn+innnl
*!»?-*
banks.

Classification.
Gold coins
Gold certificates
Gold clearing-house certificates
Silver dollars
Silver,fractional
Silver certificates
Mational-bank notes.
Legal tenders ...
Specie (not classified)

Total.

*

1, 360 other
ibaiikincrasso; ciati^us>

I $73,782,489 ' $27,015,952 ; $100,798,441
| 53,961,690 !
937,710
54,899,400
' 23,981, 000 I
23,981, 000
i
6, 683, 368 j C n R 9 1 fFrT ' ? -,, 99 o w
!
2,715,526 \{ 1. *"*> *>•" £ 11,223,551
j
3, 961, 380 i
598, 313 ,
4, 559, 69,-

I;ill|
260,774,592

13,744,873
79,584,094 j

* la one case shares are reported at the par value of 33£ cents.




Total.

13,744,873
340,358,686

40

REPORT OF THE COMPTROLLER OF THE CURRENCY.

In the Appendix tables will be found showing by States and Territories the condition of these banks as obtained from official sources and
from banks direct (classified as unofficial returns); aggregate resources
and liabilities of each class and from both sources; comparative statements of condition 1882 to 1887; distribution of shares of stock, by States
and geographical divisions, and deposits in savings banks, number of
depositors and average amount due each, by States, in 1885-'86, and
1886->87.
The following tables present summaries of these matters:
AGGREGATE RESOURCES, LIABILITIES, AND CONDITION OF STATE BANKS, LOAN AND
TRUST COMPANIES, AND SAVINGS AND PRIVATE BANKS, ORGANIZED UNDER STATE
AND TERRITORIAL LAWS. (FROM OFFICIAL SOURCES.)
j
Loan
State banks, jand trust coin Savings banks.
parries.
914 banks, i 42 banks.

664 b a n k s .

$23,653,410

$11,067,315

$446,624,258

79,141,
269,897,
1, 348,
2,292,

632
676
583
913

294, 756
141, <>07,100
1, 31H
28, 403, 836

122, 631, 426
31,612, 743
77, 357
166, 219,198

1, 029, 683
351,472
56, 910
22,652, 256
54,184, 825

45,607
75, 931
13,301
30,648, 205
14, 516,239

16,365,170
1,141, 024
100,182, 861
13,959,459

Total.

! 182 b a n k s . | 1, 802 b a n k s .

RESOURCES.

Loans on real estate
Loans on personal and collateral security
Loans and discounts
Overdrafts
United States bonds
State, county, municipal, etc.,
bonds
Railroad bonds and stocks
Bank stocks
All other bonds, stocks, etc
Due from other banks
Real estate, furniture, and fixtures
•
Current expenses and taxes
Cash and cash items
All other resources
Total

V>, 089, 374 I

$483,434,357

9, 771, 504
5, 777, 353
352, 393
89,600

211,839,318
448,894,872
1, 779, 651
197, 005, 547

209,038,864
58,992, 053
39, 778,238
47,150,157
53,139, 067

1,101,358
4,159, 814

210,114,154
59,419,456
39,848,449
101,551,976
125, 999,945

7,648, 811
132,778
11, 218,823
2, 383,681

27, 848, 385
1, 633,313
12, 842, 682
70, 425, 624

1, 450, 839
26,182
3, 767, 071
367, 535

53, 313, 205
2,933, 297
128, 011,437
87,136, 299

586,257^874

248, 057, 701

1,288, 013,365

28,953,023

2,151,281,963

114, 830,660
34,115,460
10, 828, 524
138, 973
473, 416
390, 821, 688

21, 858, 797
9, 594,192
8, 714,132

6, 991,166
114, 091,457
6, 096,426

LIABILITIES.

Capital stock
|
Surplus
Other undivided profits
State-bank notes
Dividends unpaid
Deposits
State, county, and municipal
deposits
Deposits of State, county, and
municipal disbursing officers.
Due to other banks
Other liabilities
Total




525,979
199, 799, 370

88,193 i
28, 949, 795 I
6,011,165

1,136, 023
6,429, 208

I 586,257,874!

248,057,701

'

5,896,144 i
1,681,523 I
38,669

.* 1.22," 308
1,157, 867,483 18, 843, 930

88, 588
2,755, 937

!
871, 897 i
1, 620, 860 |

149, 576,767
150,482,632
25,677,751
138,973
1,121,703
1, 767,332, 471

88,193
31, 046, 303
16, 817,170

1,288,013,365 j 28,953,023 ! 2,151,281,963

41

REPORT OP THE COMPTROLLER OF THE CURRENCY.

AGGREGATE RESOURCES, LIABILITIES, AND CONDITION OF STATE BANKS, LOAN AND
TRUST COMPANIES, AND SAVINGS AND PRIVATE BANKS, ORGANIZED UNDER STATE
AND TERRITORIAL LAWS. (FROM UNOFFICIAL SOURCES).
State
"banks.

! Loan and Savings
; trust
: companies. banks.

Private
banks.
819 banks.

! 499 banks, j 16 banks. \ 20 banks.

Total.
1,354 banks.

$15,499,166 j

$37,133, 215

54, 003, 430
18, 587, 909
1, 506, 385
4, 265, 056
356, 234
2, 904, 872
592,991
5,641,692
18,066,251
8, 306, 977
725, 365
11,896,653
3,172, 335

154, 227, 601
43, 050,185
2, 577, 672
18, 915, 736
7, 827,446
26,105, 424
1,326,338
20, 014, 281
34, 906, 231
17,646,735
2,136, 881
33, 325, 464
5, 571, 393

HESOU11CK8.

Loans on real estate
$3, C13, 963
Loans on personal and collateral security
* - 41, 053, 200
Loans and discounts
16, 494, 483
Overdrafts
| 1, 047, 027
United States bonds
! 237, 243
State, county, municipal, etc., bonds..|
612, 720
Railroad bonds and stocks
459, 257
324, 555
Bank stocks
5,057,846
All other bonds, stocks, etc
Due from other banks
i.
10, 590, 056
Real estate, furniture, and fixtures
4,109, 932
Current expenses and taxes
982, 648
Cash and cash items
10, 662, 857
All other resources
1, 278,184

$3, 202, 678 £10, 817, 408
36, 249, 262
1, 675, 719
11,492
383,881
132, 541
7,324,417
119,350
5, 780, 673
4, 279, 264
3,438,461.
300, 731
5, 603, 401
566, 086

22, 921, 709
6, 292, 074
12, 768
14, 029, 556
6, 725, 951
15, 416, 878
289, 442
3, 534, 070
1, 970, 660
1, 791, 365
128,137
5,162, 553
554, 788

98, 523, 971

71,067,956

89, 647, 359

26,169, 717
Capital stock
4, 404, 260
Surplus
3, 623, 966
Other undivided profits
89, 983
State bank notes
276, 333
Dividends unpaid
55, 738, 334
Deposits
State, county, and municipal deposits.. 1,132,109
Deposits of State, county, and munici408, 278
pal disbursing officers
3, 495, 619
Due to other banks
3,185, 372
Other liabilities

14,, 496, 972
6, 247, 601
2, 637, 394

3, 099, 700
5, 603, 853
1,108,507

Total

145, 525, 316

404, 764, 602

LIABILITIES.

Total

98,523,971

55,276 i
71,078
40,391,341 | 77,868,586
38,084 I

34,183,-294
77, 949, 683
10, 556, 54'J
26,812,256
5, 887,1(56
13, 257, 033
2,155 |
92,138
170,055 1
572, 742
77,736,527 I 251, 734, 788
9±6,192 I
2,116, 385

2,200
1, 893,435

1,158, 905
4, 941, 254
9, 943, 226

1, 567,183
12,909.947
17, 752; 447

71,067,956 j 89,647,359

145, 525, 316

404, 764, 602

4,470,874 i
2,730,414 j

AGGREGATE RESOURCES, LIABILITIES, AND CONDITION OF ALL STATE BANKS, LOAN
AND TRUST COMPANIES, AND SAVINGS AND PRIVATE BANKS, ORGANIZED UNDER
STATE AND TERRITORIAL LAWS.
Official.

Unofficial.

Total.

1,802 banks.

1,354 b a n k s .

3,156 b a n k s .

RESOUKCES.

Loans on real estate
^
Loans on personal and Collateral security .
Loans and discounts
Overdrafts
United States bonds
State, county, municipal, etc., bonds
Railroad bonds and stocks
Bank stocks
A11 other bonds, stocks, etc
Due from other banks
Real estate, furniture, and fixtures
Current expenses and taxes
Cash and cash items
All other resources

$37,133,215 ,
154,227,601
43, 050,185
2, 577, 672
18, 915, 736
7, 827, 446
26,105,424

1,326,338
20,014,281
34,906, 231
17, 646, 735
2,136, 881
33, 325, 464
5, 571, 393

$520, 567, 572"
366,066,919
491,945,057"
4, 357,323
215, 921, 283
217,941,600
85, 524, 880
41,174, 787
121, 566, 257
160,906,176
70, 959, 940
5, 070,178
161, 336, 901
92, 707, 692

2,151, 281, 963

Total.

$483, 434,357
211,839,318
448, 894, 872
1,779,651
197, 005, 547
210,114,154
59, 419, 456
39,848,449
101, 551, 976
125, 999, 945
53, 313, 205
2, 933, 297
128,011,437
87,136, 299

404, 764, 602

2, 556, 046, 565

149, 576, 767
159, 482, 632
25, 677, 751
138, 973
1,121, 703
1, 767, 332,471
88,193
31, 046, 303
16, 817,170

77, 949, 683
26, 812, 256
13, 257, 033
92,138
572, 742
251, 734, 788
2,116, 385
1, 567,183
12, 909, 947
17, 752, 447

227, 526, 450
186, 2y4,8»8
38, 934, 784
231, 111
1, 694,445
2, 019, 067, 259
2,116, 385
1, 655, 376
43,956, 250
34, 569, 617

2,151,281,963

404, 764, 602

2, 556, 046, 565

LIABILITIES.

Capital stock
Surplus
Other undivided profits
State bank notes
Dividends unpaid
Deposits
State, county, and municipal deposits
Deposits of State, county, and municipal dis. officers..!
Due to other banks
Other liabilities
Total




42

REPORT OF THE COMPTROLLER OF THE CURRENCY.

NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF
STATE BANKS, 1886->87.
Official.

States, etc.

Num-jl ber.
Capital.

New Hampshire.
Rhode Island
Connecticut
New York State.
New York City ..
New Jersey
Pennsylvania
Maryland
North Carolina ..
Kentucky
Missouri
Ohio
Indiana
Michigan
Wisconsin
Iowa
Minnesota
California

1

I

Surplus and
undivided
profits.

Deposits.

10
8
71
31
8
80
8
11
71
212
46
32
62
56
65
54

$15, 216
160, 775
497, 598
5, 235, 075
8, 937,631
492,120
2, 662, 600
460, 072
228, 706
2, 891, 327
6, 596, 349
585, 859
379,510
1,389,101
1,121,834
694, 799
1,193,125
11, 402, 287

$35, 342
1,177,883
3, 407,182
37, 688, 748
112, 699,172
3, 284,201
29,117, 308
3, 799,136
1,424,785
16,852,350
49,173, 704
10, 314, 788
3,126, 849
26, 069, 050
19, 960, 417
5, 747.286
14,429,516
52, 513, 971

! 914

Total

$50,000
1,766, 685
2, 390,000
8,428, 000
14, 712,700
1, 209, 350
7, 888, 473
1,979, 390
691, 410
11, 555, 686
11,626,403
3, 079, 695
1, 676, 60U
4,556,150
3,350, 340
3, 579, 843
5, 228, 000
31,061,935
114,830,660

44,943,084

390,821,688

Unofficial.
States.

Number, i

Capital.
Delaware
Virginia .
West Virginia
South Carolina..
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas.
Arkansas..
Tennessee .
Illinois
Kansas
Nebraska..
Colorado. - Oregon

I U
' 10

|
1(3 I
6!
7
9
5
9
6
27
48
149
140

Total

; 499;

$356,000 '
1, 900, 255 j
819,855 :
788,704 '
2, 738, 850
290,100
735, 000
759, 650
2,017,300 i
761, 098 I
265,000 j
2,924,254
1,655,500 |
6, 618, 545 i
2, 864, 606 i
505,000 |
17.0,000 '
_L
26,169,717

Surplus and
undivided
profits.

Deposits.

$51,143
650, 713
304,369
305, 767
1,257,002
376, 590
228, 142
97, 534
548, 693
212, 761
51,433
633, 688
890, 495
1,370,121
795, 997
168, 555
s 25, 423

$497, 427
5, 956, 769
2, 897,123
4,121,254
4, 958, 365
830,198
934,266
1,102,906
5, 060, 873
976, 851
593, 204
5, 590, 552
5,178, 069
9,151, 626
4, 836, 266
2, 279,135
173, 390

8, 028, 220

55, 738, 334

NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF
LOAN AND TRUST COMPANIES, 1886->87.
Official.

States, etc.

i NumI ber.
Capital.

Maine
New Hampshire.
Massachusetts...
Connecticut
New York State.
New York City..
Minnesota
Total.




$190, 297
200, 000
4,150,000
986, 600
1, 431, 900
13, 900,000
1, 0U0, 0U0

42 i

21, 858, 797 |

Surplus and j
undivided
profits. I

Deposits.

$33, 665
50, 6J9
1, 074, 277
251, 990
843, 096
15, 928, 817
125, 860

$539,161"
116, 983
43,972,419
2, 829,975
12, 558, 214
139, 348, 535
434, 083

18, 308, 324

199, 799, 370

43

REPORT OF THE COMPTROLLER OP THE CURRENCY,

NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF
LOAN AND TRUST COMPANIES, 1886-'87.—Continued.
Unofficial.
Number.

States, etc.

Surplus and j
undivided
Deposits.
profits. |

Capital.

10
2
4

$12, 241,972
1, 200, 000
1, 055, 000

$8,524,447 !
50,850 !
309,698

16

Philadelphia.
"Missouri
Nebraska

14, 496, 972

8,884,995 i
!

$40, 244,

593

42, 536
104, 212
40, 391, 341

NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF
SAVINGS BANKS, 1886-W.
Official.
JNum-i1
ber.

States, etc.

Capital.

! Surplus and i
• undivided j Deposits.
•

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
!N"ew Jersey
Maryland
District of Columbia.
North Carolina
Ohio
Indiana
Iowa
Minnesota
California

$460,000
85 !
115 !
30,105 I
"5,99l" I

7

•

Total

! 664

!
;

54 ;
66 i

24. :

profits.

:
2,128,693 !
150,000 i
4,216,377 !

$2,199, 862
4, 604, 680 i
776, 112 '
'
12, 028, 350 :
2, 797, 248
6:U
4, 845,
85, 633, 329 ;
2,412, 877
14, 879
11, 464

374
388, 328
212,550
492,204
138,908
2,731,089

$37,215,
50, 822,762
15, 587,050
291,197, 900
53, 284,821
97,424, 820
482, 486,730
27, 482,135
204, 125
834, 524
11, 307
15, 065,659
2, 312,013
9, 969,019
3, 891,653
70, 077,893

*G, 991,166 ! 120,187, 883 ! 1,157, 867, 4S3

Unofficial.
Number.

States, etc.

Philadelphia
Delaware
Maryland
Chicago

:
;
|
i

Capital.

; Surplus and ;
I undivided '•. Deposits.
profits.

$444,700 ..
!
!
2,655,000;

• 20 \
;

Total

5:
2;
8i
5;

3, 099, 700 ;

$3,811,224 i $42, 219, 099
2(59,740
2,771,392
1,142, 697
18, 816, 837
1, 488, 699 i 14, 061, 258
6, 712, 360

7, 866,

586

* Only 84 savings banks report capital.
NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF PRIVATE BANKS, 18S6-'87.
Official.
States, etc.

! ber. i

Missouri...
Wisconsin .
California..
Total




85 :
68 i
29 ;
:

| 182

Capital.

Surplus and ;
undivided
profits. I

Deposits.

$1,331,241
986,435 i
3,578,468

$840, 579 i
479, 036 I
400, 577 |

$6,495,824
6,229, 610
6,118, 496

5, 896,144

1,720,192 !

18,843,930

44

REPORT OF THE COMPTROLLER OF THE CURRENCY,

NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF
PRIVATE BANKS, 1886-'87—Continued.
Unofficial.
States.

;Numj ber.

Surplus and I
undivided j Deposits.
profits.

Capital.

Massachusetts
Connecticut
New York
New Jersey
Pennsylvania
Maryland
District of Columbia.
North Carolina
South Carolina
G eorgia
Florida
Alabama
Mississippi
Louisiana
Texas.
Kentucky
Ohio....'
Indiana
Illinois
Michigan

Iowa
Minnesota . . .
Kansas
Nebraska
Colorado
Nevada
Oregon
Dakota
Idaho
New Mexico.
Utah
"Washington..
Wyoming
Arizona
Total

4
41
3
46
3
1
2
3
12
2
5
2
2
IS
;
15
77
j 44
! 99
\ 55
139
40
55
34
8
2
3
77
2
2
7
2
7
2
819

$200, 008
43,821
843,811
102,125
690, 009
1, 254
13,118
22, 990
31, 330
179, 050
5,381
2, 514, 632
50, 970
8, 925
220, 458
173, 063
1,213,579
419,443
4, 233, 692
259, 466
1,265,206 i
348,551 '
676,101
267, 652
20, 095
22, 215
443, 409
364, 926
156, 751
26, 936
1,125, 391
300, 039
92, 916
108, 329

$231,000
78, 000
1, 218,272
169,325
1. 571, 351
10,000
33, 000
40, 000
87, 850
740, 770
53, 000
312, 000
120, 000
33, ooo
1, 709, 899
631,700
2, 949, 975
2, 371,142
4, 24G, 028
994, 077
5,130, 606
2,895,615
2, 852, 934
1,256,202

221,300
108,150
186, 282
2, 019,189
127, 660
130, 000
995, 907
. 225,000
338, 000
90, 000

16,443, 708

34,183, 294

$827, 880
387, 378
6, 013,485
754, 489
8, 990, 050
47, 859
79, 490
112, 535
51,161
372, 785
228,12&
1, 471, 209
129, 957
52, 285
1, 916, 563
1, 406, 540
11,059,045
6, 319, 457
15,128, 207

2, 914, 008
6,143, 252
2, 642, 758
2, 426, 726
1, 538,131
999, 961
93, 247
818,181

1,155, 693
54, 016
194,919
1, 818, 718
513, 310
730, 874
344, 229
77, 736, 527

NUMBER, CAPITAL STOCK, SURPLUS AND UNDIVIDED PROFITS, AND DEPOSITS OF
STATE, ETC., BANKS, 1886'67
Official.
Num-i
ber. |

State banks
Loan and trust companies
Savings banks
Private banks
Total

Capital.

'• Surplus and
I undivided
!
profits.

Deposits.

j 914
I 42
664
| 182

$114, 830, 660 ! $44, 943, 984
18, 308, 324
21,858,797 \
6,991,166 i 120,187, 883
1, 720,192
5, 896,144 I

$390, 821, 688
199,799,370
1,157, 867,483
18, 843, 930

!l, 802

149, 576, 767 | 185,160, 383

1, 767, 332,471

Unofficial.
Number.

State banks
Loan and trust companies
Sayings banks
Private banks
Total




499
16
20
819
1,354

Capital.

Surplus and |
undivided j
profits.
|

$26,169, 717
14, 496, 972
3, 099, 700
34,183, 294

$8, 028, 226
8, 884, 985
6, 712,360
16,443,708

$55, 738,334
40, 391,341
77, 868, 586
77, 736, 527

40,069,289

251, 734,788

77,949,683 j

Deposits.

45

REPORT OF THE COMPTROLLER OF THE CURRENCY.
DISTRIBUTION, NUMBER, AXD AVERAGE PAR VALUE OF SHARES OF STOCK OF
INCORPORATED'BANKS IX THE UNITED STATES OX JUNE 30, 1887.

Number.

Number.

Number of shares of stock held b y Same, in detail, held b y Natural persons
Religious, charitable, and educational institutions
Municipal corporations
Savings banks, loan and trust
and insurance companies
All other corporations
Total issued
Average par value of share.
Number of shareholders—
Natural persons
Corporations

Number of shareholders—
Resident
Non-resident

L, 669, 070T690237, O62 T 0

State residents

Non-State residents

39, 477
7,900

Total
1,839,886
;
,
•
;

1,120

47,

Number of shareholders owning specific amounts—
Owning shares to the par value
of $C000 and less
Owning shares to the par value
of over $1,000 and less than
$5,000
Owning shares to tbe par value
of $5,000 and less than $30,000 .
Owning shares to the par value
of $30,000 and over

9,472
1, (325
41, 389A
13, 761

11,906,133$
$79.53
46, 553
824

377

24, 609
14,812
7,397
559
47. 377

Total

A table in the Appendix, page 175, shows, by States and Territories,
the estimated population of each, and the aggregate capital, surplus,
undivided profits, and individual deposits of national and State banks,
loan and trust companies, and savings and private banks in the United
States on June 1, 1887; the average of these per capita of population,
and the per capita averages of such resources in each class of banks,
from which it appears that the estimated population of the United
States, June 1, 1887, is 59,893,000; total banking funds amount to
$4,563,192,203, which is an average of $76.19. The per capita averages
of such resources in each class of banks are: National banks, $34.91;
State banks, $10.69; loan and trust companies, $5.07; savings banks,
$22.92; and private banks, $2.58.
The Comptroller is indebted for the estimates of population to Mr.
E. B. Elliott, Government Actuary, whose national reputation for
skill and accuracy in reaching conclusions by mathematical methods
is the surest guaranty that the figures given are as nearly correct as
possible.
The following table, statiug, by geographical divisions, the number of
private banks in the United States, with the aggregate amount of their
capital, deposits, and investments in United States bonds, for the six
months ending May 31, 1882, has appeared in previous Reports. It is
repeated for the reason that it has been impossible to obtain similar
information from any official source since the date above mentioned:
Geographical divisions.

j ^™"
I

Xew England States
Middle States
Southern States
Western States and Territories
United States




__ _

!
94
i
967 ;
j
289 •
j 2,062;

Capital.
_„_

Deposits.
:

Invested in
i U.S. bonds.
^

$6, 215, 637 i $6,568, 310
62,418,206 1 112,690,656
6,334,090 j 20,675,301!
30, 308, 300 ! 149,023,311

$963,958
9,227,728
107,167
3,298,990

I 3,412; 105,276,233! 288, 957, 578 j

13,597,843

46

REPORT OF THE COMPTROLLER OF THE CURRENCY.
FIFTH.

NAMES AND COMPENSATION OF OFFICERS AND CLERKS IN THE OFFICE OF THE
COMPTROLLER OF THE CURRENCY, OCTOBER 31, 1887.

Grade.
William L. Trenholni.
Jesse D. Abrahams...
George M. Coffin
John J. Crawford
Alonzo B. Dickerson .
Robert P. Mayfi eld . . .
David L. Perkins..
Finis E. Marshall.
Theodore O. Ebaugh
Charles J. Stoddard
Charles E. Brayton ..
Edward A. Demaray .
Watson \V. Eldridge
John A. Hebrew
George T. May
Edmund E. Sehreiner
Walter Taylor
Charles McC. Taylor
Thomas P. Kane
Harriet M. Black
Fernando C. Cate
Sarah F. Fitzgerald....
Willis J. Fowler.
William H. Heald
Washington K. McCoy
Isaac C. Miller
Joseph K. Miller w
William D. Swan
EphraimS. Wilcox....
G eorge H. Wood
William E. Colladay...
Julia R. Donoho . . . . . . .
11. LeKoy Livingston..
Edward S. May
Mary L. McCorraick...
Morris M. Ogden
Margaret ta L. Simpson
Arthur M. Wheeler
Eveline C. Bates
Willard E. Buell
Eliza R. Hyde
Carrie 1/. Pennock
Eliza M. Peters
C harles A. Stewart
Therese E. Tilley
Frederick Widdows
Eliza M. Barker
Alice M. Kennedy
Lafayette J. Garner
Thomas H. Austin
Margaret L. Browne
Louisa Campbell
Sarah M. Cartwright
Virginia H. Clarke
Sarah G.Clemens
Geraldine Clifford
Richard W. Comly
Mary L. Conrad
Talma Drew
Amanda W. Doty
Henry S. Goodall
Margaret E. Gooding
Lucretia W. Knowlton
Emma Lafayette
Edward H. Latch
Annie W.Lockhart
MaggieB.Miller
James D. Moler
Mary E. Oliver
Carrie B. Pumphrey
Marie Richardson
Francis M. Richardson
Hannah Sanderson
Eliza A. Saunders
Fayette C. Snead




i Salary.

Comptroller
Deputy Comptroller.
Chief o livision.
do
do
do
Superintendent
Teller
Book-keeper
Assistant book-keeper
Fourth-class clerk
do
do
do
.....do
do
do
do
Stenographer
Third-class clerk
do
do
do
do
do
do
do
do
do
do

:
„

^Second-class clerk
do
do
do
do
do
do
do
First-class clerk
do
I
do
j
do
!
do
I
do
|
do
do .
Clerk
do
Engineer .
Clerk
do
j
do ...
j
do ...
do
do ...
do ...
do ...
do
do
do ...
do
do
do
do
do
do ...
do ...
do ...
do ...
do ...
do
do
do ...
do
|
do .
* Additional as bond clerk, $200.

.-.

$5, 000
2,800
2, 200
2,200
2,200
2,200
2,000
2,000
2,000
2,000
1,800
1,800
1,800
1,800
1,800
1, 800>
1. 800
i;80O
1,600
1, 600
1,600
1,600
1, 600
1,600
1,600
1,600
1,600
1,600
1,600
1,600
1,400
1,400
1,400
1,400
1,400
1,400
1,400
1,400
1,200
1,200
1,200
1,200
1, 200
1, 200
1,200
1,200
1.000
1,' 000
1,000
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
900
9C0
900

900
900
900
900
900
900

REPORT OF THE COMPTROLLER OF THE CURRENCY.

47

NAMES AND COMPENSATION OF OFFICERS AND CLERKS IN THE OFFICE OF THE
COMPTROLLER OF THE CURRENCY, OCTOBER 31, 1887—Continued.
Names.
Mathilda C. Stoffregen.
Elise K. Taylor
Sarah A. W. Tiffey
Cains E. Triplet.'.
Julia C. Townsend
Anna M. "VVhiteside
Glendie B. Young
Morris A. Moore
PhiloL. Bush
William Griffiths
Silas Holmes
Lanffston W. Allen
W. Frank Kobey
John A. McDonald
Bessie P. Co well
Harry C. Derby
Lambert A. Whiteley...

Grade.
Clerk.
.do .
do .
.do
.do.do .
.do .
Messenger
Assistant messenger..
do
do
Watchman .
do.
Fireman.
Laborer do..
do..

Salary.

900
900
9U0
900
900

90a
840
720
720
720
720
720
720
660
660
660

EXPENSES OF THE OFFICE OF THE COMPTROLLER OF THE CURRENCY FOR THE YEAR
ENDING JUNE 30, 1887.
For special dies, plates, printing, etc
For salaries
For salaries, reimbursable by national banks

$31, 454.10
97,653.00
15,047.97

The contingent expenses of the office are not paid, by the Comptroller,
but from the general appropriation for contingent expenses of the
Treasury Department; no separate account of them is kept.
ORGANIZATION AND EXPENSES OF THE BUREAU OF THE CURRENCY.

One subject of material importance to the banks and to the public is
the more complete organization and better equipment of the office of
the Comptroller of the Currency.
Each year greater numbers of new banks are organized, involving
increased correspondence, explanation, and book-keeping, and more
packages of currency to be kept safely; each year the number of banks
in operation grows larger, calling for a wider scope of supervision,
more reports to be examined, corrected, and compiled, more letters from
banks to be received, more letters to be written to banks, more examiners to be employed, and more correspondence maintained with them.
The number of receiverships also increases annually, causing more
work, more correspondence, and more book-keeping. The labor and
anxiety of continuous and simultaneous attention to twenty-eight
active receiverships can not be described. Almost every one of them is
involved in serious litigation, while in many of the cases pending not
only large amounts of money and great interests, but important principles, are at stase.
On the other hand, no relief comes from the reduction of circulation,
for the work in the divisions of issue and redemption varies with the
number of banks and not with the amount of bonds deposited or of circulation issued, while every change in either bonds or circulation increases the work in these or other divisions. Changes of bonds and
circulation become more frequent annually.
Without entering into wearisome details, it must be obvious that the
growth of the national-bank system must impose upon the Comptroller
and the officers and clerks who assist him labors and responsibilities




48

KEPORT OF THE COMPTROLLER OF THE CURRENCY.

which increase year by year, and if the annual reports made to Congress are compared with each other it will be found that they are constantly becoming not only more voluminous but more complex in their
contents, and more exacting upon those charged with their preparation.
.Not only is this the case, but the growing complexity and amplitude
both of mass and of detail which mark the annual Eeports also reflect
a corresponding augmentation of mass and differentiation of detail in
the daily work of the Bureau.
The volume and the minute particularity of the contents of these Keports imply antecedent operations of investigation, collocation, arrangement, analysis, compilation, and statistical interpretation, which were
not possible when the national-bank system was less fully developed,
and which can not be adequately described.
In order that the present work of the Bureau may be properly performed the following changes are essential:
1. The Deputy Comptroller should have a salary of $3,500. J$o less
sum can be depended upon to secure or to permanently retain any one
entirely qualified for the position.
2. There should be provided for the Bureau a responsible legal adviser, with such clerks and books as may be necessary to the proper
examination of the questions that are daily presented in almost every
branch of commercial law.
3. There should be added to the four divisions now existing a division
of archives and statistics.
Provision should be made by appropriation for an annual conference
in Washington of all examiners of national banks, for the employment
of supervising examiners, as recommended elsewnere, for such traveling expenses as may be incurred by the Comptroller or Deputy Comptroller in visiting different sections of the country in connection with
the banks and banking interests there, and for the accumulation of a
library of standard books of reference on subjects related to banking
and financial legislation and administration.
In order that some measure of justice may be done to the officers and
clerks of the Bureau for the assiduity and intelligence by which alone
it has been possible to accomx)lish the constantly increasing tasks devolved upon them, the subjoined tables are respectfully submitted.
The first table has been made up from a report lately prepared for a
select committee of the Senate, and it shows the number of letters and
papers handled, and the value of circulating notes and of incomplete
currency passing in and out of the Bureau during each of the last three
years.
The second table shows the number and compensation of officers,
clerks, messengers, and laborers employed in the Bureau, and the total
salaries during each year from 1863 to 1887, inclusive.




49

REPORT OF TilK COMPTROLLER OF THE CURRENCY.

NUMBER AND VALUE OF ITEMS HEPKESENTING CLERICAL WORK IN THE OFFICE OF
THE COMPTROLLER OF THE CURRENCY DURING EACH OF THE YEARS 1884, 1885,'

AND 1886.
d u m b e r of—

1884.
164,021 i
46,088
6,5(54 I
195,113 j
151,347 |
74,764 i
4,963

Papers and letters received and iilcd
Papers and letters examined
Papers and letters copied
„
Papers prepared-and issued
Papers prepared for Bureau use
Letters written, copied, and indexed
Certificates issued under seal
Packages of mutilated currency received, contents counted,
and certified for destruction ..'.
Packages of incomplete currency on hand at the end of each year.
Packages of incomplete currency received from Bureau of" Engraving and Printing, examined, and counted
Packages of incomplete currency counted for issue, strapped, I
and labeled
\
Packages of incomplete currency withdrawn from vault, opened. |
resealed, and replaced
|
Packages of incomplete currency made up for shipment, Hailed, j
addressed, and delivered to mail or express
'
Packages of bonds received, counted, and disposed of
Packages of bonds made up, sealed, and delivered to mail or ex- I
press
-|
Entries in ledgers, journals, and other books of record
j

Total.

1885.
163,818
50, 237
5,271
246, 313
192, 040
80,187
7,740

42,815 I
4,449 j

63, 878 i
4,640 i

90, 259
4,814

3,552 |

3. 960

2, 250

42,127 ;

53, 005

:

43,332 i

53, 506

27. 419
1,345

36,408 '
451 .

43, 009
1,189

1,095 '
523, 879 ;

210
657,228 ,

930
758, 319

], 597, 840 !

1, 813, 955

33,060

1884.

Packages of mutilated currency received, contents counted, and eertiiied for destruction
$110,529,684.50 j
Packages of incomplete currency on hand at the
end of eacli year
\
70,384,220.00 i
Packages of incomplete currency received from
Bureau of Engraving and Printing, examined
and counted
83,406,110.00 ;
Packages of incomplete currency withdrawn •
from vault, opened, resealed, and replaced*
523,104,120. 00 !
Packages of incomplete currency made up for
shipment, counted, strapped, sealed, addressed,
and delivered to mail or express
80, U'J5, 920. 00
Packages of bonds received, counted, and disposed of
111, 711,250.00 ;
Bonds on deposit with United States Treasurer
to secure circulatign December 31, each y e a r . . .
318, 655, 050. 00 [
Bonds deposited to secure circulation during
43,450,050.00 j
each year
72, 333, 200. (< j
J>
Bonds withdrawn from deposit each year

Total .

174,826
49, .154
5,143
288, 602
209, 292
74, 754
4,903

31,914 j

1, 312, 394

Yalno of—

1886.

:

1885.

1886.

$104,266,700.00 j $78,375,583.50
75,125,290.00

59,405,780.00

102,369,620.00!

40,759,460,00

701, 545, 080. 00 I 660, 264, 040. 00
83, 6G6, 300. 00
47,311,700.00

55, 518, 170. 00
145, 736, COO. 00

306, 008, 750. 00 229, 438, 350. 00
17, 333, 000. 00
29, 979, 300. 00

35, 582, 500.00
112,152, 900. 00

, 416, 989, 604. 50 j 1, 467, 605, 740. 00 1,417,232,783.50

*Estiraated by number of packages withdrawn and deposited, as compared with average value per
package at time of vault-test by committee.

8770 CUR 87




4

50

REPORT OF THE COMPTROLLER OF THE CURRENCY.

COMPARATIVE STATEMENT OF NUMBER OF BANKS ORGANIZED AND NUMBER UNDER
SUPERVISION, UP TO THE END OF EACH FISCAL YEAR FROM 1863 TO 1887, TOGETHER
WITH THE NUMBER AND COMPENSATION OF THE OFFICERS, CLERKS, ETC., IN THE
BUREAU OF THE CURRENCY FOR EACH YEAR.

i Xumberof
I banks organized up
j to October
31 in each,
year.

Years.

1863
1864
1865
1866
1867.
1868
1869
1870
1871...,
1872
1873
1874
1875
1876
1877
1878
1879

:
!
.!
;
;
i
i
!
j
!
!
.
"
;
i
i
j
i

1880

|

1881

j

1882
1883

i
j

1884.

.j

1885....
1886
1887

I

Kumber of
Additional
banks in opersalaries,
Number of
Amount
ation and in
20 per cent.,
officers,
of salaries
the hands of
and reimreceivers on clerks, mes- for fiscal
bursed
years.
October 31 of sengers, etc.
by national
each year.
banks.

117
561
1,601
1,665
1, 673
1,685
1,694
1,731
1,886
2,061
2,129
2, 200
2,307
2, 343
2, 372
2, 400
2, 438
2, 495
2,581 I
2,808
3,070
3, 261
3,406
3,581
3,805

117
561
1,600
1,652
1,649
1, 643
1, 635
1,657
1, 801
1,965
2,012
2,063
2,132
2,136
2,139
2, 127
2,131
2,181
2,155
2,394
2, 620
2, 771
2,831
2,981
3,180

8
42
85
73
68
74
68
78
87
84
94
98
130
130
99
101
99
91
96
93
93
92
90
89
92

$1, 991.17
26, 792. 89
58, 374.16
86, 826.01
109, 6U0. 00
89, 335. 20
97,404. 20
86, 940.12
101,400.00
101,140.00
112, {-00.00
118.500.00
120,680.00
122, 605. 95
109,391.93
lOt, 820.00
103, 280.00
101,400.00
101,383.64
101,398.88
102, 397. 08
102.151.L1
101,674.47
96,494.67
97, 653.00

$14, 749. 28

12, 410. 80
33, 675.76
25, 457.22
22, 297. 28
22,219.97
22, 205. 20
16, 745.80
16, 641. 50
16. 792. 56
16, 567.48
16,756.43
13, 742. 99
15,047.97

Total.

$124, 349.28

133, ono. so
156,281.71
134, 849.15
127,117. 28
125,499. 97
123,(05.20
118, r. 9.44
118,040.38
119,189.64
118,718.49
118,430.90
110,237.66
112, 700.97

No words can add force to the testimony of these figures, and yet
they represent only imperfectly the annually growing disparity between
the work accomplished in the Bureau and the number and compensation of those upon whom the burdens and the responsibilities rest.
If the considerations here presented should be deemed insufficient to
justify more liberal appropriations, there is the further reason that
without more enlarged facilities the valuable information continually
accumulating will soon get beyond the present overtaxed capacity of
the Bureau, and its value will become lost.
INFORMATION.

Section 333 of theBevised Statutes of the United States, in prescribing the scope of the annual Eeport to be made by the Comptroller of
the Currency, imposes upon that officer the further duty of submitting to
Congress such other information in relation to the banks as in his judgment may be useful. The following information is accordingly submitted:




REPORT OF THE COMPTROLLER OF THE CURRENCY.

51

The following table gives the number of national banks organized in
each State and Territory during the year ending October 31,1887, with
their aggregate capital, bonds, and circulation:
States and Territories.

Number of
banks.

Maine
Massachusetts.
Connecticut ...

Circulation.

100, 000

90,000

4, 065, 000
825, 0i 0
2,135,000

27l

$25, 000
25,000
50, 000

400, 000

191,500
206, 250
373,800

172, 350
185, 625
336, 400

7,025,000 I

$22, 500
22,500
45,000

771, 550

694, 375

000
000
000
000

12,500
37, 500
50, 000
15, 000

11,250
33,750
45,000
13, 500

500, 000

115, 000

103, 500

50, 000
50, 000
400, 000
100, 000
1, 409, 000
300, 000
400, 000
150, 000
2,140, 000
1, 200, 000

12, 500
12, 500
100,000
25, 000
252, 500
75, 000
100, 000
37, 500
460, 000
187, 500

11, 250
11,250
90, 000
22, 500
227, 2.10
67, 500
90, 000
33, 750
414, 000
168,750

6,199, 000

1, 262, 500

1,136, 250

2,030, 000
100,000
1, 500, 000
8u0, 000
580, 000

382,500
25, 000
304, 500
102, 500
145, 000

344, 250
22, 500
274, 050
92, 250
130, 500

5, 010, 000

959, 500

863, 550

350, 000
1,450,000
3,100, 000
3, 392, 000
710, 000

87, 500
162, 500
212, 500
760, 500
177, 500

78, 750
146, 2oO
191,250
684, 450
159, 750

50,
1 50,
250,
50,

Division No. 3.
North Carolina .
South Carolina..
Georgia
Florida
Alabama
Mississippi
Louisiana
Arkansas.
Texas
Tennessee
Division No. 4 .
Ohio
Indiana
Illinois
Michigan .Wisconsin .
Division No. 5.
Iowa
Minnesota .
Missouri...
Kansas
Nebraska..

Bonds.

$100, 000
100, 0.00
200, 000

Division No. 1.
New York
New Jersey ...
Pennsylvania..
Division No. 2 .
Delaware
Maryland
Districtof Columbia.
West Virginia

Capital.

37

Division No. 6.
Colorado..
Arizona....
California..
Oregon

9,002,000 I

1,400, 500

1,260,450

350, 000
100,000
750, 000
310, 000

87, 500
25, 000
187, 500
77, 500

78,750
22, 500
168, 750
69, 750

Division No. 7
Dakota
Montana
Washington .
Wyoming

1, 510,000

377, 500

339, 750

500, 000
50, 000
250, 000
100, 000

125,000
12, 500
62,500
25, 000

112, 500
11,250
56, 250
22, 500

Division No. I
Grand total..




900, 000
225

225, 000

30, 546, 000

5, 211, 550

202,500
4, 690, 375

52

REPORT OF TILE COMPTROLLER OF THE CURRENCY.

Eight national banks, with an aggregate capital of $1,550,000, failed
and were placed in the hands of receivers during the year, as is shown
in the following tabulated statement, to which is appended an account
of the chief cause of failure in each case :
STATEMENT OF BANKS FAILED DURING THE YEAR, THEIR CAPITAL, SURPLUS, AND
LIABILITIES ACCORDING TO LAST REPORT OF CONDITION.

Name and location of bank.

First National Bank, Pine
Bluff, Ark
Palatka National Bank, Palatka, Fla
Fidelity National Bank, Cincinnati, Ohio
Henrietta National Bank,
Henrietta, Tex
National I5ank of Sumter,
S.C
First National Bank, Dansville,N.Yt
•
First National Bank, Cony,
Pat
Stafford National Bank, Stafford Springs, Connt
Total.

Date of
authority to Date of Receiver
apcommence failure. pointed.
business.

1886.
1886.
Sept. 3 8,1882 Nov. 15 Nov. 20
1887.
1887.
Nov. 20, 1884 May 30 June 3

As shown at date of last report of
condition in each case.

Capital.

$50, 000
50, 000

Feb. 27, 1886 J u n e 20 June 27 1, COO, 000

Date of
Surplus
last
and un- Other lia- report of
divided bilities.* condiprofits.
tion.
1886.
Oct. 7
1887.
14, 051 May 13

$22, 864 $184,697
1,882

129, 283 5, 867, 064 May 13

J u l y 25 Aug. 17

50, 000

12, 328

99, 598 May 13

Nov. 26, 1883 Aug. 22 Aug. 24

50, 000

10, 774

112, 763 Aug. 1

Aug.

Aug. 25 Sept. 8

50, 000

23, 863

87, 852

Aug. 1

Dec. 6, 1864 Sept. 16 Oct. 11

100, 000

10, 314

172, 857

Aug. 1

7, 1865 Oct. 12 Oct. 17

200, 000

25, 048

293, 476 Aag. 1

Sept. 4,

Jan.

-l,550,0CO

236, 356 6, 832, 358

* Total, as per report, except capital, surplus, circulation, undivided profits, and unpaid dividends,
t Extended.

The First National Bank of Pine Bluff, Ark., failed because of the
failure of its president, who was engaged in buying and shipping cotton
on a scale too extensive for his means. To handle this business he made
use of the bank, and at the date of failure he was maker or indorser of
more than two-thirds of its bills receivable, the only security for which
consisted of mortgages on land, crops, and plantation chattels. He had
also undertaken a railroad enterprise which he was unable to carry
through, and the bank had a great deal of money locked up in the stock
and bonds of the railroad company. A large amount of bills receivable
having been rediscounted, and the president being unable, through lack
of railroad transportation, to make prompt shipments of cotton to meet
their maturities, the bank suspended. No run was made by the depositors. A dividend of 25 per cent, was paid to the creditors of the bank,
about five months after date of failure, on claims aggregating $64,956.08.
The Palatka National Bank, of Palatka, Fla., suffered an impairment of capital through losses attributable mainly to the gradual withdrawal of deposits by customers who were moving out of the locality,
general stagnation of business, and a marked decline in the enterprises
of the town. The directors made an abortive effort to place the bank
in voluntary liquidation, but the requisite stockholders' vote could not
be obtained. In less than sixty days after appointment of the receiver
the creditors were paid principal and interest in full on claims aggregating $0,379.69, and the remaining assets of the bank have been turned
over to an agent of the stockholders, under the provisions of the act
approved June.30, 1876,




ftEPOKT <W THE COMPTfiOLLER OF THE CURRENCY.

53

The Fidelity National Bank of Cincinnati, Ohio, was reduced to insolvency through the reckless management of its board of directors,
who suffered certain of their number to divert its funds and to prostitute its credit in support of a speculation in wheat in Chicago during
the months of March, April, May, and June of this year. In the
progress of this nefarious enterprise many provisions of the national
banking laws were violated, and the public was deceived by false statements as to the capital, surplus, and business of the association. While
entertaining grave apprehensions as to the management of this bank,
the Comptroller had no evidence, either from its reports of condition or
from an examination made in March, to justify any measure on his part
likely to discredit it, or to embarrass its directors in the conduct of its
affairs.
On June 20 the Comptroller received notice of the protest in New
York of $200,000 of its drafts, and immediately notified the examiner,
who had been waiting in Cincinnati and the vicinity for several weeks to
act upon any information which should justify a re-examination. He
entered the bank immediately, and finding it insolvent took possession
under instructions. The doors were not opened on the morning of the
21st, and on June 27 a receiver was appointed and took charge of its
affairs. Upon obtaining evidence sufficient for the purpose, the Comptroller caused proceedings to be taken under section 5239, Eevised
Statutes, to dissolve the corporation and to have its franchises declared
forfeited. A decree to this effect was made July 12 in the United
States circuit court for the southern district of Ohio. No appeal was
taken. Upon the basis thus prepared suit has been brought by the
receiver against every director implicated in the violations of law,
and such damages as the courts will grant, and the personal means of
the directors can be made to supply, will be collected and applied to
the relief of those who have suffered loss or damage. A dividend was
declared on October 31 of 25 per cent, on all claims proved and allowed,
amounting to $2,386,569.20.
A very large number of accounts with corresponding banks are still
unadjusted, and claims are in dispute aggregating about $1,000,000
of which it is feared the larger part can be settled only by litigation.
Both the examiner and the receiver were early instructed to supply to
the United States district attorney for the southern district of Ohio all
evidence they could find indicating criminal misconduct on the part of
any of the directors or officers of the bank, and arrests were promptly
made upon the evidence furnished by them. The Attorney-General
joined with the Comptroller in the employment of special means for detecting the persons implicated in the misappropriation of the bank's
funds, and the Solicitor of the Treasury, the district attorney, the
Chief of the Secret Service Division of the Treasury, and the officers
detailed for the work entered heartily and efficiently into all measures
for discovering and establishing their guilt. Indictments have been
found against several persons, and their trials will shortly take place.
It is to be hoped that this conspicuous instance of fraudulent conduct
and lax administration may furnish occasion for establishing a just degree of responsibility on the part of directors.
The Henrietta National Bank of Henrietta, Tex., became involved
in the cattle business of its president and four other directors, who constitute a majority of the board, and own more than half the capital stock
of the bank. In the names of their several firms these five directors had
each borrowed from the bank amounts largely in excess of the limit prescribed by law, and their aggregate indebtedness exceeded the entire




54

REPORT OF THE COMPTROLLER OF THE CURRENCY.

capital stock. The drought in Texas last summer caused heavy losses
in the cattle trade, and as soon as the firms referred to became embarrassed their property was attached, and this precipitated the failure of
the bank. While the management is to be condemned, it must be said
that the principal debtors of the bank had been men of large means, and
that its other assets were fairly sound. Within sixty days of its suspension a dividend of 50 per cent, was paid to the creditors on claims
aggregating $64,784.31.
The National Bank of Sumter, S. C, closed its doors on August 20.
Two days before the cashier hadabsconded, carrying with him aconsiderable amount of money belonging to the bank. This person performed
the duties of cashier, teller, and book-keeper, and was thus in a position to conceal his embezzlements until they exceeded in amount the
capital stock of the bank. The president seems to have been often
absent and habitually negligent, and although a committee was appointed quarterly by the board of directors to examine the affairs of
the bank, the members of it must have been incompetent or neglectful
of the trust thus confided to them. No evidence has been as yet obtained sufficient to justify proceedings under section 5239, United
States Kevised Statutes, and in presence of the decision in the case of
Movius, receiver, v. Directors of the First National Bank of Buffalo,
the Comptroller has not felt justified in subjecting this impoverished
trust to the expenses of a suit against the directors at common law.
The assets are estimated to be good, and a dividend of 75 per cent, will
probably be paid before the end of this year.
The First National Bank of Dansville, N. Y., was wrecked by its
president, who telegraphed to the Comptroller August 26 that the
bank had closed its doors, and immediately absconded to Canada.
When the national-bank examiner took possession of the bank the most
important books and papers were missing, and those which remained
contained little that was true. Nothing but a judicial investigation
will unravel the tangle of falsehood and chicanery by which the public
has been deceived and robbed, and a once honored family disgraced.
The stock of the bank belonged almost wholly to a single family, and
all its losses are chargeable to the operations of the president and one
of his brothers. Evidence sufficient to justify a criminal investigation
has been laid before the district attorney of the United States for the
western district of New York, by whom proceedings have been commenced against the only parties within the jurisdiction of the court.
The First National Bank of Corry, Pa., was crippled by mismanagement several years ago. Its stockholders have had no dividends since
1881. In 1883 a change was made in the officers and directors, but the
new men proved unequal to the exigency. It appears that the president lived several miles away from Corry, and that the cashier was
negligent, and a poor business man, while the directors were weak or
inattentive. In consequence of general neglect the bank went from
bad to worse, and the cashier is particularly censured for not fully informing the directors of the true condition of a large amount of paper
which was thus allowed to become entirely worthless. Added to the
effects of weak management there was a constant shrinkage in the
value of the old assets, and recently adverse decisious were rendered
in important litigation, and the losses on current business proved to be
large.
The bank suspended on September 16, and upon examination it appeared that about 80 per cent, of the capital was lost. Ample time was
allowed the stockholders to make this good, in accordance with section




REPORT OF THE COMPTROLLER OF THE CURRENCY.
«

55

5205 United States Eevised States, but their efforts proving unsuccessful, a receiver was appointed, who qualified and took possession
on October 11. The assets as at present estimated should pay the
creditors in full, but no dividend has yet been declared owing to slow
collections.
The Stafford ^rational Bank of Stafford Springs, Conn., lost upward
of $100,000 by its cashier, who is now under arrest, charged with embezzlement and misappropriation of the funds of the bank. It appears
that he was intrusted with the entire management of the bank's affairs, and was successful in deceiving the president and directors by
means of fictitious notes and cash items, and the manipulation of the
accounts of correspondent banks. His operations extended over a
considerable period of time, and involve very large amounts of money
lent to a lumber company, of which he was treasurer. The true condition of this bank was ascertained by a special examination ordered in
September, out of the regular term, and the arrest of the cashier was
the first notice the public had of the bank's being in trouble. The loss
to the bank is nearly equal to the amount of its capital, but it is expected that enough will be realized from the assets to nearly or quite
pay the creditors in full.
Tables will be found in the Appendix, pp, 200-212, showing the
amount of capita], nominal assets, amounts collected, claims proved,
and dividends paid, according to the facts in each of these cases, and
other statistical information in relation to all insolvent national banks.
A table, Appendix, p. 212, has been prepared with great care and
minute accuracy, showing every item of public interest connected with
each bank that has been placed in the hands of a receiver since January 1,1877. It was desired to embrace in this table similar information
as*to all failed national banks, but it appears that prior to 1877 the various items in the reports of receivers were not always classified, as they
have been since that date, and their uniform classification involved so
much labor that it could not be completed in time for this Report. In
some of the earliest cases the information on file seems to be very
meager.
THE ORGANIZATION OF NATIONAL BANKS.

As the laws now stand a national banking association may be formed
by any number (not less than five) of natural persons, and any banking corporation having a State or Territorial charter may be converted
into a national banking association. Every person applying for information as to the formation of a national bank, or the conversion of a
State bank, is supplied with a copy of the national bank laws and a book
of instructions as to the practical steps to be taken in effecting either of
these purposes. He is also requested to cause a formal notice to be filed,
setting forth the name of the place at which the bank is to be located,
the title selected, and the names of at least five among those who intend
to subscribe for the capital stock. After notice has been filed the person
or persons acting in the matter are furnished with blank forms to be
used in effecting an organization, and the title which they have selected,
if it is approved, is reserved for them for a reasonable period. The forms
sent include articles of association, organization certificate, certificate
upon which officers and directors are to set forth the facts which it is
necessary for the Comptroller to know before authorizing the bank to
begin business, oaths of directors, and a blank order for circulating
notes. As soon as these papers are returned, duly executed, and all the




56

REPORT OF THE COMPTROLLER OF TJIE CURRENCY.

requirements of the law have been complied with by the corporators, the
Comptroller's certificate to that effect is issued. The requirements of
law for the formation of new banks are simple and reasonable, the only
one appearing onerous being that which requires the bank to deposit in
the Treasury certain amounts of United States registered bonds bearing
interest.
Under the act of February 25,1863, national banking associations were
required to deposit with the Treasurer United States bonds to the amount
of one-third their paid-in capital. In 18G4 this provision was amended
by fixing $30,000 as the minimum amount of bonds for any bank.
The act of June 20, 1874, permitted associations to withdraw any
bonds they might have on deposit in excess of $50,000. Obviously this
affected only banks of which the capital exceeded $150,000.
The act of July 12, 1882, specified that banks of which the capital
does not exceed $150,000 should be required to keep on deposit bonds
to the amount of one-fourth of their capital.
By a special provision of law banks and banking corporations having State charters may be converted into national banks upon satisfying the Comptroller of the Currency that they are in sound financial
condition, and upon complying with such of the general requirements
of the law as are applicable to them.

CONVERTED AND* ORIGINAL BANKS.

It will be seen from the foregoing statement that banks that enter
the national system are of two classes, viz, institutions already organized under State laws, converted to national banks under section. 5154,
Revised Statutes of the United States, and national banking associations primarily organized as such under various acts of Congress:
The following tables show the history of these two classes:




WHOLE NUMBER OF STATE BANKS CONVERTED TO NATIONAL BANKING ASSOCIATIONS, THEIR CAPITAL AT DATE OF CONVERSION, PRESENT
CAPITAL AND SURPLUS ; SPECIFYING SUCH AS HAVE SINCE GONE INTO 'VOLUNTARY LIQUIDATION, AND SUCH AS HAVE BECOME INSOLVENT.
Existing.
Tears.

Whole
number
converted.
12
150
284
6
1
3

186T
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886*
18871

1
5
5
4
11
7
9
5
7
10
6
11
13
16
1
5
10

Number
in
existence.

12" $6,110,000
145 66, 589, 500
223 59,176, 000
3
860, 300




586

Present
capital.

Surplus.

$9, 710, 000
72, 580, 200
58, 904, 000
3,100, 000

$2, 564, 300
26. 940, 700
27, 501, S O
O
92, 000

250, 000

10, 000

1, 500, 000
1, 225, 000
830, 000
005. 000
2, 560, 000
860.000
141,000
980, 000
709, 000
1,435,000
1,340,000
2,213,100
1,790,300
1,000,000
50, (100
850, 000
2,400,000
1, 350, 000

259, 000
150, 000
195, 000
155,000
479,100
197, 500
26, 500
320, 000
198, 000
447, 500
311,500
468, 300
311,600
136, 100
25, 000
152, 700
179,000
144,100

498 152,423, 800 ilt>6. 442. 600

61, 273, £00

1

250,000

1
2
3
4
9
5
2
3
7
10
6
11
13
12
1

1, 000, 000
1, 378, 000
1,110, 000
855, 000
2, 244, 000
850,000 '
161,000
680, 000
710, 000
1,285,000
1,147,000
1, 445,700
1,190,300
980, 000
50,000
850, 000
2,152, 000
1, 350, 000

f,

9
11

Total

Capital at
date of
conversion.

Insolvent.

Voluntary liquidation.
Number.

2
47
2
1
2

Capital at Capital at Surplus at
Capital at Capital at
date of
date of
date of Num- date of
date of
conversion. liquidation. liquidation. ber. conversion.
failure.

$200,
11, 715,
275,
50,
200,

000
200
000
000
000

$250, 000
10,101, 200
250, 000
100, 000
200, 000

$38, G O
O
1, 772, 000
52, 200
11,100
29, 700

3
2

278, (00
150, 000

300 000
150,000

35, 000
13, 500

2
2

250, 000
200,000

250, 000
130,000

15, 500
12, 000

1

50, COO

50, 000

4,500

$117,000
4,401,100
3. 410, 300

3
14
1

$367, 000
4,371,100
2, 500, 000

130, 000

130, 000

1

1

o
1
t-

re
4

2«JO, 000

1

50, OCO

69

13,668,210

2:0, ouo
50,000 i
12, 081, 200

11,200
500
1, 996,100

tJTrora November 1, 1886, to November 1, 1887.
*To November 1.
Percentage of capital of national banks, organized as such, that went into voluntary liquidation..
Percentage of capital of national banks, organized as sucb, that went into insolvency
Percentage of capital of national banks, organized as such, that are in existence

14. 3
3.3
82. 4

Percentage of capital of converted banks that went into voluntary liquidation
Percentage of capital of converted banks that went into insolvency
Percentage of capital of converted banks that are still in existence

18. 8
9

8, 358, 400

7, 368,100

6. 5
3. 9
89. 6

Percentage of increase of capital of national banks, organized as such
Percentage of increase of capital of converted banks

19

w
re
a

en

WHOLE NUMBER OF NATIONAL BANKS OF PRIMARY ORGANIZATION UNDER THE NATIONAL-BANK LAWS, CAPITAL AT DATE OF ORGANIZATION, AND
PRESENT CAPITAL AND SURPLUS, SPECIFYING SUCH AS HAVE SINCE GONE INTO VOLUNTARY LIQUIDATION AND SUCH AS HAVE BECOME INSOLVENT.
Years.

Whole
number
organized.
474
101
603
33
9
10
8
62
148
156
53
72
94
27
26
23
30
47
97
230
236
179
142
142
214

296
69
440
7
23
8
4
40
109
97
38
46
79
23
21
18
25
43
87
212
214
171
139
140
214

3, 219

2,563

1863.
1864..
1865.
I860..
1867..
1868..
1869..
1870..
1871..
1872..
1873..
1874..
1875..
1876..
1877..
1878..
1879..
1880..
1881..
1882..
1883..
1884..
1885..
1886*.
1887 K
Total .

Voluntary liquidation.

Existing.
Capital at
Present
date of
Number.
capital.
organization.
$58, 854, 800
$40, 588, 900
15, 370,100
11,848,100
111,U14,7OO
107, 777,400
4,385,000
2,730,000
1,800, 000
850, OliO
1,150, 000
710, 000
650, 000
85D, 000
5,160, 500
4, 298, 000
14,478,900
11,668,000
9, 074, 700 12,471,100
4, 463,000
4,655, 000
3, 726, 500
4, 345, 000
10,012, 000
11,044,000
2,020, 800
2, 377, 800
1, 864, 000
2, 564, 000
1,870,000
1, 625, 000
2, 550, 000
3,105, 000
6,147, 100
5, 222,100
10,181,000
8, 335, 000
H5, 039,000
28,318,000
28,403,000
22, 982, 000
17, 269, 000
20,0c6, 100
13, 593, tOO
14, 203, 000
15, 453, 000
16,215,000
29,196, 000
29, 096,000
347,216, SCO

Number.

Suiplus.

Capital a t
date of
organization.

147
31
144
8
2
2
2
20
34
48
13
22
14
4
3
5
4
3
9
14
16
7
3
1

$14,984,200
4, 310, 000
19, 592,300
800, f;00
150, 000
200, 000
260, 000
2,401,000
3,040,000
4, 255, 000
925,000
1, 350, 000
1, 000. 000
250, 000
150,000
250,000
200,000
250, 000
1, 720. 000
1, 380, 000
2,135,000
450,000
.200,000
100,000

$25, 923,400
6, 682,800
35, 540,900
2,384,900
746, C O
O
311, 500
200,000
1, 558, 900
4, 9hl, 800
3, 868,800
1,178,100
1,338,800
2,697,800
679,300
1,141, 700
600, 000
631,800
1,385,100
2, 522,200
8, 529,100
3, 770, 300
3, 101, C O
O
1, 589, 800
093,700 I
521,400 !

412,474,15 0 j 112,639,700 |

556 |

00,352,500 |

Capital at
date of
liquidation.
$25,424,600
6,166, 000
18, 490, 000
775, 300
150,000
200,000
310,000
2, 880,000
3, 000,000
3, 843, 100
1,125, tOO
1, 320, 000
1,010,000
250, 000
150,000
250, 000
200, C O
O
250, 000
1,770,000
3,380,000
2, 135, 000
450, 000
200,OC'O
10J, 000
71,829,000 |

Surplus .'tt
date of
liquidation.
$7, 839, 300
1, 558, 900
4,913,500
176, 200
14,300
7, 50)
48, 500
375, 300
656,000
585,100
116, 700
86, 900
75, 800
11,400
21,000
21,400
13,200
32,400
80, COO
76, 200
53, 700
3, 000
5, &00

Number.

Capital a t
date of
organization

31
4
19
2

$3, 460, 000
450, 000
2, 475, 000
100, COO

$5,119,500
500, 000
3, 560, 000
150,000

350,000
300, 000
1,000,000
1, 450, 000
370, 000
350, 000
50,000

350,000
350, C O
O
1,300,000
1, 485, 000
350, 000
350,000
50,000

GO, f 00
50,000
50,€00
225, 000
350, 000
50,000

Number.

Total




58G
3,219

69
556

3,805

625

P e r cent. | Number.
12 |
19
17 j
100

50, COO I
50, 000
225, 000
550,000
50, 000
J, 000, C O
O

1,000,000

12,640,000 ;

1O,3GO, ?00

16 |

119

Percent.
3

88
656

498
2, 563

'85
80

3

744

3,061

80

ft

o
c

. 1,011,300

co,oo;> |

100 j

c
C

200,000 I

coo
16,772, SCO |

Capital a t
date
of failure.

f From November 1,1886, to November 1,1887.
* To November 1.
SUMMARY OF NATIONAL BANKS ORGANIZED ANTD DISSOLVED SINCE FEBRUARY 25, 1863, AND THE NUMBER EXISTING- NOVEMBER 1, 1887.
Now existing.
Dissolved.
1
Num- Inliquidati on, volun!
Remarks.
Banks organized.
Total
Failed.
ber. t a r y or by e xpiiation.
Nnm- Per
num bcr
ber. J cent.
...
dissolved.
Converted from State system.
Other banks '.

oc

Insolvent.

Of 625 b a n k s which have gone into voluntary liquidation, 471 took
t h a t step for t h e purpose of winding up their affairs, 79 for the
purpose of reorganization, and 75 went into liquidation by reason
of expiration of charter, 38 of them having since been reorganized.

6

^
J

W

Sjj

59

KKPORT OF THE COMPTROLLER OF THE CURREXCV,

EXTENSION OF THE CORPORATE EXISTENCE OF NATIONAL BAJNKS.

The act of July 12,1882, contains the only provision made for the
extension of the corporate existence of national banks, and 1,234 associations have availed themselves of this privilege. Annexed is a table
brought down to October 31,1887, showing the capital of these extended
banks and their geographical distribution.
TABLE SHOWING, BY STATES, THE NUMBER AND CAPITAL OF NATIONAL BANKS, THE
CORPORATE EXISTENCE OF WHICH WAS EXTENDED PRIOR TO NOVEMBER 1, 1887.
States and Territories.
Alabama
Arkansas
Colorado
Connecticut
Delaware
District of Columbia
Georgia
Illinois
Indiana
Iowa
Idaho
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Missouri

No. of
banks.

Capital.

States and Territories.

No. of
banks.

Montana
Nebraska
New Hampshire
New Jersey
New York
North Carolina
South Carolina
Ohio
Oregon
Pennsylvania
Rhode Island
Tennessee
Texas
Vermont
Virginia
West Virginia. Wisconsin

$350, 000
250, 000
4 GO, 000
22, 450, 820
1, 503,185
500, 000
1,450,0 0
C, 240, 000
4,157,000
2, G95, 000
1
100, 000
300, 000
3
3,150,000
11
2
1, 300, 000
53
8, G30, 000
29 12, 069, 000
199 85,712,500
1, 575,000
19
C 2,100,000
3,150,000
8

Capital.

1
3
35
48
222

29
10
11
19

$500,000
750, 000
4, 605, 000
9, 783, 350
72, 672,4G0
650,COO
750, 000
14, 854, 0U0
2H0, 000
44,479, 390
19,959,800
1, 750,000
625, 000
5. 256, 000
2, 01G, 000
1, 341, 0U0
1, 685, 000

1,234

340, 069, 505

82
1
1G5
59
G
4

Total.

The following table accounts for all banks organized, and shows how
many of these have been extended, and how many are still in operation
under the original organization certificates :
TOTAL NUMBER OF BANKS ORGANIZED UNDER THE NATIONAL CURRENCY ACT OF
FEBRUARY 25, 18G3, AND THE NATIONAL-BANK ACT OF JUNE 3, 1864, THE NUMBER EXTENDED UNDER THE ACT OF JULY 12, 1882, AND STILL IN OPERATION
UNDER THEIR ORIGINAL CERTIFICATES OF ORGANIZATION, AND THE TOTAL NUMBER IN OPERATION OCTOBER 31, 1887.
A c t J u n e 3,1864.
Act F e b r u a r y
25.1803.

Total.
Before 1882.

Originally organized
Out of existence July 12,1882

488
146

2,278
347

Tn operation July 12 1882
Organized since July 12 1882
Since passed into voluntary liquidation to
wind up affairs
Sinco in voluntary liquidation by expiration of comoratft existence
Placed in hands of receivers

342

Since 1S82.

1,931

2, 273
1, OS9

7

97

°0
1

55
20

37

141

9

30

28
314

Kxtondcd under act July 12 1882
To reach the term of corporate existence. -.
Passed into voluntary liquidation since extension
a*... . . . . . . . . . . . . . .
Placed in hands of receivers since extension
Still in operation under original organization certificate
-- -•
Restored to solvency and resumed business.
Total number in operation October
31,1887




172
920
849

1,234

308

1,759
1

2,067

308

1,760

46

:{

3

C

993

3, 001

60

REPORT OF THE COMPTROLLER OF THE CURRENCY.

The figures in the table as to the number of banks organized under
these two acts, respectively, conform to the records of the office, but are
not in conformity with the Comptroller's reports of previous years.
1
The discrepancy is attributable to the fact that certain banks originally organized under the act of 1863 afterward went into voluntary
liquidation and were reorganized under the act of 1864. In the records
of the office they stand among the banks organized under the latter
act, while in thereports they have been included with banks organized
under the act of 1863. It is perhaps a matter of but little consequence,
but upon principle it seems best that the report should reflect accurately
the records as they are.
From the foregoing table it will be found that all of the banks organized under the national currency act of 1863 have either ceased to exist
or have had their corporate existence extended, while of those organized prior to July 12, 1882, under the national-bank act of 1864, 1,760
are still in operation under their original certificates of organization.
The following table shows how many of these 849 banks will reach
the expiration of their corporate existence during each year from 1888
to 1901, inclusive, with their capital and circulation:
Years.

No. of
banks.
10
3
61
97
100
38
63
76

1888
1889
1890
1891
1892
1893
1894
1895

Capital.

Circulation.

1

Tears.

$321* 750 1896
184, 500 1897
364, 000 1898
4, 0-10,685 1899
4, 562,760 1900
1,982,925 1901
2,812, 720
4,431 610
Total

$1, 250,000
600, 000
9, 560, 500
12,358,900
13.815,100
4, 701,000
7, 628, 000
11,259,000

No. of
banks.

Capital.

Circulation.

23
24
25
39
50
108

$2,173,800
3,419,000
2, 679,000
4, 995,000
7, 807,100
14,669,150

$986, 650
1,171,295
1,198,350
2,270,700
2,153,330
3, 702, 350

717

96,915, 550

30,183, 625

The number, capital, and circulation of the national banks of which
the periods of succession terminated between October 31, 1886, and October 31, 1887, are shown by the following table, which also indicates
the number of which the corporate existence has been extended:
Date.

188C.
1887.
May
Total

No. of
banksthat
have expired.

Capital.

Circulation.

No. of
banks that
have extended.

Capital.

Circulation.

1

$150,000

$135, 000

1

$150, 000

$135, 000

3
1

700,000
100,000

162, 000
• 90,000

3 ,
1

700 000
100,000

162,000
90, C O
O

5

950, 000

387,000

5

950, 000

387,000

The corporate existence of one national bank, with a capital of
$250,000, will expire in November of this year, and the corporate existence of ten national banks, with an aggregate capital of $1,250,000^
will expire during the year 1888.




REPORT OF THE COMPTROLLER OP THE CURRENCY.

61

NATIONAL BANKS OF WHICH THE CORPORATE EXISTENCE WILL EXPIRE DURING THE
YEAR 1888, WITH THE DATE OF THE EXPIRATION, THE AMOUNT OF CAPITAL STOCK
OF EACH BANK, THE UNITED STATES BONDS ON DEPOSIT WITH THE TREASURER,
AND THE AMOUNT OF CIRCULATION ISSUED THEREON.

Charter
number.

1676
1677
1G78
1680
1683
1682
1685
1688
1690
1686

Title of bank.

The First National Bank of Honey brook
The Greene County National Bank of Springfield
The Union Stock-Yard National Bank of Chicago (Lake)
The Carolina National Bank of Columbia
The First National Bank of Mankato
The State National Bank of Raleigh
The First National Bank of Sharon
The First National Bank of Hillsborough
The First National Bank of Austin
The First National Bank of Faribault

Expiration of
United
State. corporate Capital States Circulastock. bonds. tion.
existence.
Pa...

1888.
Jan. 1 $100, 000 $68, 000 $61, 200

Mo ..
111...
S.C...
Minn .
N.C
Pa...
N. H..
Minn.
Minn

Jan. 8 100, 000 25, 000

22, 500

Feb. 29
Mar. 14
May 20
June 2
Aug. 31
Sept. 2
Oct. 27
Nov. 21

45, 000
22, 500
18, 000
22, 500
28, 800
45, 000
11, 250
45,000

500, 000
100, 000
75, 000
100, 000
125, 000
50, 000
50, 000
50, 000

50, 000
25, 000
20. 000
25, 000
32, 000
50,000
12, 500
50, 000

SHAREHOLDERS IN BANKS.

In the report of last year tables were given by which a comparison
could be made between the distribution of the shares of national banks
in 1886 and the distribution as shown by tables reproduced from the
Comptroller's Eeport of 1876.
The tables subjoined hereto afford a comparison between the distribution of national-bank stock and that of the stock of State banks and
loan and trust companies, so far as the latter can be ascertained,




62

REPORT OF THE COMPTROLLER OF THE CURRENCY.

DISTRIBUTION, BY STATES, ETC., NUMBER, AND PAR VALUE AT $100 EACH, OF SHARES

Number of shares
held by—

State, etc.

No. of
banks.

Maine
New Hampshire .
Vermont
Massachusetts ...
Boston
Bhode Island
Connecticut

72
49
49
198
54
Gl

Division No. 3

Division No. £
Towa
Minnesota
Missouri
Saint Louis ..
Kansas City..
Saint Joseph .
Kansas
Nebraska
Omaha
Division No. C.




98. 984
57,101

5,116
4,949
7,734
411, 750 35,155
475, 571 33, 929
191, 204 12,136
224, 368 22, 325

82, 702 2,237
51, 843
258
72,181
51
373, 782 4,833
264,326 19 600
172, 519 4,458
183, 325 7/026

19,161
5 9,934
102 2, 826
661 67, 618
231 225, 275
1,052 25, 366
363 55, 466

11
68
5
513

2,414 405, 646

607

67, 4L>6

333, 320
326,061 162, 43!)
16, 585
915
119, 535 10, 748
319, 874 19, 529
218, 670
7,910
99, 060
2,740

346,126
457, 853
17,008
129, 116
337, 461
223, 760
100,192

391
3,067
39
514
541
528
223

780~
190 27, 087
363
593
1,158
2, 272
1,385

704 1, 433,105 218, 258 1, 611, 611 5,303

295 33, 638

269
46
6
80
237
43
23

!
!
j
!

17,426
26, 724
112, 080
11, 766
2,040
30,139
15,903

i

20,435
26, 526
103, 365
15, 364
2,435
36, 329
17,891

145
342
6,359
13
66
498

216,078

24, 905

222, 345

7, 432 1,102

2,510
1,227
10, 235
890
3, 671
2, 285
135
8,475
18,329
1,276
4,169
4,050
7,101

24,232
17, 233
27, 213
5,000
34,820
0,175
4, 953
28, 220
97,292
9,000
96,971
35,099
73,930

404,066 64,353

117

3,414~
943
5,053
3,984
480
7,824
3, 207

21,750
16,253
10,125
4,110
31,269
6,965
4, 8H5
20, 775
79,271
7,724
93,420
31,465
67,074

;
!

North Carolina. .
South Carolina..
Georgia
Florida
Alabama
Mississippi
Louisiana
New Orleans
Texas
Arkansas
Kentucky
Louisville . . .
Tennessee

Division No. 4..
Ohio
Cincinnati ..
Cleveland ..
Indiana
Illinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee.

Savings
Religbanks,
ious,
Noncharita- Munic- loan
All
and
State
State Natural ble, and ipal
trust other
residents. resi- persons. educa- corpo- and in- corpodents.
tional rations. surance rations.
institucomtions.
panies.

1, 526,464 121, 344 1, 200, 678 38,463

Division No. 1.
Now York
New York City .
Albany
New Jersey
Pennsylvania
Philadelphia ....
Pittsburgh
Division No. 2
Delaware
Maryland
Baltimore
Washington
District of Columbia
Virginia
West Virginia

Same, in detail, held by—

463,138

839 I 183

4,160

224, 958
99, 646
66, 631
118,281
\41,209
149, 950
106, 826
39, 000
44,325
6,500

128
40
275
54
61

568

6,108

647 I 920,159

83,937

997,326

82, 582
96,582
23,590
24,385
16, 770
2,322
66, 036
48,737
16, 573

19,218
38, 818
1,720
5,615
21, 230
678
24, 255
11,168
7,427

101,379
132,152
25,270
29, 772
35, 558
3, 000
89,462
59,838
24, 000

377,577 130,129

500,431

123
94
8
457

516

15

190
15
9
92
160
18
99
8
53

127
57
35

*218"

854
4,314

10

293

229
2:'8
61

31
571
7,293
373

19
65
500

1,071
410

300

9,749

~355

55

68
2,113
20

"I

414 !
160
85

252

100
75
31
1,018
203
177
194
ICO
99

94
110
245
550
20

94

421
2,900
40
184
2,417
829
67

321

6,858

96

REPORT OF THE COMPTROLLER OF THE CURRENCY.

63

OF STOCK OF NATIONAL BANKS ON THE FIRST MONDAY OF JULY, 1887.
Total
shares
issued.

Number
reduced
to p a r

Number of shareholders owning specific
amounts.

Number of shareholders.

Natural Corpo- Resident.
persona. rations.

Nonresi-

Total.

$100 each.

Owning
Over
Over
shares to
tho par $1,000 and $5,000 and Over
value of
less t h a n less than $30,000.
$1,000 and $5,000.
$30,000.
less.

104,100
62, 050
75,160
446, 905
509, 500
203, 400
246,693

6.965
3,896
3,905
31,120
17, 236
12, 482
13,454

539
145
44
794
3, 2:55
457
910

6,985
3,573
3,544
28, 9G5
18, 203
11, 631
12, 831

519
468
405
2,949
2, 268
1,308
1, 533

7,504
4, 041
3, 949
31,914
20,471
12, 939
14,3U4

5,335
2, 858
2, 506
22, 931
11, 309
7, 888
9,796

1,790
970
1,140
7,469
6,459
4,295
3,696

367
199
284
1, 450
2,578
726
795

12
14
19
64
125
30
77

1, 647, 808

89, 058

6,124

85, 7.^2

9,450

95,182

62, 623

25, 819

6,399

341

347, 297
48rf, 500
17, 5i)0
130, 283
339, 403
226, 580
101,800

15,156
H,629
611
9, 0r)4
22, 964
10,9:6
3,992

43
442
7
47
83
93
37

14, 253
8,516
576
8, 309
22,102
10,438
3,972

946
6, 555
42
792
945
631
57

15,199
15,071
6,8
9,10L
23,047
11,009
4, 0_9

8,099
7,012
290
5,926
14, 695
6,503
2,085

5, 498
5,439
226
2,675
7,047
3,476
1,431

1,528
2,445
96
488
1,243
1,047
483

74
175
6
12
62
43
30

1,651,363

77, 382

752

68,166

9,968

78,134

44, 610

25, 792

7,330

20, 840
27, 6fi7
117,133
15, 750
2, 520
37, 903
19, 110

1, 682
1,963
5, 237
608
151
1,561
929

21
27
186
7
4
15
6

1, 347
1, 924
5,114
525
39
1, 326
778

356
66
309
90
116
250
157

1, 703
1, 990
5,423
615
15«>
1,576
935

1,186
1,299
3,005'
339
77
980
506

440
593
1,913
208
69
387
340

76
96
480
67
9
201
83

240, 983

12,131

266

1>, 053

1,344

12, 397

7,392

3,950

1,012

43

24, 260
17,480
29, 360
5 000
34, 940
9, 250
5, 000
29, 250
97, 600
9, 000
97, 589
35, 515
74,175

895
1,034
876
123
809
299
99
841
1,974
238
3,807
1,147
2, 320

3
25
22

133
51
179
22
114
67
4
177
411
40
151
84
205

898
1, 059
898
123
871
302
103
846
1,984
238
3,848
1,157
2, 327

401
721
4S9
64
383
151
47
341
#!8
106
1,913
539
1,024

292
271
231
34
285
90
25
293
576
84
1,401
432
855

104
63
166
24
189
59
28
197
520
46
516
178
426

41
4
12

22
23
24

14
2
3
15
ZO
2
18
8
22

2fi
27
28
29

41
10
7

765
1,008
719
101
757
235
99
669
1,573
198
3, 697
1, 073
2,122

468,419

14, 522

132

13, 016

1,638

14, 654

7,077

4,869

2,516

192

225, 940
104, 000
67, 000
11H,445
14., 515
150,500
106, 846
39, 000
44, 350
6,500

8,144
1, 538
839
2,304
4, 102
1, 545
3,218
597
1,201
145

31
50
'>
5
8
4
1

7,708
1, 407
764
2, 062
3, 846
1, 344
2, £99
554
1,055
39

467
121
77
247
324
205
320
43
148
106

8,175
1. 5S8
841
2, 309
4,170
1, 549
3,219
597
1,203
145

4, 302
421
163
782
2,097
351
1, 450
139
555
68

2,614
5_9
274
823
1, 324
443
1,109
188
3(34
57

1, 205
581
368
646
701
660
638
245
271
15

54
57
36
58
48
95
22
25
13
5

1, 004, 096

23, 693

103

21, 738

2,058

23, 796

10, 328

7,725

5,330

413

101,800
135, 400
25, 310
30, 000
38, 000
3, 000
90,291
59, 905
24, 000

3,244
2,807
885
860
930
46
2, 745.
1,361
171

6
35
1
6
29

2,390
1,966
KH
607
836
25
1,932
1,014
114

860
876
55
259
123
21
828
349
57

3, 250
2,842
886
866
909
46
2 760
1,363
171

1,670
1, 079
455
371
443
20
1, 502
627
49

1,016
896
281
322
295
10
729
354
24

531
816
139
164
2l)5
16
503
355
73

33
51
11
9
16
26
27
25

9,715

3,428

13,143

6,216

3,927

2,802

198

507, 706

13, 049

2
3
4
5
10

2 •

15
2
94




1
2
3
4
5
6
7

8
9
10
11
12
13
14

402
1
2
25
1
8
6

15
16
17
18
10
20
21

ao

31
32
33
34

35
3H
37
3H
39
40
41
j\>

43
44

45
46
47
48
49
50
51
5?
53

64

REPORT

OF THE

COMPTROLLER

OF THE

CURRENCY.

DISTRIBUTION BY STATES, ETC., NUMBER, AND PAR VALUE AT $100 EACH OF SHARES OF
Number of shares
held b y -

Stale, ertc.

54
55
56
57
58

Colorado
Nevada
California
San Francisco
Oregon

59
60
61
62
63
64
65
66

Dakota
Idaho *
Montana
Now M^exioo
Utah
Washington .
"Wyomin°"

Division No. 7

Division No. 8
United States




No. of
banks.

29
2
28
3
22

Same in detail, held by—

NonState
State
residents. residents.

Savings
Eeligbanks,
ious,
charita- Munic- loan
All
and
other
Natural ble, and ipal
trust
persons. educa- corpo- and in- corpotional rations. surance rations.
institucomtions.
panies.

22, 397
1,092
35,149
17, 796
15,281

3,953
408
3,351
9, 204
2,369

26, 350
1,500
38,478
26, 593
17,565

22

84

91,715

19, 285

110,486

9')

62
6
17
9
7
18
8
1

20, 681 16, 369
2, 620
880
13, 592 5,658
6, 200 2,300
7,686
814
7,345
4, 455
6. 037 4,713
1,000

36, 768
3,500
19 250
8, 350
8, 500
11, 725
10, 620
1 000

15

65,161

99,713

15

128

35,189

407
85
492
267
1
150
ro
50

3,009 5, 034, 325 697,400 5, 205, 728 52, 963

25
80

100

522

4,094 467,173

1,767

REPORT OF THE COMPTROLLER OF THE CURRENCY,

65

STOCK OF NATIONAL BANKS ON THE FIKST MONDAY OF JULY, 1887—Continued.
Total
shares
issued.

Number
reduced
to p a r
value of
$100 each.

Number of shareholders.

Number of shareholders owning specific
amounts.

Nonresident.

Owning
shares to
Over
Over
t h e par $1,000 and $5,000 and
Over
value of
less than less than $30,000.
$1,000 and
$5,000.
$30,000.
less.

Natural Corpopersons. rations. Resident.

26,350
1,500
38. 500
27, 000
17, 650

443
25
678
140
282

2
2
1

359
20
639
130
257

111, 000

1,568

5

87,050
3,500
19, 250
8,500
8,500
11, 800
10, 750
1,000

1,124
57
252
205
235
251
147
6

4
2
2

Total.

84
5
41
12
26

443
25
630
142
283

173
3
230
14
89

129
8
243
43
82

128
14
187
68
100

20
17
12

1,405

168

1,573

509

505

497

62

628
40
185
140
219
165
66
4

504
17
67
69
16
88
83
2

1,132
57
252
209
235
253
149
6

589
19
118
86
130
115
28
3

315
13
57
71
61
56
45

224
25
66
51
41
79
69
1

11
1
3
3
7
2

846

2,293

100, 350

2,277

16

1,447

5, 731, 725

233, 680

7,492

212,272

28,900 241,172

1,088
139, 843

13

4

618

556
26,442

59
60
61
62
63
64
65
66

31

73, 205

54
55
56
57
58

1,682

N O T E . — T h e difference in t h e amount of capital stock as shown b y this table and by t h e reports of
condition on A u g u s t 1 is accounted for b y t h e fact t h a t a number of banks organized "during t h e five
months j u s t preceding t h a t date h a d not paid u p their capital stock.

8770 CUR 87




5

66

REPORT OF THE COMPTROLLER OF THE CURRENCY.
CIRCULATING NOTES.

Upon the security of its bonds, deposited with the Treasurer, each
bank is entitled to receive, and the Comptroller of the Currency is by
law required to issue to it upon demand of its officers, circulating notes
to the amount of 90 per cent, of the market value, and not more than
90 per cent, of the par value, of the bonds. Any bank may deposit
more than the minimum of bonds, and may take out circulating notes
for 90 po-r cent, of its deposit, provided its entire outstanding circulation against bonds does not exceed 90 per cent, of its capital stock
actually paid in. The circulating notes when issued by the Comptroller
are in sheets, and are not valid until signed by the bank officers designated by the statute.
Under the present law the minimum deposit of bonds required to be
made by the 3,049 national banks in operation in the United States on
October 5,1887, amounts to $89,912,347.
A table in the Appendix, p. 185, shows by States and geographical
divisions the national banks in operation on October 5,1887, separated
into two classes, namely, banks of which the capital does not exceed
$150,000, and banks of which the capital exceeds $150,000. The first
class contains 2,150 banks, with an aggregate capital of $179,849,390;
the second, 899 banks, with an aggregate capital of $398,613,375.
The minimum of bonds required to be kept on deposit by the entire
body of banks in the first class is $44,962,347; the minimum for the
899 banks of the second class is $44,950,000. If all banks held only
the minimum of bonds, the total national-bank circulation could not
exceed $80,921,113, while the possible maximum of circulation, namely,
90 per cent, of the aggregate of the national-bank capital, would be
$520,016,489.
The actual circulation on October 5,1887, was $272,387,176, inclusive
of $102,719,440 still outstanding, but which, having been surrendered by
the banks that issued it, is no longer represented by bonds, but by that
amount of lawful money deposited with the Treasurer of the United
States to redeem the notes as they are presented.
The $169,067,736 of circulation for which the banks are responsible
consists of $71,536,500 secured by the bonds deposited by the 2,150
banks having $150,000 capital and less, and $98,131,236 secured by the
bonds belonging to the 899 banks of which the capital exceeds $150,000.
The first class of banks have, therefore, $31,070,387 more than their
minimum and $90,327,951 less than their possible maximum circulation, while the larger banks have $57,676,236 more than their minimum
and $260,620,802 less than their maximum.
The following table shows the number of banks organized from July
1, 1882, to July 1, 1887, their capital stock, amount of bonds deposited,
and the circulation issued thereon:
Number
of b a n k s .

Year.

July
July
July
July
July

1,1882, to
1,1883, to
1,1884, to
1,1885, ta
1,188G, to

July
July
July
JulV
July

1,1883
1,18S4
1,1885
1,1886
1,1887




..
..
..
..
..

Capital.

251 1-26, 552,300
218 19, 944, 000
142 15,205, 000
163 17, 553, 000
O
217 31,444, C O

Minimum
bonds
required.

Bonds
Percentage
actually
deposited. of excess.

Circulation
issued.

$5,155, 500
4, 016, 000
3,061,250
3, 404, 500
4, 986,000

$7,116,400
4, 676,100
3, 332, 800
3, 715, 500
5,051,300

Per cent.
28
14
8
8
1

$6,404, 760
i, 208,490
2, 999, 520
3, 343, 950
4, 538, 390

REPORT OF THE COMPTROLLER OF THE CURRENCY.

67

From the foregoing table it appears that 991 banks have been organized between the dates given, with a capital of $110,098,300; that
they have received circulation to the aujQunt of $21,495,110 on bonds
deposited to the amount of $23,892,100, and that the minimum deposit
of bonds required by law for these banks is $20,023,250.
The actual deposit of bonds during the whole period exceeds the
minimum by about 15 per cent, only, and taken year by year the percentage of excess has decreased from 28 per cent, in 1882-'S3 to less
than 1J per cent, in 1S8G-'S7.
Of the 217 national banks organized during the past fiscal year, 102
have a capital of $50,000 each, amounting to $5,100,000; 76 have a capital of over $50,000 and not exceeding $150,000, amounting to $7,044,000;
and 39 have a capital of $19,300,000. The 39 largest banks deposited
the exact amount of bonds required by law, and out of 178 banks of
which the capital does not exceed $150,000only 8 have deposited bonds
in excess of the requirement.
Tables will be found in the Appendix, pp. 183, etc., showing for the
national banks in each State, Territory, and reserve city the minimum
amount of bonds required by law, the bonds actually held, and the
circulation thereon outstanding October 5,1887'; also all other information deemed useful as to circulation.
Banks are privileged to change their deposited bonds from time to
time, to increase and to reduce the amount, within limits, and are required to inspect once a year the bonds held for them in trust by the
Treasurer. The Comptroller of the Currency is the agent and medium
of all such changes: his -indorsement on the bonds establishes their
ownership and alone validates their transfer. Section 5103 of the Kevised Statutes requires him to record every act of deposit, transfer, and
withdrawal, and to keep a set of books for the purpose, all of which
has been carefully complied with.
INTEREST-BEARING- FUNDED DEBT OF THE UNITED STATES, AND THE
AMOUNT HELD BY NATIONAL BANKS.

The connection between the banks and the distribution of the funded
debt of the United States renders the following statement appropriate:
The public debt at its maximum, on August 31, 1805, amounted to
$2,844,049,020, of which obligations not bearing interest amounted to
$461,610,311, leaving interest-bearing debt $2,383,033,315. On October
31, 1887, the interest-bearing debt amounted to $1,OIL,770,742.




68

REPORT

OF

THE

COMPTROLLER

OF

THE

CURRENCY.

The following table shows the class of bonds, authorizing act, date of
maturity, rate of interest, and intermediate changes :
BONDED DEBT AT DATES NAMED.

Date.
Aug. 31, 1865.
J u n e 30, 18C6.
J u n e 30, 1807.
J u n e 30, 1868.
J u n e 30, 1869.
J u n e 30, 1870.
J u n e 30, 1871.
J u n e 30, 1872.
J u n e 30, 1873.
J u n e 30, 1874.
J u n o 30, 1875.
J u n e 30, 1876.
J u n e 30, 1877.
J u n e 30, 1878.
J u n e 30, 1879.
J u n e 30, 1880.
J u n e 30. 1881.
June 30,1882.

June 30,1883.

J u n e 30,1884.
J u n e 30,1885.
J U D O 30,1886.

J u n e 30,18S7
Oct. 31,1887..

6 per cent.

5 per cent.

4^ per cent.* 4 per cent.t 6 per cent. I

$908, 518, 091
$199,792,100
1,008, 388,469
198, 5-J8, 435
1,421,110,719
193,533,435
221, 588,400
1,841,521,800
221, 580, 300
1, 886,341, 300
221,589,300
1,764,932,300
274, 236,450
1, 613, 897,300
414, 567, 300
1, 374, 883, 800
414,567,300
1, 281, 238,650
510,628,050
1,213,624,700
607,132,750
1, 100,865,550
711gB85, 800
984,999, 650
703, 260, 650 $140,000, 000
854, 621, H50
703, 266, 650
240, 000, 000 $98, 850, 000
738, 619, 0C0
646, 905, 500
250, 000, 000 679,878,110
310, 932, 500
481,864,000
250,000, 000 739, 347, 800
235, 780, 400
439,841,350
250, 000, 000 739, 347, £00
196, 378,600
Continued a t Continued a t
3£ per cent.
3* p e r cent.
58, 957,150 ' 401,593,900
250,000, 0C0 739, 349, 350
32, 082, 600
Funded into
3 per cents,
250, 000, 000 737, 942, 200
act. J u l y 12,
1882.
304, 204. 350
250,000, 000 737,661,700
224,612,150
250, 000, 000 737,719,850
194,190,500
250, 000, 000 737, 759, 700
144, 040, 600
250, 000, 000 737, 800, 600
19, 710, 500
230, 544, 600 732, 447, 550

Total.

$1, 258, 000 $1,109,568,191
6, 042, 000 1,212,958,904
14, 762, ( 0 1,634,406,154
;0
29, 089, 000 2, 092,199, 200
58, 638, 320 2,166, 568,920
64,457, 320 2, 050, 978,920
64, 618, 832 1, 952,752. 582
64, 623, 512 1,845, 074, 612
64, 623, 512 1,760,429,462
64,623,512 1, 788, 876, 262
64, 623, 512 1,772,621,812
64,623,512 1, 761, 308, 962
6±, 623, 512 1,761,512,012
64, 623, 512 1, 845, 359,162
64, 623, 512 1, 952, 339, (522
64, 623, 512 1,774,616,612
64, 623, 5J 2 1, 690,191, 262
64, 623, 512 1, 514, 433, 912

64, 623, 512 1, 388, 852,662

64,623,512
64, 623, 512
64, 623, 512
64, 623, 512
64, 623, 512

1, 276, 897, 362
1,246,533,862
1,196,429,812
1,072,140,612
1, 027,615, 662

* Funded loan 1891; authorizing act, July 14,1870, and January 20,1871; date of maturity, 1891.
t Funded loan 1907; authorizing act, July 14,1870, and January 20,1871; date of maturity, 1907.
t I'ncifio railroad bonds; authorizing act! July 1,186_\ and July 2,1864; dato of maturity, 1895 to 1899.
The Navy pension fund, amounting to $14,000,000 in 3 per cents, tho interest upon which is applied
to tho jKiyinent of naval pensions exclusively, and $155,080 of refunding certiticatos are not included in
the table.

The act approved July 12, 1882, authorized the Secretary of the
Treasury to receive at the Treasury any bonds of the United States
bearing 3J per cent, interest, and to issue in exchange therefor an equal
amount of registered bonds of the United States bearing interest at the
rate of 3 per cent, per annum—
Provided, That the bonds herein authorized shall not be called in and paid so long
as any bonds of the United States heretofore issued bearing a higher rate of interest
than three per centum, and which shall be redeemable at the pleasure of the United
States, shall be outstanding and uncalled.

Under this act $305,581,250 of 3 percents were issued, but the
largest amount outstanding at any time was $305,529,000, on August 7,
1883, $52,250 having been redeemed before the last issue was made.
The largest amount of 3 percents held by the national banks on deposit as security for circulation was $202,38(3,750, on August 16,1883.
On October "31, 1886, there was outstanding $95,850,050 3 per cent,
bonds, of which $31,607,400 had been called. The $64,242,550 then
remaining uncalled have been called during the past year, except that
bonds amounting to $605,150 were voluntarily presented for redemption
under Treasury circulars dated August 30,1886, and September 15,1886.
Of the $63,637,400 called, $1,448,400 was still outstanding October 31,
1887.
Of this amount the national banks on that date held $144,500, deposited with the Treasurer of the United States as security for circulation, and $550,000 was held by him for them as security for public deposits.




69

KEPORT OF THE COMPTROLLER OF THE CURRENCY.

REDEMPTION OF LOAN OF JULY 2, JSS2, KNOWN AS THREE PER
CENT. BONDS.

Since the last annual report the whole amount of 3 per cent, bonds
then outstanding has been called in for redemption.
The following tables show the general progress of this redemption,
and its effect upon national-bank circulation, from September 15, 1880,
to July 1, 1887.
The first table relates to the entire mass of 3 per cent, bonds outstanding September 15, 1886, including both those held by the Treasurer for the banks and those held by others. It gives the date and maturity of each call since August 1, 188G, the amount of bonds embraced
in each, the bonds then outstanding, and those thereafter redeemed.
The second table shows the amount of 3 per cent, bonds held by
the Treasurer as security for national-bank circulation on September
15, 1886, the amount of such bonds included in each call for redemption
since August 1, 1886, the total amount so held at each date at which
interest ceased under any call for redemption, the amounts redeemed
at those dates, and the amounts held on which interest had ceased.
STATEMENT SHOWING CHANGES IN THREE PER CENT. LOAN or JULY 12,
FROM AUGUST 1, 1866, TO JULY 1, 1687.

Call Xo. 140 to 140.

Date of Maturity
of call.
call.

! 880.
Aw* 12
Sept, 15
Oct. 29
Doc.
188'
Jim

Amount of bonds redoemt-d betwnen the maturity of each call
and maturity of succeeding call.

Amount of bonds outstanding at
maturity of each call.

Amount
Amount P
called. | cJiei y

Amount
not yet
failed.

Total
amount
outstanding.

Redeemed
under
last call.

1886.
!
I
$10, 003,
Sept.
$36,337,150 $91,131, 050 $127, 470, 20(
Oct. 1 15,005,
40,575,300 75, 450, 2i!()| 116, 025, f.Od
15, 122,
16
29, (569,900 74, 484, 700 104,151, C O
O
Nov. 1 15.00S,
2f?,043,5'.H)| (54,222,450 1)0,205,050
10,005,
Dec. 1
12,270,900 61,017,600 76,288,50J
1887.
O
Feb. 1 10,010, C O 23, 205, 350 39, 958, 4C0 63,163, 750

Mar.
Apr.
May
May 20 i July

13,
10,
10.
19,

887,
007,
014,
717,

20, 481,
15, 636,
7, 258,
8, 851,

050
200
300
050

29, 921, 350
19,814, 600
19, 774, 000

1882,

VoluntaRed>eraed ; rilysurunder
rendered
pre\ ious
under
special
calls.
calls.

$177, 270, 800
$11, (iOOi 10, 758, 550
822, <)Ool 10, 05)4,100!
822, 0 l
40, OOOj 14,414,630:
40,000!
4, ?A5, n/sft
e.< - 000,
jjjj 937^ (joy;
155, 900:

17,652,550; 161,300

12,887,950!
162, 500 14,696,600]
6, 832, COO 1, 708,100
14, 929,100 10,027, G50

50,402,400
35, 450, 800
27, 032, 300
8, 851, 050

I

$788, 000
674, f 50
9t)5, 500
2*>tS, 900
204, 850

29,300
92,500
40, 600
53, 500

278, 478, 850 3,270, 000

RECAPITULATION OF REDEMPTIONS.
Amount redeemed under last call
Amount redeemed under previous calls
Auioiin t redeemed uncalled
Bonds of Lewis legacy redeemed

$14, 929,100
278, 478, 850
3, 270, C00
52, 250

Total redemptions
Outstanding July 1,1887

296, 730,200
8,851,050

Amount of original issue of loan




305, 581,259

70

REPORT OF THE COMPTROLLER OF THE CURRENCY.

STATEMENT SIIOWIXG CHANGES IN TIIKKK VV.U CENT. LOAN OV J I LA: 12, 186*2—Con-

tinued.

Amount of 3 per cent, bonds
withdrawn by banks in the interval between the maturity of
each call and the maturity of
the succeeding call.

Amount of 3 per cent, bonds held
by the Treasurer as security for
national-bank circulation at maturity of each call.

Calls Xo. 140 to No. 149.

Amount
of bonds
included in Amount
Amount
Total
Redeemed Redeemed
not
Date of Maturity call held included in
amount
under
under precall.
of call.' as security previous previously held by the last call. vious calls.
for national- calls.
called.
Treasurer.
bank
circulation. I
1886.
Aug. 12
19

Sept. 15
27

1886.
Sept. 15
Oct. 1
16

Nov. 1
Dec. 1
1887.
Dec. 28 Feb. 1
1887.
J a n . 22 Mar. 1
Feb. 21 Apr. .
1
Mar. 23 May .1
May 20 July 1
Oct. 29

$7, 045, 200
11,188, (100
10, 795, 200
12, 067, (550
7, 925, 500

$14,644,000:
29,820,050
21,873,050
19, 881, GOO'
8, 861, 450

8,440, 250 18,131,950

10, 238,' 800
57, 222, 4u0
57,180,400
49,156. 450.
48, 464, 000;

Voluntarily surrendered
under
special
calls.

$94, 882, 800
87, 048, 450 $2,179,100 $4,978,250 $677,000
79, 054, 050 3, 682, 200 4, 056, 7001 255, 500
69, 038, 050 5, 557, 500 4,194, 000| 264, 500
3, 774, 400 7, 085, 400 852, 800
57,325,450

29, 000, 3C0' 47,132,250

3, 637, 350

10, 613, 750 13, 975, 500 22. 919, 300; 36, 894, 800 4, 945, 550
5, 969, 500 10, 40*, 300 17, 677, 600 27, 085, 9U0 4, 111, 500
7, 818. 700 5, 00(5, 950 15,221,600! 20,228,550
5,115, 950
5, 205, 950 12, 245,1501
15, 221, 600 5, 205, 950
-I45, 248, 700i

I

5, 950, 750 605,100
5,188, 900
5, 328, 900
1,455,900
2, 565, 450

103, 000
368, 500
285, 500
212,000

40, 804, 250 3, 623, 900

RECAPITULATION".
Amount held by the Treasurer September 15, 1886

$94, 882, 800

Amount redeemed from September 15 1 o October 1, 1886
October 1 to October 16, 1886
October 16 to November 1, 1886
November 1 to December 1, 1886
December 1,1886, to February 1,1887
February 1 to March 1, 1887
March l'to April 1. 1887
April 1 to May 1. 1887
May 1 to J u l y 1, 1887
,
Amount unredeemed July 1, 1887

7, 834, 350
7,994,400
10, 016, 000
11,712,600
10,193,200
10,237,450
9,808,900
6, 857, 350
. 1 5 , 022, 600
5, 205, 950

•

94, 882, 800

It will be seen by reference to foregoing tables that call No. 140 was
dated August 12, 188G. On that day the Treasurer held as security
for circulation of national banks 3 per cent, bonds amounting to
$103,351,650, of which $1,720,000 had ceased to bear interest, having
matured under previous calls.
Upon the assumption that it would be found practicable and desirable
to continue the redemption of these bonds, it became a matter of solicitude with a great many banks holding only 3 percents to ascertain
whether their bonds could remain on deposit with the Treasurer as a
basis for circulation after interest on them had ceased. Singular as it
may seem, some strong and ordinarily well managed banks left large
amounts of called bonds on deposit for months, inferring to forego all
interest rather than to replace them with other bonds at the then prevailing premium, but as a rule the banks that resisted the replacement
of called bonds were those of small capital in sections where money was
scarce and dear.
The language of the statute makes it clear that only interest-bearing
registered bonds can be deposited, but in the clause requiring the de-




REPORT OF THE COMPTROLLER OF THE CURRENCY.

71

posit to be maintained up to a certain minimum, registered bonds only
are mentioned, nothing being said about their being also interest-bearing.
Taking advantage of this ambiguity in the law, it was contended on
behalf of certain banks, that when a deposit was once made of interestbearing registered bonds of the United States, the requirement of the
statute was fulfilled, and that banks could not be compelled against
their will to replace those bonds, or to retire the circulation issued upon
them, because without any action on their part, and even without their
consent, the Government had called the bonds for redemption, and had
thereby acquired the right to cease paying interest.
On the other hand, it has always been maintained in the Treasury
Department, that bonds upon which interest has ceased are not such
bonds as the statute requires national banks to keep on deposit as a
basis for circulation.
The controversy at one time became very serious, as it was represented that banks in all parts of the country were resolved to go out
of the system if they should be compelled to withdraw their called
bonds.
With a view of terminating the controversy as to the meaning of the
law, the Secretary of the Treasury was requested to submit the question to the Attorney-General, and this being done the Attorney-General
decided that bonds on which interest had ceased could not be lawfully
held by the Treasurer as security for national-bank circulation.
If at any time within six months after August 12, 1886, the true position of the banks had been known, especially how many of them held
no bonds but 3 per cents, or if peremptory measures had been taken to
compel the immediate replacement of called bonds, a speculation in the
4 and 4 J per cent, bonds would no doubt have been precipitated, and
in that event the formation of new banks would have been arrested,
and many of those already in the system would have been forced into
liquidation.
If by accident or inadvertence the magnitude of the necessary bond
replacements had got out, or if the ambiguity of the law had not afforded
opportunity for temporizing with the reluctant banks, there is little
doubt that the banks would have been cornered for available bonds, and
while the corner lasted no new banks could have been formed, and a
greater or less number of the several hundred which held only 3 per
cent, bonds would have been forced into liquidation.
It is needless to specify the steps taken to avert these consequences,
and at the same time to bring about an acquiescence in the requirement of the law without having recourse to coercive measures, but it
is, perhaps, proper to state that between August 12, 1886, and July 1,
1887, nearly $102,000,000 of 3 per cent, bonds were surrendered by the
banks for redemption, and that replacements were made in 4 and 4J
per cent, bonds to the amount of upward of $20,000,000, while during
the same time new banks deposited 4 and 4J per cent, bonds to the
amount of $4,532,300, and the amounts of these bonds held to secure
deposits of public moneys increased by over $12,000,000. Thus fully
$37,000,000 of 4 and 4£ per cent, bonds were obtained by the banks and
transferred to the Treasury within less than twelve months,* without exciting any speculative advance in the premium of either loan, as will
appear from the subjoined table.




72

REPORT OF THE COMPTROLLER OF THE CURRENCY.

O P E N I N G , H I G H E S T , AND L O W E S T P R I C E S OF U N I T E D STATES R E G I S T E R E D F O U R AND
F O U R AND A H A L F P E R C E N T . BONDS I N TSEW YORK F O R EACH W E E K FROM A U GUST 14, 1886, TO J U L Y 2, 1887, BOTH DATES INCLUSIVE.

[Compiled from the "Commercial and Financial Chronicle."]

5
126$
126ft

126*
126*
125
125ft

126|
127
1294
1284
128ft
128ft
1284
1284
128*
127ft
129
128ft
128*
1274
1274
127*
1274

126^
126ft
1264
1264
1254
126$
127
128$
1294
128$
128$
128ft
1284
128*
128ft

126ft
125s
126*
125
125
125ft
126ft
127
128ft
1271
128*
128ft
128ft
127$
127
127|

128ft
128*
127J

128ft
1 2Hg127*
1274

128
127ft
127$

127*
126 A
127|

110ft
llO^F
109*

nog
1104
109J

no* no*
110*
110
n*
no* i112
ni-1 1124
112ft 112ft
in*

m$
1104
n oft

1091
109-5
110ft
1.10ft

110$
liuft'
noj

no*
110

1104
109J
109-7
109$
110

no*
111*
lllg

11 Oft

111ft
111$
1114
110ft
109$
109|
109$
1104
HO;]

no*

no*
1104

111$
112
111$

noft
110ft

110

nog
uoj
110|

110*
110*

1104
109$
110

1887.
Jan. 22
29
Feb. 5
12
19
26
Mar. 5
12
19
26
Apr. 2
9
16
23
20
Maj 7
14
21
28
June 4
11
18
25
July 2

127$
1284
128*
128ft
128ft
128*
12«ft
127*
127ft
127*
128*
128$
1291
129
129*
129
128$
129*
129ft
1294
128ft
128ft
128ft
1284

"
i
5
1284
128$
128ft
128|
128ft
127$
127ft
127$
128$
129
1294
129*
129*
129
129
1294
129£
128*
128^
128ft
1284

en

bi)
a

127|
1284
1284
128ft
128ft

110
110ft
1104
109*
109*
109
109*

127*
127ft
127ft
127*
128ft
128$
129*
129
1294
128$
128$
129
129ft
128ft
1284
] 28ft
128
1284

109*
108$
109ft
109$
110
110
1104
109
108$
109*
1094
109$
1094
109$
109$
1094

1
4

a

1104
110ft
1104.
1094
109*
1094
109*
109*
109*
109ft
110
110
1104
1104
1104
109
109*
109ft
109$
100$
109$
109$
109$
1094

Lowe

R

44 per cent, bonds
registered.

Openi

i

Week

ending—

Openi

02

Lowe St.

s

a

4 per cent, bonds,
registered.

Lowei

1886.
Aug. 14
21
28
Sept. 4
11
18
25
Oct. 2
9
16
23
30
Nov. 6
13
20
27
Dec. 4
11
18
25
1887.
Jan. 1
8
15

-t-s

44 per cent. l)onds,
registered.

Openi

n

Openi

"Week
ending—

Lowe St.

4 per cent, bonds,
registered.

110
110*
109*
109*
108$
109
108$
108$
108$
108$
109ft
109$
110
110
110*
108$
108$
109*
109^
1094
1094
109$
109g
109ft

It is of grave importance for Congress to observe the perilous contingencies involved in the existence of the present relations between
the public debt and the national-bank circulation.
It is neither wise nor prudent to maintain a condition of things which
makes the possession of official information, necessarily accessible even
to clerks in the Departments, an incentive or a temptation to speculation in public securities, nor should the natural and healthy growth
of the national-bank system be exposed to the danger of being suddenly
arrested by legitimate and discreet operations of the Treasury, directed
to the reduction of the imblic debt.
During the year ending October 31, 1887, $5,379,250 of 4 percents
and $19,455,400 of 4J percents were purchased for sinking-fund purposes, making a totafof $24,834,650. Of this amount $297,500 of 4 percents and $687,500 of 4J percents were withdrawn by the national
banks from deposit to secure circulation, making total withdrawals from
this cause $985,000, while the replacement by deposits of 4 percents
amounted to only $279,650.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

73

Changes in the debt have induced corresponding changes in the bonds
held by the national banks. In January I860,1,582 banks, with a capital, surplus, and undivided profits of $475,330,204, held $440,380,350 of
United States bonds. On October 5, 1887,3,049 banks, with a capital,
surplus, and undivided profits of $823,827,373, held only $223,754,450 of
bonds. The total bank circulation on January 1,1866, was $213,239,530,
and on October 5, 1887, that which was secured by bonds was
$107,283,343.
The amount and classes of United States bonds owned by the banks, including those pledged as security for circulation and for public deposits,
on June 30 in each year since 1865, are exhibited in the following table:
United States bonds held as security for circulation.
Years.

6 p e r cent,
bonds.

5 per cent,
bonds.

A\ percent,
bonds.

$170, 382, 500
241,083, 500
251,430,400
250, 726,950
255,190, 350
247,355, 350
220,497,750
173, 251, 450
1G0, 923,500
154; 370,700
" 136,955, 100
109,313, 450
87, 690,300
82,421,200
56,042,800
58,056,150
61,901,800
Continued a t
34 p e r c e n t . :
"25,142, 600
1882 . .
1865..
18C6..
1867 . .
1868 . .
18C.9 . .
1870 . .
1871 . .
1872.
1873 . .
1874 . .
1875 . .
1876..
1877..
1878..
1879..
1880 . .
1881..

1883..
1884
1885 . .
1886..
1887 . .

$65,576, 600
8(3, 226, 850
89,177,100
90, 768, 950
87,661,250
94,923, 200
139,887,800
207,189, 250
229,487,050
236,800, 500
239, 359,400
232,081,300
2013, 651, 050 $44," 372*256'
48,448,650
19f», 514, 550
35,056,550
144,616,300
37, 760, 950
139, 758, 650
32, 600, 500
172,348,350
Continued a t
3A per c e n t . :
32, 752, 650
202, 487, 650
7, 402, 800}
385, 700? 3 per centH:> 39, 408, 500
200, 877,850)
46,540,400
172, 412,550
Pacifies.
48,483, 050
142, 240, 8,'O
3, 520, 000
50,484, 200
107, 782,100
3, 505, 000
67,743,100
5,205, 950
3,175,000

4 per cent,
bonds.

$19,162,000
118,538,9;")0
126, 076,300
93, 637, 700

Total.

United
States
bonds held
for other
purposes «it
nearest
date.

Grand
total.

$235, 959,100 $155,785,750
327,310,350 121,152,950
84,002,650
240,G07,500
80, 922, 500
341,495, 900
55,102,000
342, 851, 600
43, 980, C O
O
342, 278, 550
39, 450, 800
359, 885, 550
31,868,200
380, 440, 700
25,724,400
390,410,550
25, 347,100
391,171,200
2(3, 900, 200
37(5, 314, 5(;0
45,170, 300
341,394, 750
47, 315, 050
338,713,000
68, 850, 900
349,546,400
•76, 603,520
354,254, 600
42,831,300
361,652,050
63, 849,950
360, 488, 400

$391, 744,850
448,463,800
424,610,150
422,418,4(10
397,953, 600
386, 259,150
399, 336, 350
412,308, 900
416,134,150
416,518,300
403,214,700
386, 505,050
386, 028, 650
418,397, ;;oo
430,858,120
404,483, 850
424, 338, 350

97,429, 800

357,812, 7C0

43,122, 550

400, 935, 250

104,954, 050

353,029, 500

34, 094,150

387,123, 650

111, 69C, 900

330, 649, 850

31, 203, O O 361, S52, 850
C

117,901,300
114,143,500
115, 842, 650

312,145,200
275, 974, 800
191,966,700

32,195, 800
31,345,550
33,147,750

344, 841, C O
O
307,320, 350
224,814, 450

SECURITY FOR CIRCULATING- NOTES.

The following table shows the amount of bonds held by the Treasurer as security for the circulating notes of the national banks on October 31 of each year from 1882 to 1887, inclusive, the amount held by
the banks for all other purposes, and the total of these two:
United States bonds held as security for circulation.
Year.

IS umber of
Pacific 6
banks. \\ percent, 4 per cent, 3 per cent, per cent.
bonds.
bonds.
bonds.
bonds.

1882

2, 301 $33, 754, 650 $L04, 927,500

1883

2,522 41,319,700 106,164,850

1.P84
1885
1886
1887'.

2, 67l| 49, 537, 450
2, 727 i 49, 547, 250
2,868 57,436,850
3,061 69, 696,100




116,705,450
116,391, 650
115,883,150
115, 731, 400

Total.

United
States
bonds held
for other
purposes
at nearest
date.

Total.

-$40, 621, 950
179, 675, 550 $3, 526, 000 $362, 505, 650 $37, 563, 750 $400, 069,400
*602, 000
30,674,050 383,551,350
201, 327,750 3,463,000 352,877,300 30, 674, 050 383, £
155,601,400 3,409,000 325,316,300 30, 419,000 355, 735,900
138, 920, 650 3, 505, 000| 303, 364, 550 31,780,100 340, 144, 650
69, 038, 050 3,586,000 245,444,050 32,431, 400 277, 875, 450
144,500 3, 256, 000 188, 828, 000 34,671, 350 223, 499, 350

* Three and one-half per cent.

74

REPORT OF THE COMPTROLLER OF THE CURRENCY.

The foregoing tables show how the banks have shifted their investments from one class of bonds to another, and the following table exhibits especially the steady decrease in the amount of bonds held for
and by the banks, and in connection with other tables in this report it
tends to establish the proposition that the banks are gradually reducing their investments in these securities.
Table showing the decrease of national-bank circulation during each
of the years ending October 31, from 1884 to 1887, inclusive, and the
amount of lawful money on deposit at the end of each year:
National-bank notes outstanding October 31, 1883, including notes of national gold banks
$352,013,787
Less lawful money on deposit at same date, including
deposits of national gold banks
35,993,461
$316,020,326
National-bank notes outstanding October 31, 1884, including notes of national gold banks
Less lawful money on deposit at same date, including
deposits of national gold banks

333,559,813
41,710,163

Net decrease of circulation
Net outstanding as above, October 31, 1884
National-bank notes outstanding October 31, 1885, including notes of national gold banks
Less lawful money on deposit at same date, including
deposits of national gold banks

24,170,676
291,849,650
315,847,168
39,542,979

Net decrease of circulation
Net outstanding as above, October 31, 1885
National-bank notes outstanding October 31, 1886, including notes of national gold banks
Less lawful money on deposit; at same date, including
deposits of national gold banks

Net decrease of circulation

276,304,189
15,545,461
276,304., 169

301,529,889
81, 819,233

Net decrease of circulation
Net outstanding as above, November 1,1886
National-bank notes outstanding October 31, 1887, including notes of national gold banks
Less lawful money on deposit at same date, including
deposits of national gold banks

291,849,650

219,710,656
56,593,5*33
219,710,656

272,041,203
102,826,136

169,215,067
50,495,589

The following table shows the* diminishing scale on which banks organized during each of the past five years have availed themselves of
the privilege of issuing circulation upon bonds in excess of the minimum which the law obliges them to keep on hand.
For the sake of conciseness in the table the circulation is omitted,
but as every bank has received circulation to the amount of 90 per cent,
of the bonds deposited, the proportions of the table reflect faithfully
the features of the circulation.




75

REPOKT OF THE COMPTROLLER OF THE CURRENCY.

NUMBER AND CAPITAL OF NATIONAL BANKS ORGANIZED IN EACH GEOGRAPHICAL
DIVISION OF THE UNITED STATES FROM OCTOBER 3 1 , 1882, TO OCTOBER 3 1 , 1887,
SHOWING THE AMOUNT OF BONDS DEPOSITED TO SECURE THEIR CIRCULATION, THE
MINIMUM 'AMOUNT OF BONDS REQUIRED BY THE ACT OF JULY 12, 1862, AND THE
EXCESS DEPOSITED OVER REQUIREMENTS BOTH IN AMOUNT AND PERCENTAGE.

United States bonds.

Divisions.*

I

Number of
banks.

Capital.
i Deposited. Minimum, j Excess.

Per
cent, of
excess
over
mini-

mum.
First
Second...
Third...
Fourth ..
Filth ....
Sixth--.,
Seventh .
Eighth...

1883.
7
38
5
43
01
71
11
26

First
Second..
Third....
Fourth...
Filth ....
Sixth ...
Seventh.
Eighth...

28, 054, 350

9, 375, 550

5, 419, 800

3, 955, 750 | 72. 987

810,000
1, 602, 230
280,000
2,801,100
3, 4 i 3,100
5, 492, 780
3P0, 000
1,143,000

313,000
718,000
100, 5C0
093, 600
927, 000
1,239, 750
320,000
309, 250

190, 000
340. 500
70, 000
627, 700
570,700
1,135, 600
9">, 000
285,700

123,000
64.73
377, 500 110.86
96, 500 137.85
05, 900 10.49
350, 300 02. 43
104,150
9.17
25, 000 20. 31
23, 550
8. 24

10, 042, 230

4, 487,100

3,315,200 | 1,171,900

35.349

400,000
035, 00D
6G0, 000
2,025, 000
7,123, 000
2,350. 000
725, 000
1, 020, 000

100,500
1, 037, 500
112,500
5ti 1,500
1, 963, 500
7f)9, 800
109, 000
253, 000

100,000
543, 700
112,500
50!», 100
1,218,200
587, 500
108, 700
255, 000

500
493, 800

.5
CO. 822

55, 400
745, 300
172, 300
300

10.946
61. 172
29. 329
.177

4,959,300

3,491, 700

"c
27
34
08
19

1885.
9

145 I 10,938,000
1886.

Total *...
First
Second...
Third....
Fourth ..
Fifth ....
Sixth
Seventh .
Eighth..,

$682, 500 218.40
1,110, 700 149.32
81, 800 110.99
489, 700 65. 43
813, 000 46.06
482,850
38. 73
113, 400 73.16
181, 800 48.48

10

Total .
First....
Second..
Third...
Fourth .
Filth . . .
Sixth
Seventh
Eighth..

$312,500
743, 800
73, 700
748, 400
1, 705, 000
1, 240,400
155, 000
375, 0.00

1884.

Total .
First....
Second..
Third...
Fourth..
Fifth ...
Sixth ...
Seventh.
Eighth..

$995, 000
1, 854, 500
155, 500
1,238,100
2, 578, 000
1, 729, 250
208, 4tO
556,800

202

Total .

$1, 275, 000
2, 975, 200
295, 000
3, 043, 050
11,210,000
7, 085,5uO
620, 000
1,550,000

I

500, 000
4, 000, 000
450,000
1, 058, 000
5,-105,000
5, 830, 000
2,100, 000
1, 355, 000

21,358,000 | 3,713,500

.684
13.344

7,500
39, 500
3, 504, 500

42.031

99,250

125, 000
52;>, 000
112,500
404, 750
843,000
982, 500
307, 500
353, 250

1,407,600

2. 083
12. 589

149,000

4.18

1387.

Total.




400, 000
7, 025, 000
500, 000
6,199, 000
5,010,000
9, 002, COO
1,510,000
900, 000

100, 000
771,550
115, 000
1, 262, 500
959, 500
1, 400, 500
377, 500
225, 000

100,000
743, 750
112, 500
1, 202, 250
952,500
1,400,500
377,500
225, 000

225 30, 546, 000

5, 211, 550

5,174, COO

*See page 183.

27, 800
2, 500
250
7,000

3.74
2.22 •
.02
.74

37, 550

.72

76

REPORT OF THE COMPTROLLER OP THE CURRENCY.

The following table exhibits in detail the changes which have occurred
during the past year in the amount of national-bank circulation, so
arranged as to illustrate the process by which the circulation steadily
decreases concurrently with the accession of new banks and an increase
in the aggregate national-bank capital:
CAPITAL AND CIRCULATION.
Circulation
represented
by bonds.

Paid in
capital.
Increase by banks existing November 1, 188G .
Increase caused by formation of new banks ...
Increase by banks organized during the year..

$3, 808, 005
32, 410, 770
610, 000

Total increase .
Decrease by banks still in operation November 1,1887
Decrease by banks going into voluntary liquidation and failed.

36, 894,775

8, 549, 205

2,235, 000
4, 087,450
6,322,450 i

Total decrease.
Net increase of capital
Net decrease of circulation

j
:

$3, 957,175
4, 592, 090

57, 770,475
1, 274, 380
59,044,855

30, 572, 325
50, 495, 590

STATEMENT BY MONTHS, SHOWING THE AMOUNT OF UNITED STATES BONDS TRANSFERRED FROM THE SECURITIES HELD IN TRUST BY THE TREASURER OF THE UNITED
STATES FOR NATIONAL-BANK CIRCULATION TO THE SECURITIES SO HELD FOR PUBLIC
DEPOSITS DURING THE YEAR ENDING OCTOBER 31, 1887, AND THE METHODS BY
WHICH SUCH TRANSFER WAS MADE.

Date.

Substituted.

Transferred
by retirement
of circulation.

1886.

November
December
January .
Kebruary
Mai'cli .
April ..
Mav
June
.
July
August
September
October

Exchanged.

$70, 000
100, 000

$100, 000

1887.

$50, 000
30, 000
140, 000
115, 000

Total

100,000

62, 500
500, 000

385, 000

...

530, 000
220, 000
145, 000
40, (00
155, 000
60 000
80, 000

150, 000

1,962, 500

BANKS WITHOUT CIRCULATION.

As reported last year, some national banks have not availed themselves of the privilege of taking out circulating notes, and others have
surrendered their entire circulation. The following list is unchanged
since October 31, 1886:
Capital.

Title of bank.

Fulton National Bank, New York, N. Y
National City Bank, New York, N. Y
American Exchange National Bank, New York, N. Y
Third National Bauk New York N Y
National Bank, Washington, D. C ,
Chestertown National Bark Chestertown " Y
M!
First National Bank Houston, Tex
.....
Mechanics' National Bank, New York, N. Y
Total




.

Bonds.

$300, 000
300, 000
1, 000, 000
5, 000, 000
1 000 000
200, 000
50, 000
100, 000
2,000,000

$50,000
50, 000
50, 000
50, 000
fiO OuO
50, 000
3^,500
' 25,000
50,000

9, 950,000

387, 500

77

REPORT OF THE COMPTROLLER OF THE CURRENCY.
DISSOLUTION.

The total number of national banks organized since February 25?
1863, is 3,805, of which there are now in operation, as shown elsewhere,
3,061; passed out of the system, 744, accounted for thus :
Passed into voluntary liquidation to wind up their affairs
Less number afterward placed in hands of receivers

480
(
J

Passed into liquidation for purpose of reorganization
Passed into liquidation upon expiration of corporate existence
Placed in hands of receivers
, .

471
79
*75
120

Less restored to solvency and resumed business

745
1

Total passed out of system

744

The corporate existence of five national banks expired during the
year ending October 31, 1887, and in each case an extension has been
obtained in accordance with the provisions of the act of July 12, 1882.
There were eight failures of national banks during the year ending
October 31,1887, and, as has been shown,iu one case the creditors have
been paid in full, principal and interest, in another they have received
50 per cent., and in two others 25 per cent, on account of the claims
proved.
The affairs of five failed banks have been closed during the past year,
and final dividends have been paid to their creditors. These banks,
with the total dividends paid iu each case, are given below :
Name and location of bank.

Abington National Bank of Abington, Mass.
1'irst National Bank of Blair, Nebr
,
City National Bank of Williarasport, Pa,
Palatka National Bank of Palatka, Ma .
First National Bank of Butler, Pa

I
Total
| Date of ap- dividends Proportion of
I pointment
on
I of receiver. principal. interest
paid.
Aug. 2.188G
Sept. 8,1886
May 4,3886
June 8,1887
July 23,1879

Per cent.

Percent.

100
100
lliO
100
81

100
100
"100
J00

INACTIVE RECEIVERSHIPS.

There still remain in the hands of receivers a small number of banks
of which the affairs have been liquidated as far as possible, but the receiverships are kept open by matters pending in the courts. In these
cases the expenses of the receivership are reduced to a minimum, and
the compensation of the receiver is made dependent as far as practicable upon services rendered and results obtained.
The following table shows the receiverships that are in this condition:
Name and location of bank.

First National Bank of Anderson, Ind
,
National Bank of the State of Missouri, Saint Louis, Mo,
Third National Bank of Chicago, 111
Central National Bank of Chicago, 111
People's National Bank of Helena, Mont
German American National Bank of Washington, D. C .
First National Bank of Union Mills, Union City, Pa,
* Thirty-eight of these have been reorganized.




Date of
appointment Dividends
paid.
of receiver.
Nov. 23,1873
June 23,1877
Nov. 24,1877
Dec. 1,1877
Sept. 13,1878
Nov. .1,1878
Mar. 24,1883

Per cent.
39.

tAnd interest.

tlOO
tioo
60
40
50
65

78

REPORT OF THE COMPTROLLER OF THE CURRENCY.

By reference to the Report of 1886 it will be seen that the number of
these inactive receiverships has been reduced during the past year by
two, viz, that of the New Orleans National Banking Association, and
the First National Bank of Butler, Pa.
The New Orleans National Banking Association was interested in the
case No. 897, Supreme Court of the United states, New Orleans National
Banking Association, appellant, v. E. D. Le Breton, appellee, which was
decided on March 21, 1887, adversely to the receiver. When the last
dividend was declared, there was reserved only money enough to defray
the expenses of this litigation, so that when the decision was rendered
the trust wTas closed. Out of the amount reserved, however, a small
sum was applied to publishing in New Orleans a list of creditors who
had not drawn dividends, and by this means unclaimed dividend checks
to the amount of $511.83 have since been delivered.
The First National Bank of Butler, Pa., was kept open because of the
unadjusted accounts of the receiver. An adjustment was reached during the past year, and a final dividend was declared of 11 per cent.,
milking 81 per cent, in all, and closing the trust.
The receivership of the National Bank of the State of Missouri in
Saint Louis seems to have been placed in an anomalous position by reason of the assets proving more valuable than they were supposed to be.
The receiver was appointed June 2J, 1877, and on October 2, 1879, an
assessment of 25 per cent, was ordered on the stock of the bank.
This assessment, which amounted to $510,025, yielded only $245,108,
and although the creditors were paid in full before October 31, 1882, the
receivership seems to have been continued because of apprehended disagreements among shareholders as to the relative rights of those who
had paid their assessments in lull, those who had paid in part, and those
who had not paid.
In order to comply with the law the Comptroller caused a meeting of
shareholders to be called on June 16, 1887, at which an agent was duly
elected, but up to the present time he has failed to give the requisite
bond.
There is some litigation in progress of immense importance to the interests involved in this trust, and it is necessary, therefore, that its affairs Should be looked after. The stockholders have shown very little
concern about the matter.
On March 1, 1882, a final dividend for balance due on principal and
interest was declared and paid to the creditors of the Third National
Bank of Chicago, 111. No assessment upon the shareholders had been
levied. On June 7, 1882, in pursuance of instructions from the Comptroller, a meeting of the shareholders was held for the purpose of selecting an agent to receive the remaining assets of the bank. In consequence of the failure of the shareholders to select such agent, the receivership was continued. During the past year another meeting was
called, in accordance with instructions from the Comptroller, with* the
same result. A resolution distinctly refusing to elect an agent was
adopted by shareholders representing 5,828 shares out of a total of
7,500, being based upon statements entered in the records of the meeting that grave complications would arise in the sale and disposition of
the remaining assets of the trust, to the financial injury of the shareholders.
The law affords no means by which shareholders can be coerced into
availing themselves of the privilege of taking charge of their own affairs.




REPORT OP THE COMPTROLLER OF THE CURRENCY.

79

DIVIDENDS PAID TO CREDITORS OF. INSOLVENT NATIONAL BANKS DURING THE PAST
YEAR, WITH TOTAL DIVIDENDS IN EACH CASE UP TO NOVEMBER 1, 1887.

Name and location of bank.

Pacific National Bank of Boston, Mass
First National Bank of Blair, Ncbr
Riekmond National Bank of liickmond, Ind
Lancaster National Bank of Clinton, M;:ss
City National Bank of Willianisoort, Pa
First National Bank of Pine Bluff, Ark
Exchange National Bank of Norfolk, Ara
Schokarie County National Bank of Schohavie, N. Y ..
First National Bank of A ngclica, N. Y
First National Bank of Wnhpeton, Dak
Palatka National Bank of Palatka, Fla
First National Bank of Butler, Pa
First National Bank of Livingston, Mont
Middletown National Bank of Midi:Mown, N. Y
Henrietta National Bank of Henrietta, Tex
Fidelity National Bank of Cincinnati, Ohio
Logan National Bank of West Liberty, Ohio
First National Bank of Leadville, Colo
Total

ProporTotal
tion of
Dividends paid during dividends interest
paid to
the past year.
paid to
depositors. depositors.
Total amount. Per cent. Pgr cent.
$691,874.96
50
30
82,945. 82
300
100
73,172. 39
56
20
34,147. 64
70
20
70,442. 34
100
50
16, 238.24
25
25
291,973.33
40
10
14,932.52
40
10
15,518.79
85
10
11,011.18
10
10
9,491.70
100
100
12,787. 24
81
11
21, 262. 54
75
75
102, 876. 81
70
15
32,391.89
50
50
596, 642. 30
25
25
8,108. 60
50
10
20,385. 06
40
10

Per cent.
100

ioo

10C

2,106,203.41
••

Out of 3,805 national banks organized since February, 1863, only 120,
or about 3 per cent., have been i)laeed in the hands of receivers; this
includes 9 which had been previously placed in liquidation by their
stockholders, but upon their failing to pay their depositors the Comptroller appointed receivers to wind up their affairs. Out of the above
total of 120 failed banks, 41 have paid their creditors in full, while 23
have besides paid interest, 18 in full and 5 in part. The affairs of 85
banks of the 120 have been finally closed, leaving 35 in process of settlement, of which, as has been seen, 7 are virtually closed with the
exception of pending litigation, leaving 28 receiverships only in active
operation.
The total amount so far paid to creditors of insolvent national banks
has been $29,434,986, upon proved claims amounting to $46,938,388.
The amount paid during the year has been $2,135,878, which includes
$29,675 paid in dividends declared prior to November 1, Ib86, on claims
proved since that date. Assessments amounting to $9,945,250 have
been made upon stockholders of insolvent national banks under section
5151 of the Kevised Statutes of the United States. From this source
the gross collections amount to $4,682,563, of which there has been received during the past year $(jo(y,lijij. Suits are pending in some cases.
It will be observed that the gross collections from stockholders of insolvent banks amount to only about 47 per cent, of the assessments.
Unfortunately the cost of the litigation attending such collections can
not be accurately ascertained from the records in this office, but it has
been very great, and should be deducted from gross collections. The
Comptroller is disposed to think the net amount actually realized to
creditors from this source has been under, rather than over, 40 per cent,
of the total assessments. In any case the figures show that the security afforded to creditors by subjecting shareholders to liability beyond
the loss of their stock is quite disproportionate to the damage inflicted
upon solvent shareholders. This personal-liability feature tends to discourage prudent business men from investing in national-bank stock,




80

REPORT OF THE COMPTROLLER OF THE CURRENCY.

while contested assessments generally develop an amount of chicanery
and fraud which must exercise an injurious influence upon morals.
ISSUES AND REDEMPTIONS.

The following table exhibits the number and amount of national-bank
notes of each denomination which have been issued and redeemed since
the organization of the system, and the number and amount outstanding on October 31, 1887:
Xumber of notes.
Denominations.
Issued.

Ones
Twos
Fives
Tens
Twenties
Fifties
One hundreds
Five hundreds
One thousands
Fractions outstanding
Totals

Eedeeraed.

23,167, 677
7, 747, 519
LOO, 455, 524
42, 762,799
13, 301,145
1,849,613
1, 375,146
23, 924
7, 369

22,776,403
7,646, 720
85,170,819
33, 799, 928
10, 091, 941
1,536,143
1,127,452
23, 293
7,305

190, 690, 716

162,180, 004

Amount.

Outstanding.

Issued.

Redeemed.

Outstanding.

391, 274
100, 799
15, 284, 705
8, 962, 871
3,209, 204
313,470
247, 694
631
64

$23,167, 677
15, 495, 038
502, 277,620
427, 627, 990
266/022,900
92, 480, 650
137, 514, 600
11,962,000
7, 369,000

$22, 776, 403
15, 293, 440
425, 854,095
337, 999, 280
201, 838, 820
76, 807,150
112,745,200
11, 646, 500
7, 305, 000

$391, 274. 00
201, 598. 00
76,423, 525. 00
89, 628, 710. 00
64,184,080.00
15, 673, 500. 00
24,769,400.00
315, 500. 00
64, 000. 00
23, 742. 60

28, 510, 712 1,483, 917,475 1,212,265, 888 271, 675, 329. 60

Notes of gold banks are not included in this table.

A table showing the number and denomination of national-bank notes
issued and redeemed, and the number of each denomination outstanding
on October 31, for the last twenty years, will be found on page 178 in
the Appendix.
Distinct accounts are kept for the incomplete currency issued to banks
in replacement of notes redeemed and destroyed under the provisions o£
the act of June 20,1874, to banks taking out new circulation upon an
extension of their corporate existence under the act of July 12,1882,
and to old and new banks increasing the volume of their circulation by
adding to the amount of bonds deposited. The notes issued in the three
latter cases have heretofore been designated (on the books of this office
and in previous reports) u additional circulation," but this term applies
X^roperly only to the two cases last above mentioned.
In order that the following table, showing by States the amount of
" additional circulation " issued during the year ending October 31,18S7,
and the total amount of such circulation issued since June 20,1874, may
conform to previous reports, the three classes of issue are distributed
into two columns, one showing amounts issued under the act of 1882
and the other the issues which are properly additional. This table also
shows the amount of circulation retired during the year and the total
amount retired since June 20, 1874.




EEPORT OF THE COMPTROLLER OF THE CURRENCY.

81

U

T A B L E SHOWING B Y STATES T H E AMOUNT OF A D D I T I O N A L CIRCULATION" ISSUED
DUKING T H E YEAH ENDING OCTOBER 3 1 , 1 8 3 7 , AND TOTAL AMOUNT ISSUED SINCE
J U N E 20, 1674.

Circulation retired.

I Circulation
I issued Additional
under act circulation
of July 12, issued.
1882.

States and Territories.

Total.

U n d e r a c t j Insolvent

Total.

banks.
Maine
New Hampshire
Vermont.'.
Massachusetts
Ithodo Inland
Connecticut
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
i\l orida
A labaina
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
M issonri
Indiana
Illinois
Michigan
Wisconsin
Iowa
M iiinesota.
Kansas
]\7 evada
Oregon
("olorado
tah
Idaho
M ontana
Wyoming
New Mexico
Dakota
"Washington
California
Arizona

....j
$40,220
4.9. 910
•
51, 500
'
j 1,1.13, B05
2, £50
\
178,405
|
217,510
|
19, 000
I
597, 940
I
!
3,000 I
j
I

30
119, 250
30, 310
128,450 j
18, G O !
O
420 i
3, 850 i
32, 750

-

(

\j
I

Total
I 2,014,060
S u r r e n d e r e d t o this cilice j
and retired
i
F r o m J u n e 20,1874, t o Oc.to- '
:
her 31,1880.
Surrendered and retired •
'
:
same dates
Grand total October i
!
31,1887

$429, 204
298,673 I
500, 257
4, 341,101
790, 280
1,107,930
1,973, 799
588, 002
3, 598,189
38,100
050, 448
61,982
140, 320
73,114
112,052
135,102
211, 640
3,340
127.450
11, 730
281, 372
108, 630
19, 097
1,154, 197
227, 340
253, 335
216,441
254, G05
1, 730, 530
559, 205
649,186
279, 900
066, 927
438,475 I
281, 533
112,020
J 63, 603
181, 540
437, 826
98,430
124, 323
212. 785 I
107, 401
877, 420
153, 088
225, 000
5, 900
11,250
92, 240
20, (550
78, 990
O.i, 437
10
32, 530
12, 851
15, 000
13, 000
22, 505
140
13, 520
80, 840
133, 205
37, 320
82, 510
38, 750
318, 850
104, 740
22,500 |

$57,470
94,940
107, 840
2, 054,125
10,900
223, 405
1. 258, 540
222,270
1,404, 230
11,240
70, 500
45, 000
II, 250
25, 050
11,250
11, 240
90, 000
1, 930
249, 750
90, 740
302, 480
408, 075
71, 010

227, 340
253, 975
439, 955
249, 080
310, 025
93, 420
181. J 20
91,580
380,03.1
877, 4-A)
225, 000
! I, 250
92, 240
78, 090
10
15, 000
22, 505
13, 520
133, 205
82,510
318, 8,")0
22, 50 J

•
j
j
4

$11,250
45,000
5G, 250
940, 320
13, 950
45, 000
1, 041, 030
203, 270
S06, 2S0
11, 210
07, 500
45,000
11, 250
25, 650
l i , 250
11, 240
90, 01)0
1, 930
249,750
90, 710
302, 480
408, 075
71. 010

I

8, 519, 205

11,103, 345 | 21, 957, 758

7,612
8, 370
8,970

$862, 401
497,615
838,196
8, 210, 290
1,908, 577
2,303, 273
4, 754, 575
1, 044, 693
6, 518,438
71,503
1, 402, 934
62, 863
287,379
219,146
139, 254
170,152
321, 713
4,935
146,072
11,745
451,449
. 125,437
29,452
1, 442,437
362,225
346, 600
2, 972, 872
1,1.^2,753
1, 086, 507
569, 475
320, 339
607, 343
214,140
330,472
205, 235
5, 960
20, 650
131, 282
33, 371
16, 860
13, 000
3, 700
101,190
37, 326
46, 362
113,110
8,970

18, 366, 519

40, 324, 277

$433,197
198, 942
337, 939
3, 869,189
1,112, 291
1,195, 343
2, 780, 776
456, 091
2, 920, 249
33, 343
752, 4*-6
881
147,059
140, 032
27, 202
35, 050
110, 073
1, 595
18,622
15
170, 077
16, 801
10, 355
288, 240
108, 890
130,161
1, 242, 340
503, 567
419,580
287, 942
156, 736
169,517
89, 817
23, 011
51, 547
67, 845
841
4, 015
3,500
20,350

i
i
\.

290, 769

I
!
!
196, 704, 902 J171, 775, 021 58, 347, 227

230,122, 248
15, 246, 964

I
.1207,878.247 193, 732, 779

76, 713, 746

285, 984, 258

i
Notes of gold banks are not included in the above table.

Of the above $8,549,265 there was issued to banks organized during
the year $4,G90,375, and to already existing banks increasing their circulation $3,858,890.
8770 CUR 87
6




82

REPORT OF THE COMPTROLLER OF THE CURRENCY.
ISSUES.

The total issues of incomplete currency during the year are shown by
the vault account, as follows :
National-bank currency in vaults October 31, 1886
§62,486,660
Amount received from Bureau of Engraving and Printing during the
year ending October 31, 1887
'.
25,413, 750
Total
,
Amount issued to banks during the year
$36, 756,100
Amount canceled during the year, not having been issued.
934,060

87,900,410
37,690,1(50

Balance in vaults

50,210,250

The duties devolving upon the clerical force in the division of issue
of this office are of great responsibility, requiring absolute accuracy
and promptness on the part of those to whom these duties are assigned.
The records of receipts and issues are balanced daily with the vauit accounts, and the work of each day is completed before that of another
day is begun. During the past year 29,993 packages of currency were
forwarded to banks by express, the same number of receipts prepared
for signature and return by the banks, and a large amount of correspondence was conducted.
REDEMPTION.

The provisions of law relating to the redemption of the circulating
notes of national banks have undergone many changes, but no change
has at any time been made in the only two provisions contained in the
act of February, 18(33.
. These are, first, that every bank must redeem on demand at its place
of business any of its circulating notes presented there for redemption
during business hours; and second, that the medium of redemption
must be a lawful money of the United States."
By the act of June 3, 18G4, every association located in Saint Louis,
Louisville, Chicago, Detroit, Milwaukee, New Orleans, Cincinnati,
Cleveland, Pittsburgh, Baltimore, Philadelphia, Boston, New York, Albany, Leaven worth, San Francisco, or Washington City was required
to select, subject to the approval of the Comptroller of the Currency,
some national bank in the city of New York, " at which it will redeem
its circulating notes at par f and each association not organized within
any of the cities named had likewise to select as its redemption agent
some association in one of these cities.
The Comptroller was required to give public notice of the redemption
agent of every association, and of any changes made in such agents,
and in case any bank failed to select an agent, or to redeem its notes,
as provided by the act, the Comptroller, with the concurrence of the
Secretary of the Treasury, might appoint a receiver to wind up its
affairs.
The act of June 20,1874, established the National Bank Redemption
Agency of the Treasury at Washington, repealed all requirements as to
redemption agents elsewhere, relieved the banks of the obligation to
keep a reserve upon their circulating notes, and substituted therefor the
requirement that every bank should keep up a redemption fund in the
hands of the Treasurer of the United States equal to 5 per cent, of its
outstanding circulation.




83

REPORT OF THE COMPTROLLER OF THE CURRENCY.

The following table, compiled from the Treasurers' reports, shows
the practical working of the law as to the 5 per cent, redemption fand:
TABLE SHOWING MODE OF REIMBURSEMENT OF FIVE PER CENT. REDEMPTION FUND
BY NATIONAL BANKS, BY FISCAL YEARS, FROM 1875 TO 1887, INCLUSIVE.

Tears.

Deposits with Treasurer, United States.
Deposits of
lawful money
with assistant Deposits re- Remittances
Proceeds of
treasurers,
of lawful
national-bank
ceived at
United States.
money by ex- notes redeemed.
counter.
press.
$88, 834, 653.12
105,134, 528. 37
116, 044, 751. 34
100, 819; 824. 50
101,194, 261.04
46,960, 242. 06
41, 411, 436. 87
50, 531, 496. 68
113, 726, 801.90
89,338, 255. 34
106, 264, 901.13
92, 363,184.15
46, 254, 760. 76

1875
1870
1877
1878
1879
1K80
1881
1882
1883
1884
1885
1880:
1887
Total
1
Average

11,098,879,097.26
I
70.75

Total.

$989,646. 63 $32, 308,100. 78 $18, 742,163.00 $140, 874, 563.53
664, 989. 45 19,042,491.62 52, 643,065. 00 177,485,074.44
7,678, 750. 57 91, 856, 769. 92 215,580, 271. 83
(*)
5,935, 806. 89 98, 552, 739. 98 205,308, 371. 37
(*)
4, 894,393. 06 50, 581, 484. 09 156, 670,138.19
(*)
2, 627, 861.16 6,924, 097. 88 50, 512, 201.10
(*)
3,106,187. 40
4, 313, 702. 36 48,831, 326. 63
'(*)
2, 975, 682. 27 4, 534,598. 69 58, 041, 777.64
(*)
2, 939, 882. 01 5, 248,120.14 121,914, 804. 05
(*)
3, 801, 957. 46 5,727, 786. 37 98, 867, 999.17
(*)
4, 503,141. 79 6, 376, 897. 26 117,144, 940.18
(*)
3,433, 468. 78 5, 775, 498. 84 103,359,393.61
1, 787,241. 84
2, 000, 214. 04 2,189, 546. 65 52,522, 359. 27
2, 077, 837. 82
5, 519, 715. 74 95, 247, 937. 83 353, 406, 470.18 1,553,113,221.01
6.13
6.13
22.76 i
100.00
* No record.

The following tables, compiled from the Treasurers' reports, show for
the fiscal years 1874-'75 to 1886-'87—
1. The amounts of national-bank currency received annually at the
redemption agency, and the disposition made of it.
2. The points from which this currency was forwarded, and the percentage of the whole received from each point,
3. The total amount of notes redeemed, and the mode of redemption.
4. The cost of redemption.




TABLE SHOWING RECEIPTS AND DELIVERIES OF MONEYS BY THE NATIONAL-BANK REDEMPTION AGENCY (UNITED STATES TREASURER'S OFFICE)

00

FOR EACH FISCAL YEAR FROM 1875 TO 1S87, INCLUSIVE.

Yeai' ending J u n o 30—

1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1880*
1887

Cash balance on
hand at close of
previous year.

$(5,031,022.32
7, 912, 53!). CO
11, £05, 3J2. 52
8,410, 848. oil
3, 7b5, 380. 21) .
3, 097, 983. 77 I
2,844,107.37 !
3, o:;o, 9-«). 3 2 I
6, 672, 903. 8b !
6,910,452.03 I
6,701,087.03 (
3, 840, 402. 05
Total

71, 403, 097. 78 |

To " o v e r s " reported in nationalbank notes received for redemption.

To national-bank
notes received
for redemption.

$155,520,880.48 |
209, 038, 854. 94 !
242, 885, 375. 14
213,151,458. 56
157, 650, 644. 90
61,585,075.08
59, G50, 259. 43
76, 089, 327. 48
102, 699, 076. 73
126,152, 572. 34
150,209,129 01
130,290,606/82
87,689,687.15
1, 772, 626, 148. 72

$24, 044 85
10, 491.4 J
21,0(10.58
37,049.20
22, 148. 42
6,461.30
13,231.38
11,22113
8, 092. 09
6, 0u0. 20
17,000.07
25, 528 97
16,404.07
220,990.78 j

Aggregates.

$155, 545, 525.33
215,086,308.08
250, 852, 910. 72
224, 094, 420. 28
166,089,641.71
65, 377, 526. 27
62,761,474.58
78, 9H. 636. 98
106, 338, 758.14
132,838,602.49
157,136,641.11
137,113,223.72
91, 546, 493. 27
1,844,326,243.28

By notes of failed
By national-bank
By national-bank notes,
and liquidating
rotes, unlit for cir- national banks, defit for circulation, deposited in the Treasury, culation, delivered
posited in the
to the Comptroller
and forwarded to naTreasury of the
tional banks by express. of the Currency.
United'States.
$26,100,291. 00
10_>, 478,700. 00
151,070,3(0.00
152,437,300.00
112, 411,}-00. 00
24, 680, f;00. 00 !
0, 703, 000 00 '
:
3,fc01,500.00 ,
'
15, {172, 100.00 ;
20, 255, 500. 00 :
45,034,800.00 i
4o, 701, 100.00 !
20, 7^0, 0-10. CO !

>1!5,109, 445. 00
78, 643, 155. CO
62, 518 COO. 00
51,585 400. 00
40, 204, 00 00
29, 861, 00. 00
40.0-0, 00. 00
53, KJ8, 500. (0
78, 004. 758. CO
95.610, 0(34.00
98, 598, 170. 00
82, 250, 713.50
60,841, 550. 00

$0, 579,217.00
24, 927,900. 00
24,4;;t), 700. 00
11,852, 100. 00
8, 354,2;'O. 00
0,071, 710. 00
12,435, 400. 00
10, 953,730 00
4,007, GGO. 00
3, 507,950. 00
5, 591,730. 00
3,910, 573. 00
1,133, 215. 50

735, 0G0,i;!l. 00

893, S1(J, 455. 50

131, 025,125. 50

w
o

a
O

o
o
t-1

By United Stales
?es re-

Year c n , l l n B J u n o 3 0 United States.

1875
1876
1877
3878
1879
1880
1881
1882
1883
1884
188-5
1886
1887

--

,
Total




!

p

,

returned.

$959,132, 00
428, 688. 00
30,045.(0
24, 970. 00
7, 267. 00
81, 858. 00
177, 350, 00
111, 924.50
126, 727.10

$1,620,557.89
1 065 00° '-0
1 278 903 80
' 38l' 372 22
329, 323. 34
1-05.432.14
r>69, 971.08
672, 427.09
727. 282.98
455, 333.05
3:9,249.19
277,194.78
464.413.45

1,948, 559. G
O

8, 479, 402. 75

By national-bank notes—!
less than three-fi'.'ths, | By "shorts " reBy counterfeit
Casli on hand a t
lacking signatures, and ported in nationalnotes rejected and • stolen—rejected and : bank notes received
close of year.
returned.
returned, and discount on j lor redemption, j
United States currency.

$25,812.15
9,9^8,41
3,345.03
1,152.09
725.84
523.54
612. 25
520.90
573. 58

$3, 741.00
5,188". 00
5,634.00
4, 008. G
O
3, 016.00
3, 846. 75
4,324.50
4,151.00
4, 559. 50
3, 770. 50
3, 560,00
2, 720.00
2, 924.00

$15, 028.12
7, 709.22
4, 755.91
3, 997.13
6,282. 58
7, 870.23
22,763.37
3, 832.35
4, 337. 62
3, 365. 77
3, 636.49
3, 822.28
2, 554. 23

$20, 223. 50
16,175.26
29,70143
16,394.60
9, 900. 35
9, 808.97
6, 618. 25
13,405.13
10, 103.35
3, 785.60
6,445.25
8, 246.65
22, 356.00

$0, 031, 022.32
7,942,539.00
11, 505, 312.52
8, 410, 848.33
3, 785, 889.29
3, 097,983. 77
2, 844,107.37
3, o;;o, 989.32
G, 672, 963. 85
6, 910,452.03
0, 791, 087.93
3, 8iO, 402.05
2,165, 539.41

43, 230. 85

51,443.25

89, 955. 30

173, 233.34

73, 628, 637.19

o

d

o

TABLE SHOWING, BY FISCAL YEAIIS, FROM 1875 TO 1887, THE AMOUNTS OF NATIONAL-BANK NOTES RECEIVED AT THE UNITED STATES TREASURY FOR REDEMPTION FROM THE PRINCIPAL CITIES AND OTHER PLACES, AND THE PROPORTION OF EACH AMOUNT TO THE WHOLE.

!New York.
Year.
Amounts.
$30. 925, 000
78, 389, 000
70, 093, 000
60, 273, 000
54.170, 000
20,4G0, 0G0
23,319,000
28, 012, 000
30, 042, 000
51, 327, 000
75, 409, 000
49. 4H7, 000
3i; 314, 5S3

1875
1870
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887

Per
cent.
52. G7
88. 37
32.47
31.48
35. 00
4 1 90
39. 09
30.82
35.30
4'i. 07

50.20
37. 98
35.71

Amounts.
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887




$1,002,000
3, 205, 000
1,821,000
1, 085, COO
GO.i, 000

•-.

415, 000
673, 000
047, C00
1, 620. 000
2, 853. 000
3, 70."), 000
3, 510, ( C
O
3,102,500

Amounts.

Per-

$17, 5W, 000
55, 87^, 0-0
75,212,000
80, 527, 000
59, 375. 000
II, 70lj 000
5, 505, 000
7, 370, 000
10,031.000
79,971000
27, 473, 000
30,031,000
13, 219, 209

il.32
27.35
31.84
38. 26
38.36
19. 00
9.33
9.G9
10.19
15.83
18.20
23. 05
15.08

Orleans.

Baltimore.
Year.

Philadelphia.

Boston.

Per
cent.

Amounts.

$>, 003, 000
1,±1\ 000
1, 310, 030

$9, 006, 000
0, 778, 000
20, 988, 000
10,830,000
7, 052, 000
3, 358, COO
4, 919, 000
5, OoO, 000
7, 333, COO
6, 830, 000
7, 229, 0U0
7, 323, 000
6, 972, 853

Providence.

Amounts.

1.37
1.09
1.50

Per
ceut.
4.39
4. Si)
1.76
1.52
1. 11
2.72 i
4.45 i
4.00 I
5. OS :
4. 59 !
3.03 I
4. 22 1
0. 0G I

pl.Ei-i, CCO ;
1<:7*00,000 !
4, 102. 000 I
3, ] 94, COO ,
1,710, COO ,
1,073,000 j
2,055,000 !
i!, 515,000 !
0,1k), 000 I
5, 704, 000
4, 55S, 000
5, 403, 000
5, 315, 319

Pittsburgh.

$i,38S,000
3, 247, 000
5. G53, 000
4 989, 000
3, 772, 000
1,454-, COO
1,419,0(0
1,426,000
], 660,000
1, 820, 000
2 293,000
1,731, 00 J
1,015,131

$1,449,000
1,425, 0!:0
1,322,000
1, 141,000
6 55, 000
5i7,0 0
s
6- 6, COO
880, 000
017, 000
H9,(.oy

68.1, 003
520,000
527, 801)

Per
cent.

Amounts.
$3, 070, 000
3,085,000
2,781,000
2, 208, 000
1,219,000
819,000
906, 000
1,188, 000
1,774,000
1,822,000
1,910,000
2, 2G'M)00
2,244,310

Saint Louis.

I
|
•
'
j
j
!
I
.
:

2. 37
1.51
1.18
1.08
.79
1.33
1.67
1.56
1.73
1.45
1.27
1.7-4

Other places.

Per
cent.

Per

1.22
1. 00
.77
.52

.07
1.13
1.24
1.58
2.20
2.47
2.72
3.5-1

Amounts.

Cincinnati.

Chicago.

.93
. 70
.50
. 51.41
.8.)
1.01
1.1(5
Ad
f

. (.f>
.46
.40
.60

Amounts.
p,l. 180, C O ;
O
38, 10H, t 00 i
40 2S6, 000 ;
30. 170, 000 !
2-1,(347,000 j
11, 707, tOO !

, ,
2."), 721.000
20, 19:J,0(i0

::o, 7oi, coo
23,018,000
25, 051, CCO
19,2-10,185

IVr
cent.
•0. 07
18. 70
3 9. ;)9
18. 01
15. 02
2-i. 98
2L 56
33. 80
28.43
21.:; 8
15.92
19.23
21.Oi

Amounts.

$1,384,000
l | 010, 000
1,202, OLO
999, 000
1,487,000
302, OlO
673, 000
1,001,000
1, '.'72, 000
1, 153,000
977, 000
y. 4-22, 000
3,421, 608

Per
cent.
.89
.50
.55
.47
.00
.64
1.13
1.39
1.34
.92
.65
2. 03
3.00

Totals.
Amounts.

a
o

S
O

Per
cent.

100. CO
100. CO
100.00
100. CO
100. CO
100. 00
ico co
100. CO
100. CO
1'iO.OO
150,'209', 000 j 1(0. 00
l.'JO, 2!5O, GOO
100. 00
87, GS9, 687
100. CO

$155,<121, 000
201, 300, 0(0
2-U». 210, 000
2L0'-i0!,C00
154.769,(00
01,580.000
f>9, (i5i\ 0 H)
76, (.'89. COO
102,700,000

o

' • "

o

o

GO

TABLE SHOWING TOTAL AMOUNT AND MODE OF PAYMENT FOR NATIONAL-BANK NOTES REDEEMED, BY FISCAL YEARS, COMMENCING WITH YEAR

QO

ENDING JUNE 30, 1875.

Year.

Transfer
checks.

1875 . $53, 872. 954. 00
1876..
92, 374, 801.00
95, 212, 743. 45
1877..
75, 361, 427. 23
1878..
51,718,253.06
1879..
10, 852, 505. 53
1880..
1881 . . 22,415,972.28
1882 . . 32, 992,144. 72
1888 . . 56,018,447.71
77,991,916.83
1884..
1885 . . 105, 810, 2.34. 80
1886..
74,14!>, 555. 26
1887.. 39, 996, 984. 07

United States
notes.

$49,977,719.00
40,120, 338. 00
34, 588,129.15
23,046,418.44
14,617,619.41
21,174,826.66
19,567,744.21
23,222,831.83
23, 668^ 064.66
24,080, 304. 62
19, 236, 730. '27
9, 204, 752. 76
15, 657, 298. 62

Fractional sil-

$468, 974. 00
549, 645. 40
52,178. 90
28, 230. 59
8b, 164. 56
246, 447.42
296, 257. 79
158,127.60
135, 773. 22
103, 843. 62
97, 070. 41

Standard silver
dollars.

$96, 683.32
174, 831. 85
215,045.27
269, 918.44
242,518.37
1,015,519.10
482, 500. 35
451,194. 22
248, 970. 92

Redeemed at
counter.

$100, 000,00
4, 738, 979 C
O
6, G75, 000.00
2,661. 021. 00
5, 089, 222.80
3, 883, 417.60
3, 522, 007.00
4, 033, 402.40
3,941, 638. 00
3, 826, 203. 00
3, 848, 090. 50
8, 385, 485.00
4, 200, 654.50

Credits to assistant
t r e a s u r e r s and
United States depositaries in general account.

Credits in redemption
accounts.

$12,667,011.00
19, 078, 209. 00
12, 789, 757. 00
12, 609, 083. 76
35,148,181.38
18,218,070.37
8, 936, 232. 92
10,106, 238. 45
12, 428, 692.86
12, 960, 221. 66
13, 944, 370. 50
31,007,087.30
24,768,344.79

Notes fit for circulation and
of failed, liquidating, a n d
reducing banks, deposited
in Treasury in p a y m e n t of
notes redeemed b y Treasu r y prior to J u l y 1,1875.

$18,742,163.00
52, 643, 065. 00
91,850,769.92
98, 552, 739. 98
50, 581, 484. 09
6,924, 00/?. 88
4, 313, 702.36
4, 534, 598. 69
5,248, 120.14
5, 727,786. 37
6, 443, 697. 26
" 6,727,706.96
2, 243, 346. 65

$17,532,008.00

Total.
O
$152,891,855.00
208, 955, 392. 00
241,591,373.52
212, 780, 335. 81
157, 303, 622.96
61,255,980.48
59, 0:6, 468. 60
75, 405, 581. 95
101, 84H, 739. 53
125, 760,169.18
149, 931, 336. 90
130, 029, 625. 12
87, 213, 269. 96

w

o
d
H
W
O

TABLE SHOWING, BY FISCAL YEARS FROM 1875 to 1887, EXPENSES INCURRED IN THE REDEMPTION OF NATIONAL-BANK NOTES AT THE UNITED
STATES TREASURY.

Year.

Charges for
.transportation.

Costs for assorting notes.
I Prin t i n g I
Salaries- '•• and bind- j Stationery.
ing.

Postage.

I

1875..
1876..
1877..
1878..
1879..
1880..
1881..
1882..
1883..
1884..
1885,.
1886..
1887..




I 098. 31 $158,227.39
,
159, 142.84 ! 188,018.94
189, 362.05 150, 695. 68
173, 420. 60 136, 580. 63
298. 75 133, 956. 27
764. 24 104, 350. 08
843. 86
89, 564. 72
203. 31
87, 593. 56
57, 190. 86
86, 213. 35
68, 684.11
88, 426. 79
85, 255. 48
93,371.82
74, 490. 52
89, 065.18
48, 020. 53
87, 450. 54

$6, 604.30
2, 660. 32
2, 894. 60
2, 632. 69
1, 220. 60
1,535.42
2, 401. 54
1,935.91
1, 670. 77
3,190. 89
1,430. 93

^$12,290.72
*9,174. C8
3, 818.10
3, 090. 00
2, 597. 22
1. 034. 29
1,051.27
806. 51
890.41
1,133. 84
1,114.19
1,163. 65
1, 053. 39

$3, 298. 80
3,391.00
3, 716. 66

*In 1875and 1876 "Printing and binding" was included with item "Stationery."

Contingent
and other
expenses.
$16, 131.47
1,993. 01
2, 869. 31
2, 190. 93
3,203.11
947. 09
531. 67
390. 58
896.11
716.00
444. 90
S33.11
011. 61

Furniture.

Total.

$12, 918. 68
3,472. 84

$200, 965. 37
365,193. 31
357,066.10
317, 942.48
240, 949. 95
143, 728. 39
126, 212.12
129, 529. 38
147,592.27
160, 896. 65
181, 857.16
168,243.35
138, 967. C
O

w
O

REPORT OF THE COMPTROLLER OF THE CURRENCY.

87

REDEMPTION OF CIRCULATION OF BANKS IN THE HANDS OF RECEIVERS, OF THOSE IN VOLUNTARY LIQUIDATION, AND OF THOSE
REDUCING CIRCULATION UNDER THE ACT OF JUNE 20, 1874.

The redemption of the circulating notes of failed banks at the United
States Treasury was provided for originally as it is now, by giving the
Comptroller power to cancel or to sell the bonds of the banks, and in
case of deficiency in the proceeds to make it good out of the assets of
the corporation; but before the act of 1874 went into effect the notes of
such banks were called in by public advertisement, whereas now they
are left in circulation until they are brought by the ordinary currents
of redemption into the office of the Treasurer or of one of the assistant
treasurers, or into the hands of a designated depositary of public
moneys, or one of the national-bank depositaries.
Section 8 of the act of June 20, 1874, requires the Treasurer, assistant treasurers, designated depositaries, and national-bank depositaries to assort and return to the Treasury for redemption the notes of
such national banks as have failed, or have gone into voluntary liquidation, and of all such as shall thereafter fail or go into such liquidation.
The following table, compiled from the records of the Bureau of the
Currency, shows the course of redemption of the notes of failed banks:
Total circulation of all failed banks, $14,818,270 ; amount redeemed,
$13,392,3115 balance outstanding or lost, $1,425,965.
TABLE SHOWING, BY YEARS, FROM OCTOBER 1, 1865, TO NOVEMBER 1, 1887, THE
TOTAL CIRCULATION OF BANKS FAILED, THE AMOUNT REDEEMED, AND THE
BALANCE OUTSTANDING AT CLOSE OF EACH YEAR. (COMPILED FROM REPORTS
OF COMPTROLLER OF THE CURRENCY.)

Year ending—

October 1, 1805
October 1, 1866
October 1, 1867
October 1, 1868
October 1, 1809
October 1, 1870
October 1, 1871
November 1, 1872
November 1,1873
November 1, 187-1
November 1,1875
November 1,1876
November 1, 1877
November 1, 1878
November 1,1879
November 1, 1880
November 1, 1881
November 1,1882
November 1,1883
November 1, 1884
November 1,1885
November 1,1886
November 1,1887

Total circu- Total circu- Aggregate A m o u n t of Balance of
circulation
circulation
lation outlation of •
of failed
preof failed
standing at banks failed of twocolb a n k s outb a n k s revious
end of preduring
deemed dur- standing a t
umns.
vious year.
the year.
close of year.
ing yea l1.
$44, 000

'

Total

$44, 000. 00
303, 680. 00
889, 292. 00
562, 559. 00
332, 738. 45
318, 835. 85
208, 551. 60
501, 363. 00
2, 302, 548. 00
2, 037, 638. 00
1, 396, 967. 50
976, 296. 70
1, 025, 625. 45
1. 551, 454. 00
1,148, 679. 00
1, 332, 276. 00
949, 742. 00
1, 401, 632. 00
861,128. 00
1,098,288.00
1,133,414.00
1,458, 026. C
O

265, 000
748, 900
321,800
45, 000
129, 700
None.
1,388,393
2, 522,100
230, 000
638, 676 ,
540, 609
2, 349,114
1, 385, 068
516,825
506,143
None.
999, 500
108, 200
850,120
486, 550
434, 840
307, 738

14, 818, 276

$44, 000. 00
309, 000. 00
1,052,580.00
1, 211, 092. 00
607, 559. 00
462, 438.45
318.835.85
1, 596, 944. 60
3, 023, 463. 00
2, 532, 548. 00
2, 676, 314. 00
1,937,576.50
3,325,410.70
2,410,693.45
2, 068, 279. 00
1, 654, h22. 00
1, 332, 276. 00
1, 949, 242. 00
1, 509, 832. 00
1,711,248.00
1, 584, 838. 00
1,568,254.00
1, 765, 764. 00

None.
$5. 320. 00
163,288.00
648, 533. 00
274, 820. 55
143, 602. 60
110, 284. 25
1,095,581.60
720, 915. 00 .
494,910.00
1, 279, 346. 50
961,279.80
2, 299, 785. 25
833, 239. 45
919, 600. 00
322, 546. 00
382, 534. 00
547,610.00
648, 704. 00
612,960.00
451, 424. 00
110,228.00
339, 799. 00

$44, 000. 00
303, 680. 00
889, 292. 00
51)2, 559. C
O
332, 738. 45
318,835.85
208, 551. 60
501, 363. 00
2, 302, 548. 00
2, 037, 638. 00
1,396,907.50
976, 296. 70
1, 025, 625. 45
I,551,4f4. 00
1, 148, 679. 00
1, 332, 276. 00
949, 742. 00
1, 401, 632. 00
861,128.00
1, 098, 288. 00
1,133,414.00
1, 458, 026. 00
1,425, 965, 00

11-3.39-2 311 00

Before the act of June 20, 1874, banks reducing their circulation
could withdraw their bonds from the Treasury only upon surrendering
there for cancellation an amount of their circulating notes proportioned




88

REPORT OF TflE COMPTROLLER OF THE CURRENCY.

to the amount of bonds to be withdrawn, and up to July 14,1870, banks
for one year after going into voluntary liquidation had to resort to the
same means in order to withdraw their bonds, but after the expiration
of the year such banks might deposit lawful money for the difference
between the whole amount of circulation issued to them and the amount
surrendered, and thereupon get back the rest of their bonds. The amount
of such deposits and the time at which they should be made were left
to the voluntary choice of the bank. The act of July 14,1870, made the
deposit of lawful money obligatory upon liquidating banks, and the act
of June 20, 1874, fixed six mouths after notice of liquidation as the
limit of time allowed for making such deposits.
The act of June 20, 1874, provided also that any national banking association might withdraw its circulating notes upon the deposit of lawful
money with the Treasurer of the United States in sums of not less than
$9,000. Under this act, and on account of liquidating and insolvent
banks, and under section G of the act of July 12, 1882, which provides
for a deposit of lawful money to retire the old circulation of national
banks whose corporate existence has been extended, $371,882,780 of
lawful money has been deposited with the Treasurer. This includes
$2,663,720 for redemption of the notes of national gold banks and
$75,806,357 for the redemption of national-bank notes under section 6
of the act of July 12, 1882.
During the year ending October 31,1887, lawful money to the amount
of $61,387,320 was deposited with the Treasurer to retire circulation,
of which $1,169,472 was deposited by banks in liquidation, $36,664,668
by banks reducing circulation under the act of June 20, 1874, and
$23,553,180 by banks retiring old circulation under the act of July 12,
1882. The amount previously deposited under the acts of June 20,
1874, and July 12, 1882, was '$260,463,378; by banks in liquidation,
$64,276,892; making a total of $386,127,590. Deducting from the total
the amount of circulating notes redeemed and destroyed without reissue, which was $283,301,453,there remained in the hands of the Treasurer on October 31,1887, $102,826,137 of lawful money for the redemption and retirement of national bank circulation, including $239,929 for
the redemption of the circulating notes of national gold banks.
Prior to June 20,1874, there were redeemed and destroyed $10,431.,135, and since that date $272,870,317 of bank notes have been redeemed, destroyed, and retired. This latter amount includes $2,423,791 of the notes of national gold banks, and $30,728,515 of the notes
of national banks whose corporate existence has been extended under
the act of July 12? 1882.
There are at present no national gold banks in existence. Of those
which had been organized, three went into voluntary liquidation and
the others became currency banks, under the provisions of the act approved February 14, 1880.
Under all the laws now in operation the Treasurer has received for
redemption up to November 1, 1887, national-bank notes aggregating
in amount $1,795,093,803.
During the past year the receipts at the Treasury amounted to $83,243,017, of which amount $30,052,077, or 36 per cent., was received from the
banks in the city of New York, and $11,006,900, or 13 per cent., from
banks in the city of Boston. The amount received from Philadelphia
was $6,896,189; from Chicago, $5,220,200 ; from Cincinnati, $2,650,868;
from Saint Louis, $3,219,686; from Baltimore, $2,708,500; from Hew
Orleans, $1,350,647; from Providence, $948,631, and from Pittsburgh,
$600,889




REPOKT OF THE COMPTROLLER OF THE CURRENCY.

89

The following table exhibits the ainoimt of national-bank notes received monthly for redemption by the Comptroller of the Currency
during the year ending October 31, 1887, and the amount received
during 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:
Received by the Comptroller of the Currency—

Months.

From the redemption agency—
From national banks
in connection
with reducFor re due- |
Insolvent
tion of circution of
For relation and
r
Uq
replacement
with new
new notes, act June 20,
if o ! ( v u a
notes.
lew 4.

pl^, tjci,^on:

1886.
November
December
1887.
January
February
March
April
May
Juno
July
August
September
October
,

;72: 840
0,515

$2,200,310
2, 304, 475

$1,150,583
1, 646, 230

£

$1,827,553
1, 566, 826

Total.

j Received
j at United
States
I Treasury
i redemption
j agency.

$5,251,286 |
5, 524, 046 j

$.1,954,011
7, 940, 494

3,231,160
2, 845, 340
2, 096, 630
1,901,125
2, 263, 050
2, 440, 760
1,512,110
1,541,765
1, 562, 075
1, 536, 715

1.851,451
1,775,167
1,549,566
1,510,087
1, 743, 237
1,856,924
1,253,260
1, 289, 879
1, 307, 548
835,021

7, 467, 063
7, 010, 705
5,441,430
5, 093, 804
6,150,891
6, 836, 3d7
4. 478, 259
i. 659, 569
4, 564, 292
3, 465, 840

11,513,904
7, 769, 08 >
5, 943, 971
6, 908, 8.10
7,806,911
6, 878, 141
5, 903, 291
5,921,000
5,101, 627
5, 541, 736

25, 435, 515

13, 940
fcO
40, 700
40
10, 690
103, 970
26,210
690
3, 905
40

21,861,858 | 18,300,519

65,943,512

83, 243, 017

Total
,
Received from J u n e 20,
1874, t o October 31,
1886

16, 065, 805 U0, 273,100 171, 865,151

58, 222, 236 •

Grand total

16, 345,425 Wo, 708,615 193,727,009

76,588,755 1, 052,369, 804 jl, 795, 093,803

279, GJO

•6, 426, 292 jl, 711, 850, 786

Notes of gold banks are not included in the above table.

The following table, compiled from the books of the Comptroller of
the Currency, exhibits the amount of national-bank notes received at
this office and destroyed yearly since the establishment of the system:
Prior to November 1,1£65
During year ended October 31—
1866
]867
1868
1869
1870...
1871..
1872.
1873
1874
1875
1876
1877
1878

During year endedOctobcr 31—
1879
1880
1881
1882
1863
1884
1885
'

$175,490
3,050,382
3, 401, 423
4, 602. 825
8, (i0;< 729
14, 305, 689
24, 344, 047
30,211,720
36,433,171
49,939,741
137, 697, 696
98, 672, 716
76, 918, 9*53
57, 381, 249

$4i,ioi,8::o
35, 539, 660
54, 9H, 130
74,917,611
82, 913, 706
93,178,418
91,048,723
59, 989, 810
47, 726, 0.-3
Additional amount of insolvent a n d I
liquidating national b a n k s
' 87,144, 882
Total

1,212,240,754

li

Notes of gold banks are not included in the above table.
There was in the vault of tlie redemption division of this office, awaiting destruction, at the close of business October 31, I860
Received during the year ended October 31, 1887
Total
"Withdrawn and destroyed during the year
Balance in vault October 31, 1887.




§287,240
65,997,812
66,285,052
6Q, 148,742
136,310

90

REPORT OF THE COMPTROLLER OF THE CURRENCY.

There was received from the United States Treasurer $65,718,192,
contained in 89,288 packages, and from banks direct, $279,620, contained
in 64 packages. The work in this division, in handling this vast amount
of mutilated notes, requires great accuracy, skill, and precision.
SUPERVISION.

The law imposes upon the Comptroller of the Currency the duty of
exercising a supervision over the national banks, and to that end requires him to exact reports from them as to their condition on at least
five days in each year, and reports of the dividends and earnings of
each bank as often as dividends are declared.
The act of 1864 required reports of earnings to be made every six
months, whether dividends were declared or not, and although this
provision was omitted from the Eevised Statutes, these reports have
been continuously required by the Comptroller under the general authority to call for reports at his discretion.
The Comptroller is also authorized to cause examination of banks to
be made from time to time by persons selected for that purpose by him
and approved by the Secretary of the Treasury.
The acts of 1863 and of 1864 seemed to contemplate only occasional
examinations, and these by persons employed specially for the occasion.
The compensation for each examination was $5 a day and mileage.
Afterwards experience appears to have led to the employment of
regular examiners, and to their assignment to special districts ; then
followed periodical examinations, which in time arranged themselves at
intervals of about twelve months.
The Eevised Statutes adopted in 1874 changed the compensation of
examiners from a per diem allowance and mileage to fees, graded in
amount according to the capital of the bank examined, but this scale of
fees was not made applicable to the examination of banks in reserve
cities, in certain States named in the Statutes, and in the then Territories. In these exeepted cases the Secretary of the Treasury was empowered, upon the recommendation of the Comptroller, to fix the compensation of examiners.
The act of February 19,1875, readjusted the scale of fees.
From the beginning of the system, however, until now all examinations have been at the expense of the examined bank, which appears to
be a sacrifice of principle to governmental economy.
It would appear that the supervision of the national banks by the
Comptroller of the Currency was intended originally only to protect the
revenue from being defrauded and the public from suffering loss through
improper issues of circulating notes, but in process of time the supervision came to be extended so as to serve as a protection to depositors
against the maladministration of directors; and quite recently it has
been assumed that examiners are expected to discover the defalcations
of cashiers and tellers, fraudulent entries in the books of banks, and
false statements of assets and liabilities in cases where the president
and directors, or some of them, have failed to make such discoveries.
However desirable it may be that examiners should be encouraged
to fulfill this extreme expectation, yet no one of practical experience
would rely upon an examiner who comes only once a year and who can
afford to stay but a single day, to discover thefts or false entries that
have been successfully concealed from directors who are always present
and whose own money is being stolen.




REPORT OP THE COMPTROLLER OF THE CURRENCY.

91

All efforts must be futile that are directed to supplying1 by means of
official examination an effective substitute for the vigilance and personal accountability of directors. Legislative or administrative force
applied to such efforts will be misapplied and wasted.
The only reasonable theory of accountability and supervision is this:
The officers of the bank should be accountable to the directors for the
honesty and efficiency of its interior administration; the president and
directors should be responsible to the public for such an organization
as tends to prevent fraud and to detect irregularities. To this end they
should especially be required to satisfy themselves personally that all
the officers are of good character and reputable conduct; that they receive sufficient compensation to lift them above undue temptation ; that
the books of the bank are accurately kept and always up to date; that
every statement and report emanating from the bank conforms to the
books and the facts, and that no laxity of internal administration induces to fraud by displaying opportunities for its perpetration and concealment.
Only banks thus organized and administered are in condition to undergo official examination, which strictly should not be extended beyond
the ascertainment, first, that the bank really is thus organized, and administered ; second, that no law has been violated in respect to loans,
reserve, investments, bad debts, or dividends; and, third, that the assets are really worth the amounts representing them on the books of
the bank.
Finally it should be the aim and duty of the Comptroller of the Currency to bring every national bank into the condition of organization
and administration described, and he should labor to keep every bank
in such condition by a scrutiny of its reports, by correspondence, and
by means of examinations.
It is probable that the great majority of banks are properly organized
and administered, but it is unfortunately certain that quite too many
are not so, and among these arise from time to time the scandals that
divert public attention from the general honesty and excellence of
national-bank administration to sporadic cases of fraud or imbecility.
While the present system of examinations and reports has no doubt
contributed materially to the general improvement of the banks, there
QTQ two things which seem to me essential to its completeness : first,
*a stern enforcement through the courts of the responsibilities of officers
and directors, both criminal and pecuniary ; and secondly, the assumption by the Government of the expense attending examinations.
Section 5209 of the ltevised Statutes of the United States seems broad
enough to cover most cases of misappropriation by directors and officers, and section 5239 subjects directors to pecuniary responsibility for
all violations of law causing damages to depositors, stockholders or
others.
When the capital of a bank is found to have been impaired by losses
or otherwise, the Comptroller of the Currency is compelled to decide
among the following:
1. lie may permit a reduction of capital.
2. He may approve of voluntary liquidation.
3. He may require and empower the directors to assess the shareholders.
4. II e may proceed against the corporation under section 5239 and subject the directors to damages for any losses to stockholders or to others
by violations of law knowingly committed or permitted by them.




92

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Manifestly the Comptroller can choose the latter coarse only when
the losses can be shown to be fairly clue to violations of law known to
the directors as a body, and it is difficult to prove such knowledge, because the necessary evidence is generally controlled by the directors
themselves. On the other hand, it is obviously unjust that stockholders should lose their investments, or be subjected to assessment, when
the losses are due to violation of law committed within range of every
directors scrutiny and often, with the knowledge and for the benefit of
one or more members of the board, but of which personal knowledge
can not be specifically established in a sufficient number of cases.
It would appear from this point of view to be very important that the
law should be so framed as to establish against all directors an antecedent presumption that they know and consent to whatever is done in
the bank habitually, and to whatever else goes on there that an ordinarily intelligent business man would discover by the use of reasonable
diligence.
If this were done, stockholders of national banks would come in for
their due share of protection, and directors would attend to their duties
more faithfully than many of them now do, while both the examinations,
and the reports made to the Comptroller directly by the banks would
be more trustworthy.
EXAMINATIONS.

It is of the highest importance to the banks as a body, as well as to
the public, that examiners should be expert, vigilant, and trustworthy,
and that the examinations should be frequent and unexpected.
While the examiners now employed are generally competent, and
many of them are excellent, yet in some cases the territory to be covered is too large to permit of anything like sustained observation by
the examiners, and the pay is too small to secure the best men for the
work. Examiners must be considered as of two classes, those whose
supervision is confined to comparatively a few banks in proximity to
each other, and those who have to travel over a great area, visiting a
number of solitary banks, each of limited resources.
In most of the large cities the banks are numerous enough to permit
of an examiner being employed for each city exclusively, and the compensation is sufficient to secure thoroughly competent men.,
Again, in the South and West the banks are so sparsely scattered over
great areas that it takes a great deal of time and costs a great deal in
traveling expenses to make the rounds of a district, while the capital
of each bank is so small that a great many must be assigned to one
man, in order that the aggregate fees may amount to enough to compensate him. For example, one examiner has to travel all over South
Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana, and Arkansas to examine ninety banks.
If all the State banks in the West and South were in the national system, the examination districts in those sections could be subdivided to
the great improvement of the supervision in thoroughness and effect
iveness.
As has already been said, it would be a great improvement if the ex
aminers could be paid by the Government, and I feel constrained t**
repeat the recommendation that provision be made for inspectors or
supervising examiners. I also respectfully recommend that provision
be made for periodical conferences of examiners.




93

REPORT OF THE COMPTROLLER OF THE CURRENCY.
REPORTS.

The reports made by banks upon the requisition of the Comptroller
are of two classes, those intended to inform the public as to each bank's
condition and those intended for the information of the Comptroller
only.
The reports intended for the public are required to be published, and
it is the duty of the Comptroller to see that this requirement is complied with. To this end a copy of each publication has to be filed in
the Bureau, together with the affidavit of the publisher, verifying the
bank's compliance with the law as to the number of insertions.
During the past year 14,802 reports of condition, about 0,000 reports
of dividends and earnings, and 2,833 reports from examiners have been
received at the office of the Comptroller of the Currency, and fully
13,000 letters and circulars have been sent out in connection with them.
The reports received are ail carefully examined, compared with one another, and abstracts are made from them.
From these various reports, after examination and verification, the
subjoined tables have been compiled, and other tables compiled from
the same sources will be found in the Appendix, showing the condition
of the reserve of national banks, their loans and discounts, abstract of
reports of dividends and earnings, ratios to capital and to capital and
surplus, and other valuable information as to the condition of the national banks on the date of the last report.
A large table, on folded sheet, appended hereto, exhibits for October
5,1887, in aggregate, every detail embraced in the tabulated reports required of the banks. Similar tables are made up for the information
of the Comptroller from the reports gathered from all banks live times
each year. The amounts are given separately for each State, reserve
city, and Territory.
DIAGRAM.

With the report of 188G a diagram was submitted grouping graphically
the main features of the national banking system, and showing by continuous lines the variations occurring between January 1, I860, and
October 7,18SG. It has not been considered necessary to reproduce this
diagram, because any one interested in the subject can extend the lines
by means of the figures contained in the summary of the condition of
the banks, given on page 2 of this report.
The following table groups in a compendious form the most important
facts shown in the diagram, extended to October 5, 1887. The exact
figures in each case are given in the table; in the diagram they had to
be abridged into round millions.
|
January 1, j October 5,
ism
! 1887.
!

i Highest point touched.
'
i
I
! Amount. ! Date.

I
Capital
Capital, surplus, and undivided profits
Circulation
Total investments in
United States bonds . .
Deposits
Loans and discounts
Cash:
National-bank notes.
Legal-tender notes . .
Specie

$403,357, 346 $578,462,765; $578,462,765: Oct.




475, 330, 204; 82:5.827,373
213,239,530' 167,283,343

Lowest point touched.
Amount.

Date.

5,1887 $403,357,346| Jan.

1,1866

823,827,37^ Oct. 5,1887
341,320,256 Dec. 26,1873

475, 330, 204? Jan.
166, 625, 658 Aug.

1,1866
1,1887

440,o80,350: 223,754,450 712,437.900 Apr. 4,3879
520, 212,1741,249.477,126!l,285,076,978 Aug. 1,1887
500,650,109 1,5&0,045,6471,580,045,647 Oct. 5,1887

223, 242, 050 Aug.
501, 407, 5m Oct."
500, 650,109; Jan.

1,1887

20,400, 442
187, 846, 548
16, 909, 363

21,937,884
73,751,255
165,085,454

28,809,699 D e c 31,1883
205,793,579 Oct. 1, 1866
177,612,492 J u l y 1,1885

8,1870
1,1866

11, 841,104! Oct. 7,1867
52,156, 439. Mar. 11,188!
8, 050,330 Oct. 1,1875

94

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Au examination of this table shows that the aggregate capital, surplus, undivided profits, circulation, and deposits have increased from
$1,208,781,908 in January, 1800, to $2,240,587,843 in October, 1887,
which is less than double, while the loans and discounts have cjone up
from $500,050,109 to $1,580,045,(547, which is more than treble, showing
how much more widely the banks are now identified with the general
business of the country than they were twenty-two years.ago.
The investments in bonds have taken an opposite course. Amounting to $440,380,350 in 1860, increasing to $712,437,900 in April, 1879,
they had subsided by October 5 last to $223,754,450, almost exactly
half what they were in 1866, and considerably less than a third of what
they momentarily amounted to in 1879.
The specie, which at the beginning of the period was but $10,909,36«'>,
had got down in October, 1875, to $8,050,330, is now $105,085,454, and
in July, 1885, was $177,612,492. In October, 1886, the specie amounted
to $156,387,696.
It is interesting to see how these changes appear when reduced to
percentages.
The capital, surplus, undivided profits, circulation, and deposits constitute together the fund upon which a bank does its business.
Loans and discounts, United States bonds, specie, etc., are different
forms in which this fund is invested. Taking the fund at $1,208,731,908
in 1866, and at $2,240,5S7,843 in 1887, these investments represent the
following proportions of those amounts, viz:
1866.

1887.

: Per ct. Per ct.
:
41 82
70. 52
. . ; [Hi. ;>6
9. OS
; 1. 57

Loans and discounts
United. Slat O bonds
S
Specie
Total

; 79. 25

87. 87

Another striking fact is that in 1866 the circulation was $213,239,530, and in 1887 it is only $167,283,343. At the former period, therefore, the circulation was nearly 45 per cent, of the capital, surplus, and
undivided profits, while now it is only about 20 per cent.
LOANS.

The following table gives a classification of the loans of the national
banfts in each of the cities of New York, Chicago, and Saint Louis,
and in the three cities of Boston, Philadelphia, and Baltimore, in the
other reserve cities, and in the rest of the country, at nearly the same
dates in each of the last three years :
OCTOBER 1, 1885.
On other
On single!
j On United
! No. of
States
stocks, bonds, name paper
banks. | bonds on
etc., on de- without other
|
I demand.
mand.
security.

Classification.

All other
loans.

Total.

i

New York
Chicago
Saint .Louis
Three cities
Other cities
Country

$3,286,124
33,400
388,019
6
105
190,10:3
80 !
1M, Y35
2,407 |
504, 134

$80, 087, 265
10, 967, 875
1, 107,000
33, 157,310
13, u50,157
34, 030, 931

2 714 I 4, 505, 607

173,302,007 ! 171,492,087

i
1
!
i

44
12

... .
i

Total
!




$25,331,820
10,220,583

$127,518,380
24,761,.r>07
7, 473, 788
34, H f , 254
OV
150, 270, 503
8,130, 100 •
,
74, 713, 004
92,873,780 |
507, 057,152
951,795,003

$236, 823, 598
45, 080, 425
0,182,417
218, 424, 271
90, 203, 590
094, 471, 997
1,301,155,304

KEPORT OF THE COMPTROLLER OF THE CURRENCY.

95

OCTOBEK 7, 188G.

Classification.

New York
Chicago
Saint Louis
Three cities
Other cities
Country

No. of
banks.

45
15
i
5
!
Ill
j
86
! 2,590
2,852

Total .

On United
On other j On singleStates
stocks, bonds, j name paper
bonds on i etc., on de- j without other
demand. I
mand.
] security.
I
$2,002,551 I $91, G3G, 791 $24, 646, 007
10, 663, 006
12, 593, 921
85,900
1,028,430
H55, 373
35,741,645 ' 37, 315, 993
16,336,793 i 12, 539, 705
41,008,812 I 110, 677, 534
3,314,721 I 196,415,47'

All other
loans.

Total.

$135,447,027 j $253,732,376
32,058,515
55,401,342
8, 291, 908
J), 675, 771
156,261,282
229, 581, 275
8(5, 900, 964
116,177,660
626, 849, 753
779, 099, 816

198,128, 533 1, 045,809, 509 | 1, 443, 668, 240

OCTOBEK 5, 1887.
New Y o r k . . .
Chicago Saint Louis ..
Three cities .
Other cities.
Country
Total

$1, 445, 900
500
114
50, 225
109
122, 910
j 2, 756 | 1,413,918

$95, 075, 844
10, 821, 735
1, 182,214
35, 081, 531
19,551,230
44, 335, S93

$17, 585, 496
15, 498, 986
279, 603
36, 078, 453
18, 598, 269
124, 035, 463

$143, 906, 941
34, 754, 972
8, 920, DUG
162, 346, 995
115, 167, 352
693, 790, 281

$258, 014,181
61, 076,193
l(t,382, 753
233, 557, 204
153, 439,761
863, 575, 555

| 3, 049 i 3, 033,453 | 206, 048,447 j 212, 076, 270 1,158, 887, 477 580, 045, 617
1,

In the table below is given a full classification of the loans in 2sew
York City alone for the last five years:
October 2,
1883.

September
30,1884.

October 1,
1885.

October 7,
1886.

October 5,
1887.

48 banks.

44 banks.

44 banks.

45 banks.

47 banks.

Loans and discounts.

On indorsed paper
$121,644, 201 $116, 0.10, 062 $114, 013, 775 $121, 381, 380 I $115, 316, 625
On single-name paper
82, 559, 443
19,147, 051
25,331,820
24, 046, 0u8 j
17, 585, 496
On U. S. bonds on demand
2, 933, 785
2,093,527
3, 286,124
2,002,550 i
1, 445, 900
69,805,215
94, 321, 605
Ou other stocks, etc., on demand
80, 687, 265
91, 636, 79.1 :
95, 075,844
163, 397
184, 683
On real-estate security
215, 385
211,432 j
146, 885
3, 881, 375
7, 717, 265
All other loans
13, 289, 229
13, 85+, 2.15 !
28, 443, 431
Total




245,108,332| 205,353,277

236, 823, 598 \ 253, 732, 376 |

258,014,181

96

REPORT OF THE COMPTROLLER OP THE CURRENCY.

The following table exhibits, in the order of capital, the twenty-live
States (exclusive of reserve cities) having the largest amount of national-bank capital, together with the amount of circulation, loans and
discounts, and individual deposits of the banks in each on October 5,
1887 :
Xo. of
I banks. Capital.

States, etc.
Massachusetts
Kow York
Pennsylvania
Connecticut
Ohio
Khode Island
Illinois
Minnesota
New Jersey
Indiana
Michigan
Kansas
Maine
Iowa
Texas
Kentucky. fc.
Vermont
Tennessee
New Hampshire
Nebraska
Wisconsin
California
Virginia
Dakota
Alabama

J
i
j
j
i
\
i
!
;
;
'
\
|
i

*

™
.

Circulation.

L o a n s and discounts.

Individual
deposits.

$44, 790, 500 $21,459, 692 $91,561,545.60 $53, 872, 217. 39
34, 724, 2G0 17,406, 488 98, 792,326. 88 87, 269, 212. 02
33, 551,140 13, 379, 805 8-\ 206, 9.11. 08 72, 56i, 898. 01
8, 008, 693 43, 001, 299. 86 24* 478, 665. 09
24, 505,410
9,008, 926 50, 833, 330. 24 41, 268, 742. 33
22,796,020
20, 340, 050 4, 642, 933 34,486, 234. 78 13, 918, 046. 52
4,219,305 35, 6G5,100. 86 35,161,306. 04
14, 341, 500
13, 740, 000
1, 675,725 37, 857,045.49 27,037, 970.02
13, 024, 220
6, 060, 523 40, 429, 717.10 38, 644, 239.13
11, 894, 500
4, 217. 870 27, 785, 325. 90 25, 254,102. 80
10,674, 600 2,673J 585 29,418, 596. 69 23, 315, 420.44
10, 530, 800
2, 295, 210 21', 00.1, 450. 42 17, 741, 267. 53
10,440, 700 4,875, 561 10,125,655. 89 10,3.16, 282. 26
10,150, 000 2, 713, 623 23, 728, 940. 64 19, 284, 697. 83
9, 919, 750
2,107, 535 20,157, 203. 67 13,710, 426.47
9, 758, 900
3, 055, 890 17,464, 746. 62 10,476, 083.07
7, 5G6, 000
3,478,100 12, 832, 3<;9. 34
6,627, 089. 66
:
7, 4O.\ 000
1, 32(5,895 18, 918, 201. 93 11,759, 221.25
6, 205, 000
3, 588, 015
9, 651, GOG. 49 j 6.123, 423. 51
0, 00(3,100 1, 345, 220 13,619, 256. 37 I 9,904,472.02
4, 442, 000
1, 225, 623 13, 340, 5;>1. 69 i 12, 970, 629. 95
4, 170, 000
939, 900 14, 295,106. 47 ! 19, 5 if), 180. 09
3, 796, 300
1,204, 380 10, 78(5, (3:27. (53 ; 9, 780, 470. 26
3, 720, 000
861,925
6, 694. 08.4. 5:2
5, 848, 81'). 07
3,485,100
782, 330
8, 366, 324. 95 ! 5,025, 317.72

RESERVE.

The act of February 25, 1863, contained the following provision:
SEC 41. And ~be it further enacted, That every such association shall at all times
have on hand, in lawful money of the United States, an amount equal to at least
twenty-five per centum of the aggregate amount of its outstanding notes of circulation, and its deposits; and whenever the amount of its outstanding notes of circulation and its deposits shall exceed the above-named proportion for the space of twelve
days, or whenever such lawful money of the United States shall at anytime fall
below the amount of twenty-five per centum of its circulation and deposits, such
association shall not increase .its liabilities by making any new loan sor discounts
otherwise than by discounting or purchasing bills of exchange, payable at sight, nor
make any dividend of its prolits, until the required proportion between the aggregate
amount of its outstanding notes of circulation and its deposits and lawful money of
the United States shall be restored: Provided, however, That clearing-house certificates, representing specie or lawful money specially deposited for the purpose of any
clearing-house association, shall be deemed to be lawful money in the possession of
any association belonging to snch clearing-house holding and owning such certificates, and considered to be a part of the lawful money which such association is required to have, under the foregoing provisions of this section: Provided, further, That
any balance due to any association organized under this act in other places from any
association in the cities of Boston, Providence, New York, Philadelphia, Baltimore, Cincinnati, Chicago, Saint Louis, or New Orleans, in good credit, subject to be drawn for at
sight, and available to redeem their circulating notes and deposits, may be deemed to
be a part of the lawful money which such association in other places than the cities of
Boston, Providence, New York, Philadelphia, Baltimore, Cincinnati, Chicago, Saint
Louis, and New Orleans are required to have by the foregoing provisions of this sect ion, to t he extent of three-fifths of the said amount of twenty-live per centum required.
And it shall be competent for the Comptroller of the Currency to notify any such association whose lawful money reserve, as aforesaid, shall fall below said proportion of
twenty-live per centum, to make good such reserve ; and if such association shall fail
for thirty days thereafter so to make good its reserve of lawful money of the United
States, the Comptroller may, with the concurrence of the Secretary of the Treasury,
appoint a receiver to wind up the business of such association, as provided in this act.




KEPOBT OF THE COMPTROLLER OF THE CURRENCY.

97

The corresponding clauses of the act of June 3, 1864, are as follows:
SEC. 31. That every association in the cities hereinafter named shall, at all times,
have on hand, in lawful money or1 the United States, an amount equal to at least
twenty-five per centum of the aggregate amount of its notes in circulation and its
deposits; and every other association shall, at all times, have on hand, in lawful
money of the United States, an amount equal to at least fifteen per centum of the aggregate amount of its notes in circulation, and of its deposits. And whenever the
lawful money of any association in any of the cities hereinafter named shall be below the amount of twenty-live per centum of its circulation and deposits, and whenever the lawful money of any other association shall be below fifteen per centum of
its circulation and deposits, such association shall not increase its liabilities by making any new loans or discounts otherwise than by discounting or purchasing bills of
exchange payable at sight, nor make any dividend of its profits until the required
proportion between the aggregate amount of its outstanding notes of circulation and
deposits and its lawful money of the United States shall be restored : Provided, That
three-fifths of said fifteen per centum may consist of balances due to an association
available for the redemption of its circulating notes from associations approved by
the comptroller of the currency, organized underthis act, in the cities of Saint Louis,
Louisville, Chicago, Detroit, Milwaukee, New Orleans, Cincinnati, Cleveland, Pittsburg, Baltimore, Philadelphia, Boston, New York, Albany, Leavenwortli, San Francisco, and Washington City: Provided, also, That clearing-house certificates, representing specie or lawful money specially deposited for the purpose of any clearinghouse association, shall be deemed to be lawful money in the possession of any association belonging to such clearing-house holding and owning such certificate, and
shall be considered to be a part of the lawful money which such association is required to have under the foregoing provisions of this section : Provided, That the cities
of Charles! on and Richmond may be added to the list of cities in the national associations of which other associations may keep three-fifths of their lawful money, whenever, in the opinion of the comptroller of the currency, the condition of the southern
states will warrant it. And it shall be competent for the comptroller of the currency
to notify any associations, whose lawful money reserve, as aforesaid, shall be below
the amount to be kept on hand, as aforesaid, to make good such reserve; and if such
association shall fail for thirty days thereafter so to make good its reserve of lawful
money of the United States, the Comptroller may, with the concurrence of the Secretary of the Treasury, appoint a receiver to wind up the business of such association, as provided in this act.
SEC. 32. That each association organized in any of the cities named in the foregoing
section shall select, subject to the approval of the comptroller of the currency, an
association in the city of New York at which it will redeem its circulating notes at
par. And each of such associations may keep one-half of its lawful money reserve in
cash deposits in the city of New York. And each association not organized within the
cities named in the preceding section shall select, subject to the approval of the comptroller of the currency, an association in either of the cities named in the preceding
section, at which it will redeem its circulating notes at par, and the comptroller shall
give public notice of the names of the associations so selected at which redemptions
are to be made by the respective associations, and of any change that may be made
of the association at which the notes of any association are redeemed. If any association shall fail either to make the selection or to redeem its notes as aforesaid, the
comptroller of the currency may, upon receiving satisfactory evidence thereof, appoint a receiver in the manner provided for in this act to wind up its affairs : Provided,
That nothing in this section shall relieve any association from its liability to redeem
its circulating notes at its own counter at par, in lawful money on demand; And provided, further, That every association formed or existing under the provisions of this
act shall take and receive at par, for any debt or liability to said association, any and
all notes or bills issued by any association existing under and by virtue of this act.

Sections 5191, 5192, and 5195 of the Eevised Statutes preserved substantially tbe provisions of the act of 1864.
The act of June 20, 1874, evidently drafted before the adoption of
the Revised Statutes, although not approved until afterward, made the
following amendment of the act of June 3, 18G4, which it enacts shall
be hereafter known as the "National Bank Act77:
SEC. 2. That section thirty-one of the "National Bank Act" be so amended that
the several associations therein provided for shall not herafter be required to keep on
hand any amount of money whatever by reason of the amount of their respective circulations ; but the moneys required by said section to be kept at all times on hand
shall be determined by the amount of deposits in all respects as provided for in tlie
said section.

8770 CUR 8 7 — 7




98

REPORT OF THE COMPTROLLER OF THE CURRENCY.

SEC. 3. That every association organized, or to be organized, under the provisions
of the said act, and of the several acts amendatory thereof, shall at all times keep
and have on deposit in the Treasury of the United States, in lawful money of the
United States, a sum equal to five per centum of its circulation, to be held and used
for the redemption of such circulation ; which sum shall be counted as a part of its
lawful reserve, as provided in section two of this act; and when the circulating notes
of any such associations, assorted or unassorted, shall be presented for redemption,
in sums of one thousand dollars or any multiple thereof, to the Treasurer of the United
States, the same shall be redeemed in United States notes. All notes so redeemed
shall be charged by the Treasurer of the United States to the respective associations
issuing the same, and he shall notify them severally, on the first day of each month,
or oftener, at his discretion, of the amount of such redemptions; and whenever such
redemptions for any association shall amount to the sum of five hundred dollars, such
association so notified shall forthwith deposit with the Treasurer of the United States
a sum in United States notes equal to the amount of its circulating notes so redeemed.
And all notes of national banks, worn, defaced, mutilated, or otherwise unfit for circulation, shall, when received by any assistant treasurer, or at any designated depository of the United States, be forwarded to the Treasurer of the United States for
redemption as provided herein. And when such redemptions have been so reimbursed, the circulating notes so redeemed shall be forwarded to the respective associations by which they were issued; but if any of such notes are worn, mutilated,
defaced, or rendered otherwise unfit for use, they shall be forwarded to the Comptroller of the Currency and destroyed, and replaced as now provided by law : Provided, That each of said associations shall reimburse to the Treasury the charges for
transportation, and the costs for assorting such notes; and the associations hereafter
organized shall also severally reimburse to the Treasury the cost of engraving such
plates as shall be ordered by each association respectively; and the amount assessed
upon each association shall be in proportion to the circulation redeemed, and be
charged to the fund on deposit with the Treasurer: And provided further, That so
much of section thirty-two of said national-bank act requiring or permitting the
redemption of its circulating notes elsewhere than at its own counter, except as provided for in this section, is hereby repealed.

It will be observed that a strict construction of the act of June 3,
1864, and of subsequent legislation, would exclude any association organized under the act of February 25, 1863, from acting as a reserve
agent. This was probably not intended, but it should be corrected in
justice to the older associations.
The act of March 3, 1887, is as follows:
That whenever three-fourths in number of the national banks located in any city of
the United States having a population of fifty thousand people shall make application to the Comptroller of the Currency, in writing, asking that the name of the city
in which such banks are located shall be added to the cities named iu sections fiftyone hundred and ninety-one and fifty-one hundred and ninety-two of the Revised
Statutes, the Comptroller shall have authority to grant such request, and every bank
located in such city shall at all times thereafter have on hand, in lawful money of the
United States, an amount equal to at least twenty-five per centum of its deposits, as
provided in sections fifty-one hundred and ninety-one and fifty-one hundred and
ninety-five of the Revised Statutes.
SEC. 2. That whenever three-fourths in number of the national banks located in
any city of the United States having a population of two hundred thousand people
shall make application to the Comptroller of the Currency, in writing, asking that
such city may be a central reserve city, like the city of New York, in which one-half
of the lawful-money reserve of the national banks located in other reserve cities may
be deposited, as provided in section fifty-one hundred and ninetv-five of the Revised
Statutes, the Comptroller shall have authority, with the approval of the Secretary of
the Treasury, to grant such request, and every bank located in such city shall at all
times thereafter have on hand, in lawful money of the United States, twenty-five
per centum of its deposits, as provided in section fifty-one hundred and ninety-one of
the Revised Statutes.
SEC. 3. That section three of the act of January 14,1875, entitled "An act to provide
for the resumption of specie payments," be, and the same is, hereby amended by
adding after the words "New York" the words " and the city of San Francisco, California."

A review and comparison of the course of legislation as to u reserve"
shows that originally all associations, wherever located, were required
to keep, either in cash or subject to sight draft, funds in hand equal to




REPORT OF THE COMPTROLLER OF THE CURRENCY.

99

at least 25 per cent, of all obligations payable on demand. Subsequently a distinction was made between associations in certain named
cities and those located elsewhere, and the latter were required to keep
only 15 per cent, reserve upon the aggregate of deposits and circulation. The amount that might be kept with redemption agents was limited to three-fifths of 15 per cent, for associations generally, and to onehalf of 25 per cent, for those in reserve cities, and in the latter case
lsTew York was the only place in which the banks in other redemption
cities might have redemption agents.
At a later period the fund to be kept for the redemption of circulation was separated from the remaining reserve to be held against deposits; it was fixed at 5 per cent, of the outstanding circulation, and
was required to be kept on deposit with the Treasurer of the United
States. Besides being specifically devoted to the redemption of circulation, this fund is also authorized to be counted as part of the reserve
against deposits.
Simultaneously with this provision as to the amount and location of
the redemption fund the banks were relieved of the obligation to keep
a reserve on circulation, but were required to keep in reserve funds to
the amounts represented by 15 per cent, and 25 per cent, respectively
upon their deposits.
The new regulation as to redemption of circulation dispensed with,
redemption agents, but the act of June 20, 1874, re-enacted the provision as to the proportion of reserve that might consist of balances due
from approved associations in the cities formerly named as cities of redemption. These cities thus came to be called " reserve cities," and
during the present year the term has been incorporated formally into
the law, and provision has been made for central, reserve cities as well,
and also for an increase in the number of both reserve cities and central reserve cities.
Tables will be found in the Appendix, pages 000 to 000, showing by
States, Territories, central reserve cities, aad reserve cities the state of
the reserve of the national banks therein at each report of condition
during the years 1882 to 1887, both inclusive. These tables are worthy
of careful examination, because they show that banks generally keep
reserves in excess of the statutory requirement, and that banks remote
from money centers keep not only nearly double the amount required,
but that they habitually have in cash more than the 15 per cent, total
requirement.
As some banks included in these tables are known to be often short
of reserve, it is manifest that the majority must be habitually stronger
than the averages here shown, and from this fact it may be inferred that
the requirement of the law is in no degree excessive, and that banks
that do not conform to it are not prudently managed.
These tables should be especially instructiva to the managers of
banks, encouraging and confirming as they do the wisdom of those who
keep always strong, and rebuking and warning as they also do those
who, too eager for gain, allow their reserves to fall below the line of
prudence and of safety.
The including of the 5 per cent, redemption fund on deposit with the
Treasurer at Washington in the reserve against deposits seems to be
either a misconstruction of the act of June 20,1874, or an anomaly in
that act.
The language seems to admit of a strained construction opposite to
that placed upon it, but if the most obvious construction is the correct
one, th<en tbe provision should be repealed.




100

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

The money held by the Treasurer is never available for paying depositors, and it bears no constant ratio to the amount of deposits.
Several banks have so large a circulation and have such small deposits that the 5 per cent, redemption fund with the Treasurer fulfills
the entire requirement as to reserve against deposits, and while these
are extreme cases they serve to show the practical result of this provision of the law.
On the other hand, there is an anomaly in the assumption which appears to have been made heretofore that national-bank notes on hand
should not be counted in the reserve.
They are specifically made receivable by all national banking associations, and for all du^s to the Government (except customs duties), and
they are certainly current all over the country.
It is in the line of public policy to maintain the monetary function of
these circulating notes upon the general plane on which the law places
all the rest of the currency.
For these reasons these notes should obviously be no longer discriminated against by being excluded from a function to which all the other
constituents of the currency are now admitted on equal terms.
On October 5,1837, the total 5 per cent, fund amounted to $8,310,442
while the national bank currency held by all banks amounted to
$21,937,884.
It would, therefore, be a relief to banks generally to be allowed to
count in their reserve the latter instead of the former amount.
The subjoined table brings forward to the latest date the usual summary of information as to the course of deposits and reserves since the
act of June 20,1874, went into effect. It shows the amount of deposits
and the state of the reserve at about October 1 of each year, in each
central reserve city, in all the reserve cities, and in the States and Territories, together with a general summary embracing all banks.
X E ¥ YORK CITY.

Dates.

Reserve held.
Reserve
No. of Net de- required
(25 per
banks. posits.
Ratio to
cent.*). Amount. deposits.

Oct. 2,1874
Oct. 1,1875
Oct. 2, 1870
Oct. 1,1877
Oct. 1,1878
Oct. 2,1879
Oct. 1,1880
Oct. 1,1881
Oct. 3, 1882
Oct. 2,1883
Sept. 30,1884
Oct. 1,1885
Oct. 7,1886
Oct. 5,1887

48
48
47
47
47
47
47
48
50
48
44
44
45
47

Average for
14 y e a r s . . .

47

Classification of reserve.
Specie.

Other law- Due from Redempful money. agents. tion fund.

Millions. Millions. Millions. Per cent. Millions. Millions. Millions.
204.0
33.4
14.4
52.4
51.2
68.3
202.3
29.9
5.0
54.4
50.7
60.5
197.9
30.7
14.0
45.3
49.5
60.7
171. 9
27.5
13.0
34.3
43.7
48.1
189.8
26.8
13.3
30.5
47.4
50.9
210.2
25.3
19.4
32.0
52.6
53.1
268.1
26.4
58.7
11.0
67.0
70.6
268.8
23.3
50.0
10.9
67.2
62.5
254, 0
25.4
44.5
18.9
63.5
64.4
266.9
26.5
50.3
19.7
06.7
70.8
255.0
35.6
63.1
27.0
63.7
90.8
312.9
37.0
91.5
23. 7
78.2
115.7
282.8
27.2
64.1
12.5
70.7
77.0
284.3
28.2
63.0
10.1
71.1
80.1
240.9

60.2

69.5

28.8

Millions.
1.5
1.1
0.8
0.8
1.1
1.1
0.9
1.0
1.0
0.9
0.7
0.5
0.4
0.4

40.4

28.2

0.9

12.9

6.7

.05

1.3

1.3

.03

CHICAGO.
Oct.

5,1887

18

04.0

16. 2

19. 7

30.5

SAINT LOUIS.
Oct.

5,1887

5

10.3




2.0

2.7

26.4

*Allincash.

REPORT OF THE COMPTROLLER OF THE CURRENCY.

101

RESERVE CITIES.* J
Reserve held.
No. of Net de- required
(25 per
banks. posits.
Ratio to
cent.). Amount. deposits.

Oct. 2,1874
Oct. 1,1875
Oct. 2,1876
Oct. 1,1877
Oct. 1,1878
Oct. 2,1879
Oct. 1,1880
Oct. 1,1881
Oct. 3, 1882
Oct. 2,1883
Sept. 30,1884
Oct. 1,1885
Oct. 7,1886
Oct. 5,1887

182
188
189
188
184
181
184
189
193
200
203
203
217
223

Classification of reserve.
Other lawRedempSpecie. ful money. Due from tion fund.
agents.

Millions. Millions. Millions. Per cent. Millions. Millions. Millions. Millions.
4.5
3.7
55.3
221.4
76.0
34.3
36.7
31.1
3.6
56.0
1.5
223.9
74.5
33.3
37.1
32.3
4.0
54.<2
3.0
217.0
76.1
35.1
37.1
32.0
5.6
3.0
51.0
204.1
67.3
33.0
34.3
24.4
9.4
3.2
50.0
199.9
71.1
35.6
29.4
29.1
57.2
3.5
288.8
83.5
36.5
11.3
33.0
35.7
72.4
3.7
289.4
105.2
36. 2
28.3
25.0
48.2
3.7
83.9
335.4
100.8
30.0
34.6
21.9
40.6
79.7
3.5
318.8
89.1
28.0
28.3
24.1
33.2
3.4
81.0
323.9
100.6
31.1
26.3
30.1
40.8
77.0
3.1
307.9
99.0
32.2
30.3
33.3
32.3
91.1
2.9
364.5
122.2
33.5
42,0
34.9
42.4
2.2
95.4
381.5
114.0
29.9
44.5
26.0
41.3
84.6
1.2
338.5
100.7
29.7
36.3
23.2
40.0
STATES AND TERRITORIES.!

Oct. 2,1874
Oct.
1,1875
Oct. 2,1876
Oct.
1,1877
Oct.
1,1878
Oct. 2,1879
Oct.
1,1880
Oct.
1,1881
Oct. 3,1882
Oct. 2, 1883
Sept. 30,1884
Oct.
1,1885
Oct. 7,1886
Oct.
5,1887

1,774
1,851
1,853
1,8*5
1, 822
1, 8-'O
1,859
1,895
2,026
2,253
2,417
2,467
2, 500
2,756

293.4
307.9
291.7
290.1
289.1
329. 9
410.5
507.2
545.8
577.9
535.8
570.8
637.6
690.6

44.0
40.3
43.8
43.6
4!3.4
49.5
61.6
76.1
81.9
86.7
80.4
85.6
95.6
103.6

100.6
100.1
99.9
95.4
106.1
124. 3
147.2
158.3
150.4
157.5
156.3
177.5
186.2
190.9

34.3
32.5
34.3
32.9
36.7
37.7
35.8
31.2
27.5
27.2
29.2
31.1
29.2
27.6

2.4
1.6
2.7
4.2
8.0
11.5
21.2
27.5
30.0
31.2
35.2
41.5
47.8
50.8

33.7
33.7
31.0
31.6
31.1
30.3
28.3
27.1
30.0
30,8
30.9
29.9
30.1
32.6

52.7
53.3
55.4
48.9
56.0
71.3
8fi.4
92.4
80.1
84.1
79.7
95,9
99.5
1U0.9

11.9
11.6
10.8
10,7
11.0
11.2
11.3
11.4
11.3
11.3
10.5
10.2
8.7
6.6

21.3

122.8
125.2
113.4
100.2
97.0
95.9
64.3
59.9
72.0
80.6
91.2
88.5
68.7
79.9

83.8
85.6
87.4
73.3
85.1
107.0
134.6
133.0
113.3
124.9
112.0
138.3
140.8
140.9

17.1
16.3
14.6
14.5
15.3
15.8
15.9
16.1
15.8
15.6
14.3
13.6
11.4
8.3

SUMMARY.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

2.1874
1.1875
2.1876
1.1877
1,18#8
2.1879
1.1880
1.1881
3.1882

2.1883

Sept. 30,1884
Oct.
1,1885
Oct. 7,1886
Oct.
5,1887

2,004
2,087
2,089
2,080
2,053
2,048
2,090
2,132
2, 269
2.50L
2,664
2,714
2, 852
3,049

719.5
734.1
706.6
669.1
678.8
768.9
968.0
1,111.6
1,118.6
1,168.7
1, 098.7
1, 248.2
1,301.8
1,388.4

150.1
152.2
147.5
138.3
140.8
159.3
201.0
227.2
225.1
234.4
221.1
254.9
261.7
278.0

244.9
235.1
236.7
210.8
228.1
260.9
323.0
321.6
303.9
328.9
346.1
415.4
377.2
394.2

34.0
32.0
33.5
31.5
33.6
33.9
33.4
28.9
27.2
28.1
31.6
33.3
29.0
28.4

8.1

21.3
22.8
30.7
42.2
108.2
112.7
102.8
107.8
128.6
175.0
156.4
165.1

* Reserve 25 per cent., one-half in cash.
t Reserve 15 per cent., two-fifths in cash in bank.
XIncludes Chicago and Saint Louis up to October 5,1887.




102

REPORT OF THE COMPTROLLER OF TITE CURRENCY.
TRANSACTIONS OF THE NEW YORK CLEARING-HOUSE.

The New York Clearing-House Association is composed of 65 members, of which 45 are national banks, 19 are State banks, and the other
member is the assistant treasurer of the United States at New York.
Two national banks and 15 State banks in the city do not belong to the
association, but clear through associate members. Mr. W. A. Camp,
the manager of the association, has kindly supplied the data for the
following tables, showing the transactions during the year ending October 1, 1887:
COMPARATIVE STATEMENT FOR TWO YEARS OF THE TRANSACTIONS OF THE NEW
YORK CLEARING-HOUSE, SHOWING AGGREGATE AMOUNT OF CLEARINGS, AGGREGATE BALANCES, AND THE KINDS AND AMOUNTS OF MONEY PASSING IN SETTLE
MENT OF THESE BALANCES.
Aggregate clear- Aggregate balings.
ances.

Year ending—
October 1 1886
Octoberl 1887

$33, 374t 682, 216
34, 872, 84S, 785

$1,519, 565,385
1, 569,626,324

1,498,166, 069

50,060,939

KINDS OF MONEY AND AMOUNT OF EACH KIND.

U. S. gold
Year ending— certificates.

Treasury
Percentages.
Bank of
Clearing- certificates Legal tenders
for legal
America
house tenders, sec. and minor
gold
loan cercoin.
Gold cer- Legal
certificates.* tificates. 5193, TJ. S. Revised Stattificates. tenders.
utes.
•

October 1,1886. $645, 643,000 $177, 673,000 $140,000 $285, 795, 000 $410, 314,385 54.181+
1, 410, 000
7, 576, 325 99+
Octoberl, 1887. 812, 23J, 000 748, 409, 000 None.
Increase .. 166, 588,000
Decrease -.

570, 736, 000

140, 000

284, 385, 000

45.809+
1-

402, 738, 060

*Wben the Government ceased issuing gold certificates, December 1, 1878, the New York banks
agreed to have a common depository for their gold coin, and in that way retain the use-of certificates
at the clearing-house. This has been found convenient and saves the expense and cost of moving
large amounts in specie. The Bank of America performs this function. -




REPORT OF THE COMPTROLLER OF THE CURRENCY.

103

Following is a comparative statement of transactions of the .New York
Clearing-House for thirty-four years, showing for each year the number of banks, aggregate capital, clearings, and balances, average of the
daily clearings and balances, and the percentage of balances and clearings :
Tears.

No. of
banks.

Capital.*

Clearings.

Balances paid
in money.

Average
daily
clearings.

Average
daily balances paid Ratios.
in money.
Per ct.

1854
1855
1856
1857
1858
1859
18C0
18'JL
1302
18G3
1804
18G5
18G6
1HC7
1808
1869
1870
1871
1872
1873
1874
1875
1876 . . . . . .
1877
1878
1879
1880
18H1
188*2
1883
1884
1885
1886
1887

50
48
50
50
46
47
-50
50
50
50
4'd
55
58
58
59
59
61
62
61
59
59
59
59
58
57
59
57
00
61
63
61
64
63
64

$47, 044, 900
48, 884,180
52, 883, 700
64,420, 200
67,146,018
67,921,714
69, 907, 435
68, 9U0, 605
68, 375, 820
68, 972, 508
68, 586, 763
80,363,013
82, 370, 200
81, 770, 200
82,270, 200
82, 720, 200
83, 620, 200
84,420,200
84, 420, 200
83, 370, 200
81, 635, 200
80, 435, 200
81,731,200
71, 085, 200
63,611,500
60, 800, 200
60, 475, 200
61,162,700
60, 962, 700
€1,162,700
60,412,700
58,612,700
59,312,700
60, 802, 700
169, 430, 325

$5, 750, 455, 987
5, 362, 912,098
6, 906, 213, 328
8, 333,226, 718
4, 756, 664, 386
5, 448, 005, 956
7, 231, 143, 057
5, 915, 742, 758
6,871,443,591
14, 867, 597, 849
24, 097,196, 656
26, 032, 384, 342
28, 717,146, 914
28,675.159,472
28, 484, 2*8, 637
37, 407, 028, 987
27,804,539,406
29, 300, 986, 682
33, 844, 369, 568
35, 461, 052, 826
22, 855, 927, 636
25, 061, 237, 902
21,597,274,247
23, 289, 243, 701
22, 508,438, 442
25,178, 770, 691
37,182,128,621
4?, 565, 818, 212
46,552,846, 101
40, 293, 165, 258
34, 092, 037, 338
25, 250, 791, 440
33,374,682,216
34, 872, 848, 786

$297,411, 494
289, 694.137
334, 714, 489
365, 313, 902
314, 238, 911
363, 984, 683
380, 693, 438
353,383, 944
415, 530, 331
677, 626,483
885, 719, 205
1, 035, 765,108
1, 066, 135,106
1,144, 963, 451
1, 125, 455, 237
1,120, 318, 308
1, 036, 484, 822
1,209, 721, 029
1, 428, 582, 707
1, 474, 508, 025
1, 286,753,176
1,408, 608, 777
1, 295, 042; 029
1, 373, 996, 302
1, 307, 843, 857
1,400,111,063
1,516,538,631
1,776,018, 162
1, 595, 000,245
1, 568, 983, 196
1, 524, 930, 994
1, 295, 355, 252
1,519,565,385
1,509, 626, 325

$19,104, 505
17, 412, 052
22, 278,108
26, 968, 371
15,393,736
20, 867, 333
23, 401, 757
19, 269, 520
22, 237, 682
48, 428,657
77, 984, 455
84, 790, 040
93,541,195
93,101,167
92,182,164
121,451,393
90, 274,479
95,133, 074
109,884,317
115, 885, 794
74,692,574
81,899,470
70, 349, 428
76, 358,176
73, 555, 988
82,015,540
121, 510, 224
159, 232, 191
151,637,935
132, 543, 307
111,048,982
82, 789, 480
109, 067, 589
114, 337,209

$988, 078
940,565
1, 079,724
1,182, 246
1, 016, 954
1,177, 944
1, 232, 018
1,151, 088
1, 344,758
2, 207,252
2, 866, 405
3, 373, 828
3, 472, 753
3,717,414
3, 642, 250
3, 637, 397
3, 365, 210
3, 927, 666
4, 636, 632
4, 818, 654
4,205, 076
4, 603, 297
4,218,378
4, 50 4, 906
4, 274, 000
4, 560, 622
4,956,009
5,823,010
5,195,440
5,161,129
4, 967, 202
4, 247, 069
4, 965, 900
5,146, 316

5.2
5.4
4.8
4.4
6.6
5.6
5.3
6.0
6.0
4.6
3.7
4.0
3.7
4.0
4.0
3.0
3.7
4.1
4.2
4.1
5.7
5.6
5.9
5.9
5.8
5.6
4.1
3.5
3.4
3.9
4.5
5.1
4.5
4.5

|812,942, 7C9, 870 +35, 758, 618, 204

+77, 959, 820

+3, 429, 623

4.4

* The capital is for various dates, the amounts at a uniform date in each year not being obtainable,
t Yearly averages for thirty-four years.
\ Totals for thirty-four years.

The clearing-house transactions of the assistant treasurer of the
United States at New York for the year ending October 1,1887, were
as follows:
Exchanges received from clearing-house
$359,788,103. 42
Exchanges delivered to clearing-house
111,471,810.74
Balances paid to clearing-house
248,497,702.25
Balances received from clearing-house
181,409. 57
Showing that the amount paid by the assistant treasurer to the clearing-house was in excess of the amount received by him
248,316,292. 68

The debit balances were paid to the clearing-house as follows:
United States gold certificates
Legal tenders and change




$248,343,000.00
154,702.25
248,497,702.25

104

REPORT OF THE COMPTROLLER OV THE CURRENCY.

COMPARATIVE STATEMENT OF THE EXCHANGES OF THE CLEARING-HOUSES OF THE
UNITED STATES FOR OCTOBER, 1687, AND OCTOBER, 1866.

Clearing-house at-

New York . . . . .
Boston
Philadelphia...
Chicago
Saint Louis
Baltimore
San Francisco .
Pittsburgh
New Orleans...
Cincinnati
Providence
Louisville
Milwaukee
Detroit
Cleveland
Indianapolis ...
Kansas City ...
Hartford
New Haven
Columbus
Memphis
Peoria
Worcester
Springfield . . . .
Lowell
Syracuse
Portland
Omaha
Saint Joseph ..
Denver
Galveston
Saint Paul
Minneapolis ...
Los Angeles-..
Grand Rapids..
Wichita
Norfolk
Total.
Decrease -




Exchanges for Exchanges for
month of
month of
October, 1887. October, 1886,
$2,978,940,406
387, 775, 488
272, 500, 752
267, 556,120
74, 855, 031
56, 795, 652
74, 405, 637
46, 775, 066
42,603, 842
47, 782, 200
23,837, 500
23, 210, 780
20,123,277
18, 374,879
14, 340, 059
8, 777, 900
29, 792, 991
7, 630, 018
5, 360,758
10,616,739
10, 725, 296
5, 429, 418
4,722, 433
5,653, 280
3,161,806
3,193,442
4, 607, 692
12, 759, 306
6,659, 426
10, 812, 463
8, 865, 282
18,376, 835
22, 805, 030
5,160, 514
2, 725, 818
2, 844, 645
5, 817,933

i, 248, 318, 061
380, 669, 570
271, 572, 441
253, 518, 821
69, 822,165
53,856, 829
56,175,257
37, 612, 868
31, 683, 200
45,384, 750
22, 663, 600
19, 093, 914
20,183, 280
14, 926, 506
12, 527, 278
6, 222, 279
25, 993, 960
7,195, 784
5,175, 379
8, 462,124
7, 666, 552
4,220, 702
4, 528, 762
3, 669, 715
2, 732, 069
2, 735, 744
4, 694,186
9,316,954
4, 447, 511
8, 351, 817
7,852,246
16.732,700
19; 175, 451
New.
2,006,301
1, 826, 202
4,465, 766

4, 546, 381, 714 4, 695, 480, 744
4, 546, 381, 714
149,099,030

Comparisons.
Increase.
$7,105, 918
928,311
14, 037, 299
5, 032, 866
2, 938, 823
18, 230, 380
9,162,198
10,920,642
2, 397,450
1,173, 900
4,116, 866
3, 448,373
1, 812, 781
2, 555, 621
3, 799, 031
434, 234
185, 379
2,154, 615
3, 058. 744
1,208,716
193,671
1, 983, 565
429,

Decrease.
$269, 377, 655

60,003

737

463, 698
3, 442, 352
2,211,915
2, 460, 646
1, 013, 036
1,644,135
3, 629, 579
5,160,514
719,517
], 018, 443
1,352,167
120, 425,122

86, 494

2G9, 524,152
120,425,122
149,099, 030

REPORT OF THE COMPTROLLER OP THE CURRENCY.

105

COMPARATIVE STATEMENT OF THE EXCHANGES OF THE CLEARING-HOUSES OF THE
UNITED STATES FOR WEEKS ENDING OCTOBER £9, 1887, AND OCTOBER 30, 1886.

Clearing-house at—

New York
Boston

Philadelphia...
Chicago
Saint Louis
Baltimore
San Francisco .
Pittsburgh
New Orleans ..
Cincinnati
Piovidence
Louisville
Milwaukee
Detroit
Cleveland
Indianapolis...
Kansas City . . .
Hartford
New Haven
Columbus
Memphis
Peoria
Worcester
Springfield . . . .
Lowell
Syracuse
Portland
Omaha
Saint Joseph
Denver
Gal veston
Saint Paul
Minneapolis
Los Angeles
Total

Increase.




Exchanges
Exchanges
for week end- for week end
ing October inp; October
30,188C.
29,1887.

Comparisons.
Increase.

$647, 590. 729 $625, 098, 064 $22,492, 665
77,443,134
6,257, 842
83, 700, 976
55, 262, 510
3,466, 561
58, 729,071
49, 463,000
8, 944,000
58, 407, 000
13,428, 029
2, 629, 722
16,057, 751
11, 554, 889
12, 618, 840
1, 063. 951
14,931, 044.
17,495, 345
2, 564, 301
11, 708, 842
8, 543, 709
3,165,133
9, 863, 406
7,861, 710
2,001, 696
9, 799,950
9, 682, 250
117, 700
5, 957, 900
5, 482,100
475, 800
4, 800, 855
3, 980,646
820,209
4, 702, 794
4, 741, 945
4,079,159
2,964, 573
1,114,586
3, 263, 297
2, 980,490
282, 807
2,130, 383
1, 364,108
766, 275
7,407, 620
5, 564, 678
1, 842, 942
1,482, 341
1, 529, 645
1,101, 904
1, 088, 433
13, 471
2, 285, 210
1, 861,425
423, 785
2,532,120
2, 039, 997
492,123
1,177,411
927,149
250,262
969, 381
917, 916
51, 465
1, 007, 778
819, 206
188, 572
650, 419
504, 9.13
145, 506
544, 611
I
625,190
80, 579
1, 087, 952
I
1.039,033
2, 812,343
2, 037, 837
774. 506
1, 702,006
799, 574
902, 432
2, 800, 391
1, 571, 233
1. 229,158
2, 193, 758
1, 625, 986
' 567, 772
4,108,446
3, 410, 5«0
697, 866
4, 806,272
3, 677. 381
1,128, 891
1,133,462
New.
1,133, 462
990, 741, 383
924, 790,717
65, 950,666

924, 790, 717

66, 086, 040
135,374
65, 950, 666

Decrease.

$39,151

47,304

48, 919

135, 374

106

REPORT OF THE COMPTROLLER OF THE CURRENCY,

The following table, compiled from returns made to tbe ClearingHouse by the national banks in New York City, exhibits the movement
of their reserve, weekly, during October, for the last eleven years:
I
"Week e n d i n g -

October 6,1877 .
October 13,1877 .
October 20,1877 .
October 27,1877 .
October 5,1878 .
October 12,1878 .
October 19,1878 .
October 26,1878 .
October 4,1879 .
October 11,1879 .
October 18,1879 .
October 25,1879 .
October 2,1880 .
October 9,1880 .
October 16,1880 .
October 23,1880 .
October 30,1880 .
October 1,1881 .
October 8,1881 .
October 15,1881 .
October 22,1881 .
October 29,1881 .
October 7,1882 ,
October 14,1882..
October 21,1882..
October 28,1882..
October 6,1883..
October 13,1883..
October 20,1883..
October 27,1883..
October 4,1884..
October 11,1884..
October 18,1884.,
October 25,1884..
October 3,1885..
October 10,1885.,
October 17,1885..
October 24,1885..
October 30,1885.
October 2,1886.,
October 9,1886..
October 16,1886.
October 23,1886.,
October 30,1886.
October 1,1887.
October 8,1887.
October 15,1887.
October 22,1887.
October 29,1887.




Specie.

$14,665,600
14, 726, 500
14,087,400
15, 209, 000
14, 995, 800
12,184, 600
13, 531,400
17, 384, 200
18, 979, 600
20, 901, 800
24, 686, 500
25,636, 000
59, 823, 700
62, 521,300
62, 760, 600
60, 888, 200
61, 471, 600
54, 954, 600
53, 287, 900
51,008,300
54, 016, 200
55, 961, 200
47,016, 000
48, 281, 000
49, 518,200
48,374, 200
51, 586,700
50, 894, 000
47, 262,900
46, 372, 800
67, 470, 600
68, 922, 500
67, 579,400
67,638, 000
92, 351, 600
93, 642, 500
91, 945, 300
87, 309,100
84,954, 600
64, 111, 700
65,723, 800
65, 228, 600
65, 668,400
66,195,100
64,619, 200
64, 317, 500
64,663,100
64,918,700
66, 005,800

Legal tenders.

Total.

$36,168,300 $50, 833, 900
35,178, 900
49,905,400
35,101, 700
49,189,100
34, 367, 800 49, 576, 800
38, 304,900
53, 300, 700
37, 685,100
49, 869, 700
36, 576,000
50, 107, 400
35,690, 500
53,074, 700
34, 368, 000
53, 347, 600
32, 820, 300
53, 722,100
29, 305, 200 53, 991, 700
52, 349, 900
26, 713,900
11,129,100
70, 952, 800
10, 785, 000
73,306, 300
10, 939, 200 73, 699, 800
10, 988, 200
71, 876, 400
10, 925,000
72, 396, 600
12,150, 400
67,105, (100
12,153, 800
65,441, 700
12,452, 700
63,461, 000
12,496, 500
66, 512, 700
12, 947, 900 68, 909,100
18, 384, 500
65, 400, 500
18, 002,700
66, 283, 700
17, 023, 900 60, 542,100
17, 204, 700 65, 578, 900
20,122, 500
71,709,200
21,145,800
72, 039, 800
20,719,700
67, 982, 600
20, 617, 600
66, 990, 400
25, 817, 300 93, 287, 900
27, 654, 100 96, 576, 600
27, 875, 500 95,454, 900
27, 354, 200
94,992, 200
24, 516, 600 116,86*, 200
23, 002, 000 116, 644, 500
22,221,100
114,106,400
21, 059, 800 108,368, 900
21, 874,900 106, 829, 500
14, 607, 700
78, 719,400
13, 209,100
78, 932, 900
13,133,100
78, 361, 700
12,803, 800
78,472, 200
13,177, 200
79, 372, 300
15,767,500
80,386,700
16, 229,700
80, 587, 200
16,885,400
81,548, 500
16,735,500
81,654, 500
82,848,400
17, 542,600

latio of reserve to—
Circula-tion and Deposits.
deposits.
Per cent. Per cent.
27.0
29.5
26.7
29.2
26.5
29.0
26.8
29.4
25.7
28.4
24.4
27.0
24.7
27.3
25. 8
28.5
23.3
25.8
23.4
25.9
23.5
26.1
23.0
25.5
25.4
26.4
25.4
27.2
25.5
27.1
24.8
26.6
25.0
26.7
23.1
24.8
23.1
24.9
23.2
25.0
216
26.6
25.6
27.4
24.0
26.3
24.7
20.6
25. 0
26.8
24.8
26.5
25.5
2.7.0
23.4
26.8
24.5
25.9
24.5
25.9
34.5
30.3
35.2
30.9
31.8
30.5
34.6
30. 3
36.0
37.1
35.8
37.0
34.9
36.0
33.5
34.5
33.0
34.1
27.1
27.9
27.0
27.7
26.7
27.4
26.9
27.7
27.1
27.9
27.7
28.5
27.4
28.2
27.3
28.1
27.4
28.2
27.8
28.6

REPORT OF THE COMPTROLLER OF THE CURRENCY.

107

The following table exhibits the transactions of the clearing-houses
located in 37 cities for the year ending September 30, 1887, from official
returns received from the manager of the New York Clearing-Bouse,
and a comparison is made with the year ending September 30, 1886, by
indicating the increase or decrease in the exchanges and balances:
Comparison with year ending September
30, 1886.
Clearing-house
at—

No. of Exchanges for Balances for
year ending
year ending
mem- September 30, September 30,
bers.
1887.
1887.

Increase.
Decrease.
Exchanges.

New York
Boston
Philadelphia...
Chicago
Saint Louis
Baltimore
San Francisco .
Pittsburgh
New Orleans...
Cincinnati
Providence
Louisville
Milwaukee
Detroit
Cleveland
Indianapolis...
Kansas City ...
Hartford..'
New Haven ...
Columbus
Memphis
Peoria
Worcester
Springfield
Lowell
Syracuse
Portland
Omaha
Saint Joseph...
Denver
Galveston
Saint Paul
Minneapolis ...
Los Angeles ...
Grand .Rapids .
Duluth
Norfolk
Total....

872, 848, 786
408, 269, 993
186,188, 935
887, 276, 059
879, 272, 738
665, 676, 756
800, 092, 859
490, 319, 705
412, 231,400
504, 377, 200
240, 838,100
269, 786, 547
240,127, 909
188, 629, 384
loO, 010, 840
87,149,530
380, 407, 069
89, 871, 078
63, 931,325
53, 311, 425
94, 241, 496
55, 006, 344
47,197,687
50, 5i)3, 291
31, 670, 050
28, 596, 708
49, 58'*, 652
137, 220, 5-.J5
67, 239,133
110, 240,167
63,182, 5">7
200,364, 307
184, 700, 022
New.
26, 229, 598
New.
40, 016, 323
575

$1, 569, 626, 325
510, 625, 457
298, 701, 297
301, 574, 676
142, 259,972
89, 504, 281
124, 200, 215
81, 520, 388
47, 805, 607
96, 204, 200
N o record.
63, 564,157
40, 817, 909
31, 729, 276
No record.
18,660,734
N o record.
25,6S9, 768
15,176, 902
8, 378, 319
24, 020, 213
13, 974,158
13, 466, 2o()
14, 929, 388
10,108, 362
6, 358, 243
9,495, 080
N o record.
17,667,401
15, 866, 791
N o record.
33,193, 845
30, 465, 326
New.

52,126, 704,488

3, 667, 708, 563

5, 670, 8SG

New.
6, 453,157

* Balances.

Balances,

$1, 498,166, 570
399, 704, 727
400, 313, 485
326, 906, 787
78, 902,128
65, 091, 763
200, 751, 798
104, 021, 001

$50,060, 940
17, 527, 457
40, 094, 877
10, 3J8, 5J8

71, 936, 700
6,987, 400
39, 652, 990
46, 350, 700
40, 642,6.S2
39,914,603
17, 790, 711
lir>, 397, 901
2, 893, 509
7,08D, 963
10, 470, 012
18, 890, 007
16,674, 956
3, 6iO, 068
9, '250, 560
4,909,878
1,819,356
2,921,292
23, 464,120
57, 807, 724
24, 370, 250
New.
No record 1886
New.
253, 629

*$6, 587, 994
7, 970, 677
17,215,771
7,404. 776
805,607 | t21,768, 600
11,143, 200 !
8,923,080
6,411,187 ],
6.430,910
8, 763, 227
*916,181
1, 434, 272
4, 621, 463
3, 865, 658
647,142 |
2, 255, 028 !
1,087,18 5 !
210,189
659,007
. . 125,075,36.')
5,747,990
3,613,999 i:?4,031,S96
19, 920,239
5, 024, 902
.I

*315, 020

90 796 10

3, 636, 978, 270

!$$12, 349,310
« ' °
I

t Exchanges.

From the above table it will be seen that the exchanges in New York
City amounted to 66.9 per cent, of the whole sum, and the balances in
that city were nearly 42.8 per cent, of the total balances.
DUTIES, ASSESSMENTS, AND REDEMPTION CHARGES.

National banks are subject to a semi-annual duty of one-half of 1 per
cent, upon the average amount of their notes in circulation during the
preceding six months. They are also required by the act of* June 20,
1874, to pay thQ cost of the redemption of their notes at the office of the
Treasurer of the United States at Washington, and the cost of the
plates from which their notes are printed. Banks extending their
corporate existence have to pay for new plates. Previously to the act
of June 20,1874, the expense of the plates had been paid out of the tax




108

REPORT OF THE COMPTROLLER OF THE CURRENCY.

on the banks, which at that time attached to capital and deposits as
well as to circulation.
The banks are further required to pay the fees of the examiners employed to ascertain their condition, under section 5240, Kevised Statutes of the United States.
The taxes and assessments collected during the past year were as
follows:
Semi-annual duty on circulation
Cost of redemption of notes by United States Treasurer
Assessments for cost of plates, new banks
Assessments for cost of plates, extended banks
Assessments for examiners' fees, sec. 5240, R. S

$2,044,922.75
138,967.00
18,850. 00
1,750.00
110,219.88

Total

2,314,709.63

It has not been customary heretofore to include assessments with
taxes, but it seems proper to do so.
The following table is a comparative statement of taxes assessed as
semi-annual duty on circulation, cost of redemption of notes, cost of
plates, and examiners' fees for the past five years:

Tears.

Cost of
Assess- Assessment AssessSemi-annual redemption ments for for cost
ment for
of notes
duty on circu- by United
cost of
of plates, examiners'
1
tion.
fees (sec.
States plates, new extended 5240, R.S.).
banks.
Treasurer. banks.
$3,132, 006.73
3, 024, 668. 24
2,794,584.01
2, 592, 021. 33
2, 044, 922. 75

1883
1884
1885
]886
1887

Total

$147,592.27 $25, 980.00 $34,120.00
160,896.65
18, 845. 00
1, 950. 00
181,857.16
13,150.00
97, 800.00
168, 243. 35 14, 810. 00 24, 825.00
138, 967.0C
18, 850. 00
1, 750. 00

13, 588, 203. 06 797,556.43

91, 635. 00 160,445.00

Total.

$94,606.16 $3,434, 305.16
99, 642. 05 3, 306, 001. 94
107, 781. 73 3,195,172.90
107, 272. 83 2, 907,172. 51
110, 219. 88 2, 314,709. 63
519, 522. 65 15,157, 362.14

The total tax collected on circulation up to July 1,1887, amounted
to $65,841,721.30.
STATE TAXATION OF NATIONAL BANKS.

There has been for some years more or less friction arising out of
what is claimed to be discrimination against national banks in the tax
laws of some of the States, and in consequence a contention has been
going on as to the meaning of so much of section 5219 of the Eevised
Statutes of the United States as imposes a restriction upon State legislatures in determining and directing the manner of assessing and collecting taxes on national-bank shares. Section 5219 of the Eevised
Statutes of the United States is as follows:
Nothing herein shall prevent all the shares in any association from being included
in the valuation of the personal property of the owner or holder of such shares, in
assessing faxes imposed by authority of the State within which the association is
located; but the legislature of each State may determine and direct the manner and
place of taxing all the shares of national banking associations located within the
State, subject only to the two restrictions, that the taxation shall not be at a greater
rate than is assessed upon other moneyed capital in the hands of individual citizens
of such State, and that the shares of any national banking association owned by
non-residents of any State shall be taxed in the city or town where the bank is located,
and not elsewhere. Nothing herein shall be construed to exempt the real property of
associations from either State, county, or municipal taxes, to the same extent, according to its value, as other real property is taxed.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

109

It will be seen that the only restrictions upon State legislatures in
determining and directing the manner and place of taxing all the shares
of national banks located within the State are two: first, a restriction
as to the manner, viz: "that the taxation shall not be at a greater rate
than is assessed upon other moneyed capital in the hands of individual
citizens of the State f and, secondly, a restraint as to the place of taxation, which it is needless to quote, as no doubt seems to have arisen as
to its meaning.
The contention over the true interpretation of the clause applying to
the rate of taxation has been serious.
In various States the banks have appealed from local assessors and
tax collectors to the courts, and during the past year the Supreme Court
has finally laid down the meaning and intent of this clause.
The only question now open is whether the clause, as construed by
the Supreme Court during the past year, expresses the purpose of Congress, and this question can be answered by Congress alone.
It is claimed by the national banks in many States that the construction placed upon the law deprives them of the full measure of protection which it was the intention of Congress to provide.
Following is the full text of the decision of the Supreme Court:
Mr. Justice MATTHEWS delivered the opinion of the court.
The bill in this case was filed by the appellant, an association organized as a national bank, in the city of New York, the object and prayer of which were to restrain
the collection of taxes assessed upon its stockholders in respect to their shares
therein, on the ground that the taxes assessed and sought to be collected by the defendants were illegal and void under section 5219 of the Eevised Statutes of the
United States, as being at a greater rate than those assessed under the laws of New
York upon other moneyed capital in the hands of the individual citizens of that
State. The assessment in question was made for the year 1885, by the proper officer,
acting in pursuance of section 312 of an act of the legislature o f the State of New
*
York, passed July 1, 1882, entitled "An act to revise the statutes of this State relating to banks, banking and trust companies," which reads as follows:
SEC. 312. The stockholders in every bank or banking association organized under
the authority of this State, or of the United States, shall be assessed and taxed on
the value of their shares of stock therein ; said shares shall be included in the valuation of the personal property of such stockholders in the assessment of taxes at the
place, city, town, or ward where such bank or banking association is located, and not
elsewhere, whether the said stockholders reside in said place, city, town, or ward or
not; but in the assessment of said shares each stockholder shall be allowed all the
deductions and exceptions allowed bylaw in assessing the value of other taxable personal property owned by individual citizens of this State, and the assessment and
taxation shall not be at a greater rate than is made or assessed upon other moneyed
capital in the hands of individual citizens of this State. In making such assessment
there shall also be deducted from the value of such shares such sum as is in the same
proportion to such value as is the assessed value of the real estate of the bank or
banking association, and in which any portion of their capital is invested, in which
said shares are held, to the whole amount of the capital stock of said bank or banking association. Nothing herein contained shall be held or construed to exempt the
real estate of banks or banking associations from either State, county, or municipal
taxes, but the same shall be subject to State, county, municipal, and other taxation
to the same extent and rate andin the same manner according to its value, as other
real estate is taxed. The local authorities charged by law with the assessment of the
said shares shall, within ten days after they have completed such assessment, give
written notice to each bank or banking association of such assessment of the shares
of its respective shareholders, and no personal or other notice tp such shareholders of
such assessment shall bo necessary for the purpose of this act.
The hearing in the circuit court was had upon an agreed statement of facts, as
follows:
" It is hereby stipulated and agreed by and between the parties to the above-entitled suit, that, for the purpose of the trial of this cause, the facts hereinafter stated
are true, and that the cause be submitted for trial and decree upon such statement
alone, together with the pleadings:
" 1. That the complainant, on the second Monday of January, A. D. 1885, and for
several months prior thereto, had a capital stock of the par value of $l?000,000 and a




110

REPORT OF THE COMPTROLLER OF THE CURRENCY.

surplus fund of $200,000 ; that nearly the whole of said capital and surplus fund was
during that period, invested in bonds of the United States of the par value of $949,000, and of a market value and cost largely exceeding that sum; that its shares of
stock were each of the par value of $100 and of the number of 10,000, and were then
held by 142 persons and corporations, 50 of whom, owning 1,877 shares, were residents of States other than the State of New York, and the remainder residents of the
State of New York.
" 2 . That, on the second Monday of January, 1885, the proper tax officers of the
city of New York, acting under chapter 409 of the Laws of 18fc2 of the State of New
York, did value and assess for taxation the shares of stock of said bank against the
individual shareholders thereof, at the rate of $89 per share, after deducting the
proportion of the assessed value of the real estate of said bank applicable to each
share of stock, as by law required, making the total gross valuation of said shares in
the hands of the shareholders the sum of $890,000, from which sum the debts of sundry
indebted stockholders, amounting to $89,128, were deducted, as by law allowed,
leaving the total valuation of said shares against said stockholders upon which taxes
were thereafter assessed the sum of $800,872.
" 3. That, on the second Monday of January, 1835, the aggregate actual value of
the shares of stock of the incorporated moneyed and stock corporations incorporated
by the laws of the State of New York deriving an income or profit from their capital
or otherwise (not including life insurance companies, trust companies, banks, or banking associations, organized under the authority of this ?
State or of the United States)
amounted to the sum of $755,018,892; that ' Exhibit A, hereto appended and made a
part of this agreement, contains a list of the corporations whose shares of capital
stock are embraced in said sum of $755,018,892, and also shows the total par value of
the shares of capital stock of each of said corporations.
"4. That, at the period aforesaid, the aggregate actual value of the shares of stock
of the life insurance companies incorporated under the laws of this State amounted
to the sum of $3,540,000, and at the same period the aggregate value of the personal
property of said companies, consisting of mortgages, loans with collateral security,
State, county and municipal bonds, and railroad bonds and shares of stock of corporations (but not including the bonds of the United States nor the shares of corporations created by the State of New York), amounted to $195,257,3057; all of which is
shown in detail in the schedule hereto annexed, marked i Exhibit B.
" 5 . That, at the said period, the aggregate actual value of the shares of the capital stock of the trust companies existing in the State of New York and organized under its laws amounted to $32,018,900, as is shown in detail in the schedule hereto annexed, marked ' Exhibit C/ of which sum the amount of $30,215,900 was of trust
companies located in the city of New York.
" 6 . That, at the same period, the aggregate actual value of the deposits due by
the savings banks of this State to depositors was $437,107,501 (not including the surplus accumulated by the said corporations, amounting to $68,669,001).
"7. That the aggregate actual value of the bonds and stocks issued by the city of
New York, subject to the provisions of chapter 552 of the Laws of 1880, at the said
period, amounted to $13,467,000.
" 8 . That the aggregate actual value at the same period of the shares of stock of
corporations created by States other than the State of New York, owned by the citizens of the State of New York, amounted to at least the sum of $250,000,000.
" 9 . The assessed valuation of all personal property, after making the deductions
allowed bylaw, in the city of New York (at the said period), as shown by the annual
record of the assessed valuation of real and personal estate of the said city for the
year 1885, was $202,673,806. This sum included the capital of corporations (after
making deductions for investments thereof in real estate, shares of New York corporations, taxable upon their capital stock under the laws of this State, and non-taxable
securities), as follows:
Insurance companies
«t
$2,146,379
Trust companies
156,506
Miscellaneous companies
29,234,409
Railroad companies
12,339,871
" It also included:
Shares of national banks
45,046,074
Shares of State banks
15,700,220
il
The sum so deducted for the value of the real estate belonging to said trust companies located in the city of New York did not exceed $2,336,572.31.
The assessed value of the real estate in said city for said period i s . . . $1,168,443,137
And in the said State, including the city of New York, is
2,761,973,845
The latter sum including the sum of about
340,000,000




REPORT OF THE COMPTROLLER OF THE CURRENCY.

Ill

"being tlie assessed value of the real estate located in said State belonging to corporations.
"The ' aggregate amount of the taxable personal estate' within the State of New
York, exclusive of said city, after deducting debts due by the owners thereof for the
year ending December 31, 1884, as assessed by the assessors and returned to the State
comptroller, is $151,632,369.
"This sum included the capital of corporations (after making the deductions for
investments thereof in real estate, shares of New York corporations taxable under
their capital stock under the laws of this State and non-taxable securities), of the
amount of $34,466,612.
The aggregate capital stock, taken at par, of the national banks outside
of the city of New York, but within the State of New York, on December 20, 1884, as shown by the report of the Comptroller of the Currency
of the United States, was
$36,804,160
And that of State banks, outside of the said city, but within said State,
as shown by the report of the bank superintendent of New York, i s . . . 8,128,000
Total (outside of New York City)
44,932,160
The total par value of the shares of national banks in said State, including the city of New York, for the period aforesaid, is
83,054,160
And of the State banks
32,815,700
" 10. That it is the intention of the defendants, unless restrained by injunction, to
collect the said tax levied by them against the shareholders of the said complainant
upon said shares by the use of all needful legal process.
" 11. That any statutes of the United States or of the State of New York may be
cited and relied upon before the said court as if herein fully set forth."
From a decree dismissing the bill the present appeal is prosecuted.
Section 5219 of the Revised Statutes of the United States is as follows:
" Nothing herein shall prevent all the shares in any association from being included
in the valuation of the personal property of the owner or holder of such shares in
assessing taxes imposed by authority of the State within which the association is
located ; but the legislature of each State may determine and direct the manner and
place of taxing all the shares of national banking associations located within the
State, subject only to the two restrictions that the taxation shall not be at a greater
rate than is assessed upon other moneyed capital in the hands of individual citizens of
such State, and that the shares of any national banking asssociation owned by nonresidents of any State shall be taxed in the city or town where the bank is located
and not elsewhere. Nothing herein shall be construed to exempt the real property of
associations from either State, county, or municipal taxes to the same extent, according to its value, as other real property is taxed."
In the present case no question is raised by the appellant as to the validity of section 312, chapter 409, of the Laws of New York of 1882, considered by itself, nor in
reference to the rule of valuation or assessment which it prescribes. No exception is
taken to the form of the assessment, nor is the case based in any degree upon the
dereliction of the assessing officers in the discharge of their duties, there being no
allegation and no proof that they have not performed their whole duty under the
statutes of the State.
The proposition which the appellant seeks to establish is, that the State of New
York, in seekkig to tax national-bank shares, has not complied with the condition
contained in section 5219 of the Revised Statutes, that such taxation shall not be at
a greater rate than is assessed upon other moneyed capital in the hands of individual
citizens of such State, " in that, it has by its legislation expressly exempted from all
taxes in the hands of the individual citizens numerous species of moneyed capital,
aggregating in actual value the sum of $1,686,000,000, whilst it has by its laws subjected national-bank shares in the hands of individual holders thereof (aggregating
a par value of $83,000,000), and State-bank shares (having a like value of $22,815,700),
to taxation upon their full actual value, less only a proportionate amount of the real
estate owned by the bank." This exemption, it is claimed, is of a " very material
part relatively'7 of the whole, and renders the taxation of national-bank shares void.
The exemptions thus referred to are classified as follows:
1st. The shares of stock in the hands of the individual shareholders of all incorporated "moneyed or stock corporations deriving an income or profit from their
capital or otherwise, incorporated by the laws of New York, not including trust
companies and life insurance companies, and State or national banks." The value of
such shares, it is admitted, amounts to $755,018,892.
2d. Trust companies and life insurance companies. The actual value of the shares
of stock in trust companies amounts to $32,018,900, and the actual value of the shares
in life insurance companies amounts to $3,540,000, which life insurance companies, it




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REPORT OF THE COMPTROLLER OF THE CURRENCY.

is admitted, are the owners of personal property consisting of mortgages, loans,
stocks, and bonds to the value of $195,257,305.
3d. Savings banks and the deposits therein. The deposits amount to $437,107,501,
and an accumulated surplus to §68,669,001.
4th. Certain municipal bonds issued by the city of New York under an act j>assed
in 1880, of the value of $13,467,000.
5th. Shares of stocks in corporations created by States other than New York, in
the hands of individual holders, residents of said State, amounting to $250,000,000.
It is argued by the appellant that these exemptions bring the case within the decision of Boyer v. Boyer, 113 U. S., 689. In that case, referring to the legislation of
Pennsylvania, it was said: "The burden of county taxation imposed by the latter
act has at all events been removed from all bonds or certificates of loan issued by any
railroad company incorporated by the State; from shares of stock in the hands of
stockholders of any institution or company of the State which in its corporate capacity is liable to pay a tax into the State treasury under the act of 1859 ; from mortgages, judgments, and recognizances of every kind ; from moneys due or owing upon
articles of agreement for the sale of real estate ; from all loans, however made, by
corporations which are taxable for State purposes when such corporations pay into
the State treasury the required tax on such indebtedness."
This enumeration of exempted property, the amounts of which were stated in the
bill and admitted by the demarrer, was held to include such a material portion relatively of the moneyed capital in the hands of individual citizens as to make the tax
upon the shares of national banks an unfair discrimination against that class of
property, but no attempt was made in the opinion of the court to define the meaning
of the words " moneyed capital in the hands of individual citizens " as used in the
statute, or to enumerate all the various kinds of property or investments that came
within its description, or to show that shares of stock in the hands of stockholders
of every institution, company, or corporation of a State, having a capital employed
for the purpose of earning dividends or profits for its stockholders, were taxable as
moneyed capital in the hands of individual citizens.
It is accordingly contended on behalf of the appellees in the present case, first,
that the shares of stock in the various companies incorporated by the laws of New
York as moneyed or stock corporations, deriving an income or profit from their income or otherwise, including trust companies, life insurance companies, and savings
banks, are not moneyed capital in the hands of the individual citizen within the meaning of the act of Congress; second, that if any of them are, then the corporations
themselves are taxed under the laws of New York in such a manner and to such an
extent that the shares of stock therein are in fact subject to a tax equal to that which
is assessed upon shares of national banks; and third, that if there are any exceptions,
they are immaterial in amount and based upon considerations which exclude them
from the operation of the rule of relative taxation intended by the act of Congress.
In view of the nature of the contention between the parties to this suit, and the
extent and value of the interests involved, it becomes necessary to review with care
the previous decisions of this court upon the same subject, and to endeavor to state
with precision the rule of relative taxation prescribed to the States by Congress on
shares of national banks.
The national-banking act of 1864 (13 Stat., Ill), in addition to the restrictions now
imposed upon the State taxation of national-bank shares, declared "that the tax so
imposed, under the laws of any State, upon the shares of any of the associations authorized by this act, shall not exceed the rate imposed upon the shares in any of the
banks organized under the authority of the State where such association is located."
In the re-enactment of this statute in 1868 (15 Scat., 34), this proviso was omitted.
The case of Van Allen v. Assessors, 3 Wallace, 573, was decided under the act of 1864
as originally enacted. In that case the taxing law of New York, which was in question, was held to be invalid, because it levied no taxes upon shares in State banks
at all, the tax being assessed upon the capital of the banks after deducting that portion which was invested in securities of the United States; and it was held that this
tax on the capital was not a tax on the shares of the stockholders equivalent to that
on the shares in national banks. It was also decided in that case that it was competent for the States, under the permission of Congress, to tax the shares of nationalbank stock held by individuals, notwithstanding the capital of the bank was invested
in bonds of the United States which were not subject to taxation.
It appears, therefore, as the result of the decision in that case, that a tax upon the
capital of a State bank, levied upon the value thereof, after deducting such part as
was invested in non-taxable Government bonds, was less than an equivalent for a tax
upon the shares of national banks from which no such deduction was permitted. Accordingly, in the case of People v. The Commissioners, 4 Wallace, 244, the complaint
was made on behalf of individual owners of national-bank stock taxed in New York,
that no deduction was permitted to them from the value of their shares on account of
the capital of the bank being invested in non-taxable Government bonds, while such




REPORT OF THE COMPTROLLER OF THE CURRENCY.

113

deduction was allowed in favor of insurance companies and individuals in the assessment for taxation of the value of their personal property; and it was contended,
therefore, that the relators in that case were taxed upon their shares of nationalbank stock at a greater rate than was assessed upon other moneyed capital in the
hands of individual citizens. In reference to this supposed inequality the court said:
"The answer is, that, upon a true construction of this clause of the act, the meaning
and intent of the law-makers were that the rate of taxation of the shares should he
the same or not greater than upon the moneyed capital of the individual citizen,
which is subject or liable to taxation. That is, no greater proportion or ])ercentage
of tax in the valuation of the shares should be levied than upon other moneyed taxable capital in the hands of the citizens. This rule seems to be as effectual a test to
prevent unjust discrimination against the shareholders as could well be devised. Ifc
embraces a class which constitutes the body politic of the State, who make its laws
and provide for its taxes. They can not be greater than the citizens impose upon
themselves. It is known as sound policy that in every well regulated and enlightened state or government, certain descriptions of property and also certain institutions, such as churches, hospitals, academies, cemeteries, and the like, are exempt
from taxation; but these exemptions have never been regarded as disturbing the
rates of taxation, even where the fundamental law had ordained that ifc should be
uniform." The Court then proceeded to show that the exclusion, as the subject of
taxation, of Government securities held by individuals, from their moneyed capital,
was by authority of the United States, and hence it would be a contradiction to infer
that Congress meant to include the same Government securities as a part of that moneyed capital which it required to be taxed by the States at a rate equal to that imposed by the latter upon the shares held by individuals of national-bank stock.
The other objection taken to the validity of the tax complained of was, that insurance companies created under the laws of the State were authorized to deduct from
the amount of their capital and surplus profits, for purposes of taxation, such part as
was invested in United States securities. In reference to this the court said: "The
answer is, that this clause does not refer to the rate of assessments upon insurance
companies as a test by wjiich to prevent discrimination against the shares; that is
confined to the rate of assessments upon moneyed capital m the hands of individual
citizens. These institutions are not within the words or the contemplation of Congress; but even if they were, the answer we have already given to the deduction of
these securities in the assessment of the property of individual citizens is equally
applicable to them."
In Lionbergerv. Rouse, 9 Wallace, 468, it was held that the proviso originally contained in the act of 1864, and omitted from the act of 1863, expressly referring to State
banks, was limited to State banks of issue. The court said (p. 474): "There was
nothing to fear from banks of discount and deposit merely, for in no event could they
work any displacement of national-bank circulation." Of course, so far as investments in such banks are moneyed capital in the hands of individuals, they are included in the clause as it now stands.
In the case of Hepburn v. School Directors, 23 Wallace, 480, it was decided to be
competent for the State to value, for taxation, shares of stock in a national bank at
their actual value, even if in excess of their par value, provided thereby they were
not taxed at a greater rate than was assessed upon other moneyed capital in the
hands of individual citizens of the State. It was a further question in that case
whether the exemption from taxation by statute of " all mortgages, judgments, recognizances, and moneys owing upon articles of agreement for the sale of real estate"
made the taxation of shares in national banks unequal and invalid. This was decided in the negative on two grounds: first, that the exemption was founded upon the
just reason of preventing a double burden by the taxation both of property and of
the debts secured upon it; and, second, because it was partial only, not operating as
a discrimination against investments in national-bank shares. The court said : " It
could not have been the intention of Congress to exempt bank shares from taxation
because some moneyed capital was exempt."
The subject was further considered in the case of Adams v. Nashville, 95 U. S., 19.
One of the questions in that case had reference to an exemption from taxation by
State authority of interest-paying bonds issued by the municipal corporation of the
city of Nashville, in the hands of individuals. It was held that the exemption did
not invalidate assessment upon the shares of national banks. The court said
(p. 22): " The act of Congress was not intended to curtail the State power on the
subject of taxation. It simply required that capital invested in national banks
should not be taxed at a greater rate than like property similarly invested. It was
not intended to cut off the power to exempt particular kinds of property, if the legislature chose to do so. Homesteads to a specified value, a certain amount of household furniture (the six plates, six knives and forks, six teacups and saucers, of the
old statutes), the property of clergymen to some extent, school-houses, academies,
and libraries, are generally exempt from taxation. The discretionary power of the

8770 CUR 87




8

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REPORT OF THE COMPTROLLER OF THE CURRENCY.

legislatures of the States over all these subjects remains as it was before the act of
Congress of June, 1864. The plain intention of that statute was to protect the corporations formed under its authority from unfriendly discrimination by the States
in the exercise of their taxing power."
In People v. Weaver, 100 U. S., 539, it was held that the prohibition against the
taxation of national-bank shares at a greater rate than that imposed upon other
moneyed capital in the hands of individual citizens could not be evaded by the assessment of equal rates of taxation upon unequal valuations, and that consequently
where the State statute authorized individuals to deduct the amount of debts owing
by them from the assessed value of their personal property and moneyed capital subject to taxation, the owners of shares of national banks were entitled to the same
deduction. The cases of The Supervisors v. Stanley, 105 U. S., 305; Hills v. Exchange Bank, Ibid., 319; Evansville Bank v. Britton, Ibid., 322, and Cummings v.
National Bank, 101 U. S., 153, are applications of the same principle.
The rule of decision in Van Allen v. Assessors, 3 Wallace, 573, is not inconsistent
with that followed in People v. The Commissioners, 4 Wallace, 244. In the former of
these cases the comparison was between taxes levied upon the shares of national
banks and taxes levied upon the capital of State banks. In the valuation of the capital of State banks for this taxation, non-taxable securities of the United States were
necessarily excluded, while in the valuation of shares of national banks no deduction
was permitted on account of the fact that the capital of the national banks was invested in whole or in part in Government bonds. The eifect of this was, of course,
to discriminate to a very important extent in favor of investments in state banks, the
shares in which eo nomine were not taxed at all, while their taxable capital was diminished by the subtraction of the Government securities in which it \ras invested,
and against national-bank shares taxed without such deduction at a value necessarily and largely based on the value of the Government securities in which by law
a large part of the capital of the bank was required to be invested. In the case of
People v. The Commissioners the comparison was not between the taxation of shareholders in national banks and of shareholders in State banking institutions, but
between the taxation of national-bank shares and that of personal property held by
individuals and insurance companies from the valuation of which the deduction waspermitted of the amount of non-taxable Government securities held by them respectively. The general ground of the decision was, that the exemption was not an unfriendly discrimination against investments in national banks in favor of other investments of a similar and competing character. It was held that the exemption,
under State authority, of United States securities, which it was not lawful for the
State to tax, could not be considered an unwarranted exemption in that case. It was
also held that the language of the act of Congress which fixed the rate of taxation
upon national-bank shares, by reference to that imposed by the State "upon other
moneyed capital in the hands of individual citizens," excluded from the comparison
moneyed capital in the hands of corporations, unless the corporations were of that
character, such as State banks were held to be in the case of Van Allen v. The Assessors, that shares of stock in them fell within the description of " moneyed capital
in the hands of individual citizens." In that way a distinction was established between shares of stock held in banking corporations and those held in insurance companies and other business, trading, manufacturing, and miscellaneous corporations^
whose business and operations were unlike those of banking institutions.
It follows, as a deduction from these decisions, that "moneyed capital in the
hands of individual citizens" does not necessarily embrace shares of stock held by
them in all corporations whose capital is employed, according to their respective corporate powers and privileges, in business carried on for the pecuniary profit of shareholders, although shares in some corporations, according to the nature of their business, may be such moneyed capital. The rule and test of this difference is not to be
found in that quality attached to shares of stock in corporate bodies generally whereby
the certificates of ownership have a certain appearance of negotiability, so as easily
to be transferred by delivery under blank powers of attorney, and to be dealt in by
sales at the stock exchange, or used as collateral for loans, as though they were negotiable security for money. This quality, in a greater or less degree, pertains to all
stocks in corporate bodies, the facility of their use in this way being in proportion
to the estimated wealth and credit, present or prospective, of the corporation itself.
Neither is the difference to be determined by the character of the investments in
which, either by law or in fact, the bulk of the capital and the accumulated surplusof the corporation-is from time to time invested. It does not follow, because these
are invested in such a way as properly to constitute moneyed capital, that the shares
of stock in the corporations themselves must necessarily be within the same description. Such is the case of insurance companies, in respect to which it was held, in
People v. The Commissioners, that shares of stock in them were not taxable as
"moneyed capital in the hands of individual citizens;" and that the language of
the act of Congress does not include moneyed capital in the hands of corporations.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

115

The true test of the distinction, therefore, can only be found in the nature of the business in which the corporation is engaged.
The key to the proper interpretation of the act of Congress is its policy and purpose. The object of the law was to establish a system of national banking institutions, in order to provide a uniform and secure currency for the people, and to facilitate the operations of the Treasury of the United States. The capital of each of the
banks in this system was to be furnished entirely by private individuals ; but, for the
protection of the Government and the people, it was required that this capital, so far
as it was the security for its circulating notes, should be invested in the bonds of the
United States. These bonds were not subjects of taxation; and neither the banks
themselves, nor their capital, however invested, nor the shares of stock therein held
by individuals, could be taxed by the States in which they were located without the
consent of Congress, being exempted from the power of the States in this respect, because these banks were means and agencies established by Congress in execution of
the powers of the Government of the United States. It was deemed consistent, however, with these national uses, and otherwise expedient, to grant to the States the
authority to tax them within the limits of a rule prescribed by the law. In fixing
those limits it became necessary to prohibit the States from imposing such a burden
as would prevent the capital of individuals from freely seeking investment in institutions which it was the express object of the law to establish and promote. The
business of banking, including all the operations which distinguish it, might be carried on under State laws, either by corporations or private persons, and capital
in the form of money might be invested and employed by individual citizens in
many single and separate operations forming substantial parts of the business of
banking. A tax upon the money of individuals, invested in the form of shares of
stock in national banks, would diminish their value as an investment and drive the
capital so invested from this employment, if at the same time similar investments
and similar employments under the authority of State laws were exempt from an
equal burden. The main purpose, therefore, of Congress, in fixing limits to State
taxation on investments in the shares of national banks, was to render it impossible
for the State, in levying such a tax, to create and foster an unequal and unfriendly
competition, by favoring institutions or individuals carrying on a similar business
and operations and investments of a like character. The language of the act of Congress is to be read in the light of this policy.
Applying this rule of construction, we are led, in the first place, to consider the
meaning of the words " other moneyed capital," as used in the statute. Of course it
includes shares in national banks; the use of the word "other" requires that. If
bank shares were not moneyed capital,the word "other" in this connection would
be without significance. But " moneyed capital" does not mean all capital the value
of which is measured in terms of money. In this sense, all kinds of real and personal
property would bo embraced by it, for they all have an estimated value as the subjects of sale. Neither does it necessarily include all forms of investment in which the
interest of the owner is expressed in money. Shares of stock in railroad companies,
mining companies, manufacturing companies, and other corporations, are represented
by certificates showing that the owner is entitled to an interest, expressed in money
value, in the entire capital and property of the corporation, but the property of the
corporation which constitutes its invested capital may consist mainly of real and personal property, which, in the hands of individuals, no one would think of calling
moneyed capital, and its business may not consist in any kind of dealing in money,
or commercial representative of money.
So far as the policy of the Government in reference to national banks is concerned,
it is indifferent how the States may choose to tax such corporations as those just mentioned, or the interest of individuals in them, or whether they should be taxed at all.
Whether property interests in railroads, in manufacturing enterprises, in mining investments, and others of that description, are taxed or exempt from taxation, in the
contemplation of the law, would have no effect upon the success of national banks.
There is no reason, therefore, to suppose that Congress intended, in respect to these
matters, to interefere with the power and policy of the States. The business of
banking, as defined by law and custom, consists in the issue of notes payable on demand, intended to circulate as money where the banks are banks of issue; in receiving deposits payable on demand; in discounting commercial paper; making loans
of money on collateral security; buying and selling bills of exchange; negotiating
loans, and dealing in negotiable securities issued by the Government, State and national, and municipal and other corporations. These are the operations in which the
capital invested in national banks is employed, and it is the nature of that employment which constitutes it in the eye of this statute' * moneyed capital." Corporations
aud individuals carrying on these operations do come into competition with the business of national banks, and capital in the hands of individuals thus employed is what
is intended to be described by the act of Congress. That the words of the law must b©
so limited appears from another consideration; they do not embrace any moneyed




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REPORT OF THE COMPTROLLER OF THE CURRENCY.

capital in the sense just denned, except that in the hands of individual citizens.
This excludes moneyed capital in the hands of corporations, although the business of
some corporations may be such as to make the shares therein belonging to individuals
moneyed capital in their hands, as in the case of banks. A railroad company, a mining company, an insurance company, or any other corporation of that description,
may have a large part of its capital invested in securities i>ayable in money, and so
may be the owners of moneyed* capital; but, as we have already seen, the "shares of
stock in such companies held by individuals are not moneyed capital.
The terms of the act of Congress, therefore, include shares of stock or other interests owned, by individuals in all enterprises in which the capital employed in carrying on its business is money, where the object of the business is the making of
profit by its use as money. The moneyed capital thus employed is invested for that
purpose"in securities by way of loan, discount, or otherwise, which are from time to
time, according to the "rules' of the business, reduced again to money and reinvested.
It includes money in the hands of individuals employed in a similar way, invested
in loans, or in securities for the payment of money, either as an investment of a permanent character, or temporarily with a view to sale or repayment and reinvestment.
InT this way the moneyed capital in the hands of individuals is distinguished from
w hat is known generally as personal property. Accordingly, it was said in Evansville
Bank v. Britton, 105 U. S., 322 : " The act of Congress does not make the tax on personal property the measure of the tax on the bank shares in the State, but the tax
on moneyed capital in the hands of the individual citizens. Credits, money loaned
at interest, and demands against persons or corporations are more purely representative of moneyed capital than personal property, so far as they can be said to differ.
Undoubtedly there may be said to be much personal property exempt from taxation
"without giving bank snares a right to similar exemption, because personal property
is not necessarily moneyed capital. But the rights, credits, demands, and money at
interest mentioned in the Indiana statute, from which bona-lide debts may be deducted, ail mean moneyed capital invested in that way."
This definition of moneyed capital in the hands of individuals seems to us to be
the idea of the law, and ample enough to embrace and secure its whole purpose and
policy.
From this view, it follows that the mode of taxation adopted by the State of New
York in reference to its corporations, excluding for the present trust companies and
savings banks, does not operate in such a way as to make the tax assessed upon
shares of national banks at a greater rate than that imposed upon other moneyed
capital in the hands of individual citizens.
This is the conclusion reached on similar grounds by the court of appeals of New
York. In the case of McMahon v. Palmer, 102 N. Y., 176, that court said :
"Our system of laws, with reference to the taxation of incorporated companies and
capital invested therein, has been carefully framed with a view of reaching all taxable property and subjecting it to equality of burden, so far as that object is attainable in a matter so complex. In view of the wide variation in the employable value
of such investments and the frequent mutations in their conditions, it is by no means
certain that this object has not been attained with reasonable accuracy. It is quite
clear, from even this cursory review of the statutes, that if any discrimination is made
by our laws in taxing capital invested, it is not to the prejudice of that employed in
banking corporations. Even if this were not the result of the statute, we are oi opinion that investments in the shares of companies named do not come within the meaning of that clause in the Federal statutes referring to other moneyed capital in the
hands of individuals. That phrase, as generally employed, distinguishes such capital from other personal property, and investments in the various manufacturing and
industrial enterprises. And this is 77 sense in which it is used in our tax laws, as
the
appears by reference to the statutes.
The cases of frust companies and saving banks require separate consideration. Section 312 of chapter 409 of the act of 18rt2 is a re-enactment of section 3 of chapter 596 of
the laws of 1880, except that in the latter trust companies were included with banks
and banking institutions, so as to subject the stockholders therein to the same rule of
assessment and taxation on the value of their shares of stock. The present statute
omits them from the corresponding section. The consequence is, that trust companies are taxable, as other corporations, under the act of 1857, for local purposes, upon
the actual value of their capital stock. By chapter 361 of the laws of 1881, as amended,
they are subjected to a franchise tax, in the nature of an income tax, payable to the
State for State purposes. It is argued, from this legislation, in reference to the taxation oftrusc companies, that it discloses an evident intent to discriminate in favor of
the latter as between them and banks, including national banks; and it is argued
that, considering the nature of the business in which trust companies are engaged, it
is a material and unfriendly discrimination in favor of State institutions engaged to
some extent in a competing business with that of national banks. Trust companies,




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117

"however, in New York, according to the powers conferred upon them by their charters
and habitually exercised, are not in any proper sense of the word banking institutions. They have the following powers: To receive moneys in trust and to accumulate the same at an agreed rate of interest; to accept and execute all trusts of every
description committed to them by any person or corporation or b}r any court of record;
to receive the title to real or personal estate on trusts created in accordance with the
laws of the State, and to execute such trusts; to act as agents for corporations in reference to issuing, registering, and transferring certificates of stock and bonds, and
other evidences of debt; to accept and execute trusts for married women in respect to
their separate property ; and to act as guardian for the estates of infants. It is required that their capital shall be invested in bonds and mortgages on unincumbered
real estate in the State of New York worth double the amount loaned thereon, or in
stocks of the United States or of the State of New York, or of the incorporated cities
of that State.
It is evident, from this enumeration of powers, that trust companies are not banks
in the commercial sense of that word, and do not perform the functions of banks in
carrying on the exchanges of commerce. They receive money on deposit, it is true,
and invest it in loans, and so deal, therefore, in money and securities for money in
such a way as properly to bring the shares of stock held by individuals therein within
the definition of moneyed capital in the hands of individuals, as used in the act of
Congress. But we fail to find in the record any sufficient ground to believe that the
rate of taxation, which in fact falls upon this form of investment of moneyed capital, is less than that imposed upon shares of stock in national banks.
It appears from the tax laws of New York applicable to the subject, as judicially
constnled by the court of appeals of that State, that the capital stock of such a corporation is to be assessed at its actual value. The actual value of the whole capital
stock is ascertained by reference, among other standards, to the market price of its
shares, so that the aggregate value of the entire capital may be the market price of
one multiplied by the whole number of shares. Oswego Starch Factory v, Dolloway,
21N. Y., 449; The People v. The Commissioners of Taxes, 95 N. Y., 554. From this are
to be deducted, of course, the real estate of the corporation otherwise taxed, and
the value of such part of the capital stock as is invested in non-taxable property,
such as securities of the United States. In addition to this, the corporation, as
already stated, pays to the State, as a State tax, a tax upon its franchise based upon
its income ; the tax on the capital being for local purposes.
Ifc is evident, we think, that taxation in this mode is at least equal to that upon
the shares of individual stockholders, for if the same property was held for the same
uses and taxed by the same rule in the hands of individuals, as moneyed capital, it
would be subject to precisely the same deductions; in addition to which the individual would be entitled to make a further deduction of any debts he might owe.
Upon these grounds, therefore, we are of opinion that this mode of taxing trust companies does not create the inequality which the appellant alleges.
In the case of savings banks, we assume that neither the bank itself nor the individual depositor is taxed on account of the deposits. The language of the statute
(section 4, chapter 456, laws of 1857) is as follows:
" Deposits in any banks for savings, which are due to the depositors, . . shall
not be liable to taxation, other than the real estate and stocks which may be owned
by such bank or company, and which are now liable to taxation under the laws of
this State."
According to the stipulation in this case, the deposits in such banks amount to
$437,107,501, with an accumulated surplus of $68,669,001. It can not be denied that
these deposits constitute moneyed capital in the hands of individuals within the
terms of any definition which can be given to that phrase; but we are equally clear
that they are not within the meaning of the act of Congress in such a sense as to
require that, if they are exempted from taxation, shares of stock in national banks
must thereby also be exempted from taxation. No one can suppose for a moment
that savings banks come into any possible competition with national banks of the
United States. They are what their name indicates, banks of deposit for the accumulation of small savings belonging to the industrious and thrifty. To promote their
growth and progress is the obvious interest and manifest policy of the State. Their
multiplication can not in any sense injuriously affect any legitimate enterprise in the
community. We have already seen that by previous decisions of this court it has
been declared that " it could not have been the intention of Congress to exempt bank
shares from taxation because some moneyed capital was exempt" (Hepburn v. School
Directors, 23 Wallace, 480), and that "the act of Congress was not intended to curtail
the State power on the subject of taxation. It simply required that capital invested
in national banks should not be taxed at a greater rate than like property similarly
invested. It was not intended to cut off the power to exempt particular kinds of
property, if the legislature chose to do so." Adams r. Nashville, 95 U. S., 19. The
only limitation, upon deliberate reflection, we now think it necessary to add, is that




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REPORT OF THE COMPTROLLER OF THE CURRENCY.

these exemptions should be founded upon just reason, and not operate as an unfriendly
discrimination against investments in national-bank shares. However large, therefore, may be the amount of moneyed capital in the hands of individuals, in the shape
of deposits in savings banks as now organized, which the policy of the State exempts
from taxation for its own purposes, that exemption cannot affect the rule for the taxation of shares in national banks, provided they are taxed at a rate not greater than
other moneyed capital in the hands of individual citizens otherwise subject to taxation.
It is further objected, on similar grounds, to the validity of the assessment complained of in this case that municipal bonds of the city of New York to the amount
of $13,467,000 are also exempted from taxation. The amount of the exemption in this
case is comparatively small, looking at the whole amount of personal property and
credits which are the subjects of taxation ; not large enough, we think, to make a
material difference in the rate assessed upon national-bank shares; but, independently
of that consideration, we think the exemption is immaterial. Bonds issued by the
State of New York, or under its authority by its public municipal bodies, are means
for carrying on the work of the government, and are not taxable even by the United
States, and it is not a part of the policy of the government which issues them to subject them to taxation for its own purposes. Such securities undoubtedly represent
moneyed capital, but as from their nature they are not ordinarily the subjects of taxation, they are not within the reason of the rule established by Congress for the taxation of national-bank shares.
The same considerations apply to what is called an exemption from taxation of
shares of stock of corporations created by other States and owned by citizens of New
York, which it is agreed amount to at least the sum of $250,000,000. It is not pretended, however, that this exemption is based upon the mere will of the legislature of
the State. The courts of New York hold that they are not the proper subjects of taxation in the State of New York, because they have no situs within its territory for that
purpose. Hoyt v. The Commissioners of Taxes, 23 N. Y., 224 ; People, ex rel. etc., v.
The Commissioners, 4 Hun, 595. The objection would be equally good if made to the
non-taxation of real estate owned by citizens of New York, but not within its limits.
Clearly the property to be taxed under the rule prescribed for the taxation of nationalbank shares must be property which, according to the law of the State, is the subject
of taxation within its jurisdiction.
Upon these grounds, substantially the same as those on which the circuit judge
proceeded, 28 Fed. Rep., 776, we are of opinion that, the appellant is not entitled to
the relief prayed for.
The decree of the circuit court is, therefore, affirmed.
CONCLUSION.

I have the honor to submit in the Appendix, page 165, a summary of
communications received from various parts of the country during the
last year and a half, suggesting modifications of the Jaws by which, in
the opinion of the writers, the national banking system would be improved and perpetuated.
Upwards of forty plans have been suggested, which are appropriately classed under five propositions, viz :
1. To do away with the note-issuing function of the banks.
2. To increase the inducements for the banks to deposit United States
bonds as a basis of national-bank circulation.
3. To provide by a new issue of bonds for a continuance of the
present or of some modified system of national-bank circulation based
on United States bonds.
4. To substitute some other security for United States bonds deposited in the Treasury as a basis for national-bank circulation.
5. To allow the banks to issue circulation upon their general credit,
without requiring specific security to be deposited.
The various suggestions for the deposit of gold and silver as a basis
of circulation have been left out of consideration, because, as they contemplate deposits equal in value to the currency to be issued, they contain no inducement either to the public or to the banks to adopt them,
and, therefore, they are obviously impracticable. The Treasury now




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119

issues gold'and silver coin certificates, which answer all the purposes
of such currency.
Among the propositions above stated, that which contemplates maintaining the national-bank system without any currency feature is hardly
worth considering so loug as it is generally conceded that Congress has
no certain authority under the Constitution to charter banks that do
not issue currency.
The fourth proposition, viz, to substitute State, county, and municipal securities for United States bonds as a basis of circulation, is subject
to the fatal objection that the power to accept some and reject others
among those securities would have to be lodged somewhere, and as its
exercise would incidentally raise and depress the prices of such securities, it would be dangerous to adopt any scheme involving the confiding
of such power to any official or any board.
There remain, therefore, but three propositions to be considered as
within the range of probable adoption :
I.—Proposition second, to increase the inducements for the banks to
deposit United States bonds as a basis of national-bank circulation.
II.—Proposition third, to provide by a new issue of bonds for a continuance of the present or of some modified system of national-bank
circulation based on United States bonds.
III.—Proposition fifth, to allow the banks to issue circulation upon
their general credit without requiring specific security to be deposited.
Before considering these propositions separately, it is important to
observe that the case to be dealt with is that of 3,001 banks now in full
operation, with bonds to the aggregate amount of $188,828,000 deposited
in the Treasury, on which there is outstanding $109,215,067 of circulation.
It is obvious that this fact must exercise a controlling influence upon
the discussion, because it has a paramount bearing upon the two fundamental questions, viz:
First, what is practicable, and, secondly, what is expedient ?
A third question may be raised, viz, what is just to the banks ? But
this question is really merged in the other two, because the relations
between the banks and the public are such as to render any unjust
measure both inexpedient and impracticable.
It must be obvious, on merely looking at the question from this point
of view, that many things that might be practicable or expedient, or
both, if we were now initiating a national-bank system, may be impracticable or inexpedient when applied to the existing system.
In discussing the three propositions, therefore, their relative abstract
merits must be regarded as subordinate to the effect they will have,
severally, upon existing arrangements.
In order to apply this method of inquiry intelligently and effectively
we must determine, first, what is sought to be remedied, and, secondly,
what is sought to be accomplished beyond merely applying remedial
measures.
Speaking broadly, it may be assumed that remedies are sought, first,
for the present continual reduction in the volume of national-bank circulation, and, secondly, for the obstacles which the scarcity and high
prices of United States bonds present to the formation of new banks,
and to the increase of capital on the part of those already existing.
Beyond remedying these defects in the present law, there is a general
desire to provide a permanent, safe, and i>opularly acceptable basis for
the continued existence and the future growth of the national-bank
system.




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REPORT OF THE COMPTROLLER OF THE CURRENCY.

To judge properly whether any measure designed to remedy present
defects or to accomplish the other ends named is likely to prove both
practicable and expedient, as applied to existing conditions, note must
be taken of how such a measure will affect banks differently situated,
either geographically or financially, or both, because very great differences in these respects really exist among the banks, and what would
attract some of them would repel others.
It will be necessary, therefore, to bear in mind that out of the 3,049
banks in operation on October 5 last, 2,150 have $150,000 capital or
less, while among the rest there are 107 banks of which the capital is
$1,000,000 or over, and G of which the capital amounts to $3,000,000 or
over.
The 2,150 smaller banks are required by law to hold an amount of
bonds equal to 25 per cent, of their capital, while the others, however
large their capital, need hold but $50,000 of bonds, which is 10 per cent,
on $500,000 capital, 5 per cent, on $1,000,000, and only 1 per cent, on
$5,000,000, a discrimination which has become more and more unfavorable to the smaller banks as the bonds have become scarcer and dearer.
If all banks should be required to hold 25 per cent, of their capital
in bonds, as the smaller banks are, the larger banks wrould quit the
system, contracting the circulation by nearly $100,000,000, while, on the
other hand, if the minimum of the smaller banks is reduced to, say, 10
per cent, of capital, which is about the average now required of the
larger banks, it is probable that many more banks would be formed and
that some of the small banks would increase their capital.
Having thus before us some of the limitations which encompass the
solution of the problem, let us consider the three propositions in the
order named:
1. To render the holding of United States bonds more profitable to the
banks.
Of course this proposition rests upon the assumption that it is desirable for the banks to be encouraged or enabled to hold United States
bonds, but this assumption needs to be substantiated. There was a time
when it was important that every possible inducement should be given
the banks to take these bonds, but this time is past, and the ability of
the banks to do as much for the Government in some future emergency
will be greatly increased by their being not only free, but inclined to
dispose of all the bonds they now hold in excess of the minimum requirement. From the point of view of the Government, therefore, a
very important resource in time of future need is curtailed by the banks
being needlessly holders of United States bonds at a time of profound
peace, and when the credit of the Treasury is at its zenith.
The proposition presents to the banks an aspect varying according
to circumstances. Of course as long as the holding of bonds is obligatory every bank would like to have this holding made more profitable,
but all banks are not situated alike in regard to the profitableness of
circulation based on bonds. Some banks now hold much larger amounts
of bonds than the law requires, while others profess to be excluded from
the system because the holding of even the minimum is too great a
burden; hence it must be inferred that some banks find a profit in such
investments under conditions that inflict loss upon others. If, therefore, the holding of these bonds is rendered profitable to the latter class^
the degree of its profitableness to the former class will be proportionately increased. This is stated by way of illustration merely and not
as an objection, because, obviously, if a commensurate public advantage




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121

is secured by this augmentation of profit the incidental benefit to some
banks should not be begrudged.
The most important consideration, however, is as to what the gain
would be to the public regarded as distinct from the Government and
the banks. Manifestly the only result that can possibly be claimed as
a public gain would be a probable increase of bank-note circulation
based on bonds, or at least the maintenance of the present volume of
such circulation 5 hence the question as to the public gain involves the
precedent question whether increasing the profitableness of bonds as
a basis for circulation is likely to increase permanently the volume of
national-bank circulation.
In the case of these bonds, as of other securities of stable intrinsic
value dealt in by the general public, the market price varies directly
and the amount on sale at any given time varies inversely with the
number and means of purchasers, while under normal conditions purchasers vary in number and means according to the profitableness of
the investment, Now, it is demonstrable that it is only the circulation
obtainable upon depositing them in Washington that renders the holding of United States bonds in any degree profitable to national banks,
while they are sought for and tenaciously held by other investors, who
are excluded, from obtaining circulation on them; hence it is prQbable
that the present tendency to contraction of the national-bank currency
is due to the scarcity and high price of bonds, resulting from the competition between new banks and outside investors for the few bonds on
sale. If this is so, it follows that as the circulation is rendered more
profitable the premium should go higher; and since almost all the bonds
now offered for sale belong to banks reducing their circulation, the supply on the market will be seriously curtailed by any change of the law
that renders it more profitable to the banks to buy these bonds than to
sell them.
If this reasoning is correct, new banks can gain nothing by such
measures as we are now considering, because, while they will still have
to compete for their bonds with outside investors, they will also remain
exposed to competition with the existing banks that are now able to
get the most profit out of circulation, nor will existing banks generally
be benefited, since there will remain the same disparity as now between
those more and those less favorably situated for holding bonds. This
reasoning carried to its ultimate results, will be found to establish the
proposition that should the holding of bonds be rendered more profitable to the banks, the whole benefit will accrue to those which find such
investments profitable now, and the only increase of circulation to be
relied upon will be such as these banks may take out in addition to
what they now have, while, per contra, the higher premium will discourage the formation of new banks and increase the insecurity now felt as
to the permanence of the system.
What is desirable from the point of view of those who desire the
banks to increase in number and to expand their circulation is that
bonds shall decline in price, whereas all these plans tend to elevate their
price, because they tend to render the holding of them by banks more
profitable than it is now.
This reasoning applies to all those plans which involve raising the
amount of note issues in proportion to the face of the bonds, taking the
tax off circulation, etc.; but there would seem to be no objection to
taking the tax off so much of the circulation as rests on the minimum
amount of bonds required by law to be deposited, while such relief
would be eminently just, because this being obligatory it should be
made as little burdensome as possible, and it will chiefly apply to small




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REPORT OF THE COMPTROLLER OF THE CURRENCY.

banks remote from money centers and which are now required to hold
an amount of bonds greatly exceeding in percentage upon capital the
amount required of larger banks.
The second of the three practicable propositions contravenes the settled policy of Congress, which is to reduce and ultimately to extinguish
the national debt, and therefore not to issue any bonds having remote
maturities. The leading authorities of both political parties, the press
of the country, and the people generally have approved this policy,
and therefore it seems idle to expect legislation to the contrary, even
for the purpose of preserving the banks.
If a suspension of this policy were the sole possible condition of preserving the banks there might be a bare possibility of its consideration,
but no such argument can be sustained.
The last of the feasible projects, viz, proposition fifth, seems to be the
only one containing a general principle under which the national-bank
system may possibly be perpetuated. This principle is that while preserving all the other features of the system the main volume of bank
currency should rest upon the credit and resources of the banks and
not upon the credit of the Government.
All existing banks are entitled to the privilege of issuing circulating
notes to the extent of 90 per cent, of the par of the United States bonds
deposited, and this privilege can not justly be curtailed in any case
without the consent of the bank. It is prudent also, on the part of the
Government, to leave the law unchanged in this respect, for an emergency may hereafter arise when it will be very important to resort to
the measures of 1863 for rallying the banks to the support of the Treasury, and in such a case it would be convenient to have all the machinery
in working order.
On the other hand, there may be good reason why banks which are
now being constrained by various influences to bring their circulation
on bonds down to the minimum, should be accorded the privilege of
issuing currency in addition to that secured by the bonds, if such issues
can be subjected to conditions that will preserve the present high credit
of the national-bank currency.
With the reservation, therefore, that whatever new legislation is proposed should be additional to, and not in repeal of, existing laws as to
the deposit of bonds, whether obligatory or optional, and as to the privilege of issuing currency to 90 per cent, of such deposits, we may proceed to the examination of the plans grouped under proposition fifth.
These plans are ten in number, and they may be arranged in subgroups according to the basis which they propose for the issue of circulation additional to that which is secured by United States bonds.
This basis varies in the different plans: First, according to the volume
of circulation to be permitted; second, according to the security underlying the bank-notes; third, according to the provision made for their
redemption.
The limitation of volume varies in the different plans from 25 per
cent, to 100 per cent, upon capital, but no reasons are assigned in any
case for the percentage proposed. It seems to be assumed that this is
a matter of either fanciful or purely arbitrary selection.
As to security, there are four distinct propositions:
1. To depend solely upon the present provision of the law which
makes the circulating notes a first lien upon all the assets of a failed
bank.
2. To add to this the requirement that a reserve of 25 per cent, in
lawful money shall be kept on hand by each bank.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

123

3. To create a guaranty fund in the Treasury by devoting to that
object the profit on lost circulation and the gradual accumulation from
an annual tax of 1 per cent.
4. To make the banks mutual guarantors of each other's issues, the
notes of each bank, however, to constitute a first lien upon its assets.
The provision for redemption varies in this way:
1. An annual tax of 1 per cent., of which the proceeds shall be used
as a redemption fund.
2. The present 5 per cent, redemption deposit.
3. A pro rata assessment on all the issuing banks to whatever
amount experience may indicate as sufficient.
Since all these plans embrace the maintenance of the present provision that the notes constitute a first lien upon all the assets of a
failed bank, it is proper to consider this feature first.
The law now makes this lien a security for only the deficiency between the proceeds of deposited bonds and the outstanding circulation.
No case of such deficiency has, I believe, ever arisen, and in the present
state of the market for United States bonds, none is likely to arise 3
hence the preference thus secured to note-bolders over all other creditors of a national bank has never been enforced nor has its existence
in the law affected the general credit of these institutions. Never having had any practical significance it is generally lost sight of.
Obviously it will be very different when a currency is issued not
specially secured at all, and which in every case of insolvency must be
redeemed wholly out of the general assets before these become subject
to the claims of depositors.
The national banks owe their present prosperity entirely to the confidence of the general public, and this confidence is manifested in the
volume of individual deposits, which in the aggregate amount to
$1,250,000,000, or 2£ times the aggregate capital of the banks.
These deposits constitute the chief resource of the banks, and hence
it would be a hazardous thing to introduce into the system any feature
likely to disturb the confidence of depositors.
The issue of preferred notes to the amount of even 25 per cent, of the
capital, the lowest limit proposed, would be a serious matter to depositors, wrhile such issues to the amount of 50,75, and 100 per cent, of capital, as some suggest, would probably cripple fatally the general credit
of the banks with prudent depositors, and in that way their means of
accommodation would be curtailed in a ratio greater than the increase
•of such means derived from the additional issues of currency.
It is much more important to the banks as a body to retain and augment their deposits than to acquire the power to issue more currency,
nnd the public have even a greater interest than the banks in the preservation of this condition of things, because the credit that attracts
deposits is always better founded than that which floats currency, and
is also more jealously guarded by the banks enjoying it, and is therefore less likely to be abused.
It is, indeed, doubtful whether any really strong and prudent banks
would like to risk their credit with depositors by issuing notes as a first
lien on their assets, and in that case if the proposition led to the establishment of such a bank currency at all, notes would be issued chiefly
by banks having small deposits and their assets might very easily be
so handled as to constitute a very poor security, even for the preferred
notes. There would certainly be great temptation to a bank to become
-speculative when once it had floated all the currency allowed and found




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REPORT OF THE COMPTROLLER OF THE CURRENCY.

itself free from the observation of numerous and vigilant local depositors.
If these views are correct, they would seem to be fatal to all schemes
of establishing a bank currency secured only by a first lien upon all the
assets of the issuing bank, unless some sufficient counterpoise to the
objections can be found among the various suggestions as to a 25 per
cent, reserve, a sinking fund deposited with the Government, the consolidation of all issuing banks into one association, etc.
While none of these devices appears to me likely to prove practically
effective in removing the objections, it is probable that considerable diversity of opinion will arise on the subject, and as individual views
can not be anticipated, it seems useless to spread the discussion over
the whole field of possible contention. It is important, however, to
bear in mind that any computations as to the proper ratios of reserve
or redemption funds to the volume of currency, which may be drawn
from the history of national-bank circulation, will be misleading, because the conditions heretofore obtaining will all be changed when, on
the one hand, banks have every temptation to force out circulation, and,
on the other hand, the public acquire the habit of presenting these
notes for redemption every time the general credit of the bank is affected.
In times of panic now, banks have to take care of their depositors
only, the ordinary process of the redemption of notes is not materially
varied, nor is the volume of general currency diminished, but when
there is no special security behind these notes, the case will be very
different; every rumor of monetary trouble will bring both the noteholders and the depositors clamoring for payment, and just when there
is most need of money to pay them with, the currency will be contracted by the discredit of national-bank circulation.
In answer to these general objections to the first lien principle, it may
be said, of course, that the assets of the bank will be increased by the
whole amount of its issue of notes, while now its assets are actually
diminished by the difference between the cost of the bonds and the
circulation received from the Government. This is very true; and if
those assets were set aside, as the bonds now are, as specific security
for the notes, and if, moreover, they could be always maintained in a
form as intrinsically valuable and as readily convertible as the bonds
are, the force of the objection would be destroyed; but no one familiar
with practical banking can really believe that either of these conditions could be maintained in even a single case, while it is more than,
probable that in most cases they would be disregarded, and the old
adage "easy come, easy go" would receive fresh illustration from
numerous instances in which the facility of uttering currency * would
lead, as it did under the old State-bank system, to very lax and speculative methods of employing the resources so obtained.
If the views here submitted are correct, it would appear that na
substitute yet proposed for the present basis of national-bank circulation is sufficiently free from objection to be adopted. The 4-per cent,
bonds will not mature for twenty years; and, apart from other considerations, there is enough in this fact to justify caution and delay in
making any radical change in the basis of circulation. In that timey
no doubt, something acceptable will be devised, but at present all that
seems practicable is to modify the existing law so as to obviate its inconveniences, and as a first step toward this end it appears both safe
and wise to reduce the minimum amount of bonds to be kept on deposit*




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125

This is, no doubt, quite a safe step, because capital is no longer attracted to the system or held in it by any profit derived from circulation, or by the prospect of any profit to be made by holding bonds.
These early inducements have been replaced by others of a much
more permanent and satisfactory character. The high credit attaching
to national banks, the business-like methods cultivated in their relations with the public, and other similar influences developed within the
system itself, constitute a cohesive attraction, which makes it stronger
to-day than it has ever been before. Eeducing the minimum requirement as to bonds, therefore, can not weaken the system. Concurrently
with the progress of this healthful change in the system itself, the
bonded debt of the United States has been gradually reduced in
amount and refunded at lower rates of interest, while such is the investment demand that the still outstanding bonds of every class are
constantly becoming scarcer on the market; indeed, there is hardly
any longer a regular market for United States bonds, because they are
held almost entirely either by a limited class of investors, who rarely
care to sell, or by national banks, which in many cases can not sell.
One effect of this condition of things is to make the obligation to
deposit bonds a serious obstacle to the formation of new banks in the
sections where they are most needed, and to the increase of capital on
the part of those banks of which the capital does not already exceed
$150,000.
The public needs and demands a continual increase of banking facilities, and to supply those facilities it is necessary to have not only more
banks, but banks in a greater number of localities, and also some
increase of capital among banks previously established.
The need of such increased facilities is coextensive with the country,
but it is most pressing in those sections where the growth of population and the expansion of industry are year by year outstripping the
measure of accommodation afforded by local capital.
To such communities the national-bank system affords opportunities
otherwise unobtainable for bringing to the development of their resources supplies of capital from the remote centers of cheap and abundant money $ hence, any obstacles to the growth of this system in our
newer States and Territories is a more serious matter than it is elsewhere.
Another effect of the laws as they now stand is to deprive the
national-bank circulation of the little elasticity possible to it, because
the volume of this circulation varies with the amount of bonds held by
the banks, and not only are bonds too scarce and dear to be freely
bought and sold, but the inducement to banks to reduce their holdings
of bonds to the minimum prescribed by law is constant and of growing
intensity, while there are no inducements to an increase of such holdings 5 consequently there is neither elasticity nor steadiness in the
volume of bank notes, but only a continuous contraction of circulation
that year by year more than overcomes the annual expansion due to
the formation of new banks, and keeps the public mind in a state of
feverish anxiety, always easily excited into alarm.
Still another effect is to render the banks very sensitive to every step
made towards reducing the bonded debt of the Government.
A striking instance of this occurred lately in connection with the redemption of the 3 per cent, bonds. On August 12, 1886, the redemption of these bonds was resumed, and the last call matured July 1,1887,
after which date 3 per cent, bonds were no longer available as a basis
of circulation. At the former date the national banks held $103,351,650,




126

REPORT OF THE COMPTROLLER OF THE CURRENCY.

on which their outstanding circulation amounted to $93,010,485, so
that the redemption of the bonds forced the batiks either to surrender
circulation to this amount or to replace the 3 percents with bonds obtainable only .at a premium.
The progress of this rapid redemption and its effect upon nationalbank circulation are elsewhere described in detail. What is material
in connection with the topic now under consideration is, that while the
unprecedented contraction produced less immediate embarrassment
than it might have done, yet it so disturbed public confidence, and,
rendered the banks so nervous, that the annual autumnal monetary
stringency in New York was magnified last September into a portent of
impending disaster, and came near seriously interrupting the industries of the entire country.
This effect carries with its recognition considerations as to the future^
which are of national importance, because in the autumn of 1801 the
4£ per cent, bonds will become subject to call, and unless precautions
are taken in advance to prevent a recurrence of the disquietude we have
so lately experienced, the anxieties of this year will have been suffered
in vain.
Of those bonds there are now outstanding $230,500,000, and one of
the most important problems of the immediate future is how to deal
with this indebtedness. The conditions of the problem will be materially simplified if the banks are permitted and induced to gradually
reduce their holdings of 4J percents.
With a view to facilitating the healthy and natural expansion of the
national-bank system, to restoring stability and some degree of elasticity to the circulation based on bonds, and to obviating a recurrence,
with respect to the 4 J per cent, bonds, of the perilous experience of the
last twelve months with respect to the 3 percents, it appears to be
wise to reduce the minimum requirement of bonds; and I respectfully
recommend that it be hereafter fixed at one-tenth of the capital of all
banks of which the. capital does not exceed $250,000, and that no bank
shall be required to maintain a deposit of more than $25,000 in bonds f
also that the banks be relieved of taxation upon so much of the circulation issued to them as is represented by the minimum of bonds which
the law requires them to deposit.
This latter recommendation is made chiefly in the interest of the small
country banks, to which every expense is a burden, ^nd which, as a rule,
deposit only the minimum of bonds.
It would seem to be quite proper to tax circulation in excess of that
represented by the minimum of bonds, not for the sake of revenue only,,
but because such a tax tends to impart elasticity to the entire volume
of circulation, and because any bank that likes may escape the tax; but
both justice and policy appear to be against a tax on circulation represented by bonds of which the deposit is obligatory.
The recommendation to reduce the minimum amount of bonds to be
deposited is supported by the following considerations:
1. As the law now stands, the total amount of bonds required to be
deposited by the 3,049 banks in operation on October 5 is $89,912,347,
while the amount actually on deposit at that date was $189,083,199, or
$99,170,753 more than the minimum requirement.
This excess is distributed as follows: 2,150 banks of $150,000 capital and
under, of which the minimum is $44,962,347, hold actually $79,485,000—
an excess of $34,522,653 ; 899 banks of over $150,000 capital, of which
the minimum is $44,950,000, hold actually $109,598,100—an excess of
$64,648,100.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

127

If the proposed change is made the banks in operation on October
5 will stand thus: 2,552 banks with not over $250,000 capital;
minimum, $26,400,309; actual, $116,444,250; excess, $90,043,941; 497
banks with over $250,000 capital; minimum, $12,425,000; actual,
$72,638,850; excess, $60,213,850. Total excess, $150,257,791.
Of course it is to be expected that some banks will be prompted by
the change in the law to reduce their circulation, but the magnitude of
this reduction and the rate at which it can be effected will be controlled
by two influences; first, the provision of law which limits to $3,000,000
the amount of lawful money that may be deposited in any calendar
month in order to effect the withdrawal of circulation ; and, secondly,
the decline in the price of the bonds which must attend any sudden and
large increase in the amount offered for sale. Banks will not surrender
circulation except to realize the premium by selling their bonds.
2. While undoubtedly these two influences will effectually prevent
any monetary disturbance, arising from the change in the law, they
will not even obstruct but will materially promote such gradual changes
in the bonds on deposit as will enable the banks to be practically free
from 4J per cent, bonds by the time these mature in 1891,
The total amount of 4.J per cent, bonds held on October 31 as security
for circulation was $69,696,100, and therefore it will only require
changes to the extent of about $17,500,000 annually to render the
banks entirely independent, in four years, of any policy the Treasury
may adopt as to these bonds.
If they are redeemed the national-bank circulation will be undiminished by the process of redemption ; if they are refunded on terms admitting of a profit on circulation^ the banks will be in a good position
to buy the extended bonds.
3. One effect of a gradual shifting of deposits out of 4J per cent*
bonds will probably be, that as the volume of circulation based on these
bonds becomes reduced, a corresponding decline will be observed in the
sensitiveness of the banks and of the money market to the progress of
redemption of the public debt.
This is a VBry important consideration, because it is desirable that
when the time arrives for deciding what is to be done with the 4J
per cent, loan, there shall arise neither the apprehension of financial disturbance nor any strong popular pressure to influence the choice
between payment and extension. From every point of view it is desirable that this choice should turn wholly on the position and prospects of
the public finances.
4. Throughout the whole period of the existence of the nationalbank circulation there never has been a time when the volume of the
outstanding notes has been determined by commercial forces only; the
operations of the Treasury have always exercised an abnormal and a
disturbing influence, and reciprocally the state of the currency has constantly fettered the operations of the Treasury. If the proposed change
in the law tends even in the least degree to release the Treasury and
the currency from this unnecessary and harassing interdependence, it
will be a great public gain.
5. Once free from the disturbing cause referred to, there is no reason
why the volume of national-bank currency should not soon find its natural centre of oscillation ; that is, the point above and below which its
normal movements of increase and decline would conform to the varying needs of the commercial and other industries of the country.
From the stand-point of these industries, elasticity is more important
than quantity in the currency; their interests are better subserved by




128

REPORT OF THE COMPTROLLER OF THE CURRENCY,

a currency so elastic in volume as to respond immediately to variations
in the demand for it, than by a great volume of money rigid in amount.
Elasticity in the volume of the currency supplies to commercial operations what springs and a smooth road supply to transportation. In
each case more can be accomplished with less wear and tear and less
breakage than is possible when these conditions are wanting.
0. A reduction in the amount of bonds which the banks are required
to have on deposit will prepare the way for a change in the basis of
circulation, in case such change may hereafter seem expedient. As
long as the law compels the smaller banks to invest more than onefourth of their capital in bonds (counting in the premium), it may be
unjust to them to permit circulation to be issued upon any other
security, for only the large banks could then get the full benefit of such
permission; but 10 per cent, of capital invested in bonds will not be a
serious impediment even to banks of $50,000 capital getting their fair
share of any privileges as to circulation that may hereafter be determined upon.
7. It should be observed, finally, that owing to the two retarding
influences already referred to, the results here suggested can be
accomplished only during a considerable lapse of time, and of course,
in the interval, unforeseen conditions may arise and unexpected influences may modify or reverse the tendencies now existing; but it does
not seem possible that any change of conditions or of tendencies can
cause embarrassment to the banks or to the public fairly chargeable to
the proposed change in the law.
W. L. TRENHOLM,

Comptroller of the Currency.
The SPEAKER OF THE HOUSE OF EEPRESENTATIVES.




APPENDIX.

8770 CUB 87




9

129

A DIGEST OF NATIONAL-BANK CASES.
CONTENTS*
I. Constitutional law.
(1) Powers of Congress ; (2) Powers of the- States.
II. Powers and liabilities of national banking associations.
(I) Implied powers ; (2) As to collateral securities; (3) Special deposits ; (4)
Government securities; (5) Certified check; (6) Purchasing check; (7)
Stocks; (8) Deposits to secure performance of contracts ; (9) Loans in excess of one-tenth capital; (10) Real estate ; (11) Certificates of deposits ;
(12) Lien on dividends; (13) Contracts and obligations of old corporation;
^14) Place of business; (15) Circulating notes ; (10) Business of liquidating association.
III. Ultra vires.
(1) Dealing in stocks; (2) Purchasing negotiable paper; (3) Lending credit;
(4) Mortgages on real estate ; (5) When association cannot set up want of
power.
IV. Stock.
(1) Purchasing its own stock; (2) Liens on stock ; (3) May be attached; (4)
Capital set free belongs to shareholders; (5) Contracts to give shares for
business; (6) Transfer of stock; (7) Subscriptions to increase of capital
stock; (8) Speciiic performance of contract to sell.
V. Shareholders.
(1) Estopped to deny incorporations ; (2) Individual liability.
VI. Officers.
(1) Tenure of office; (2) Bonds of officers; (3) Directors most act as a board;
(4) Borrowing of association; (5) Liability for violations of law; (6)
Directors of converted banks; (7) Retirement of directors.
VII. Interest.
(1) What interest associations may take ; (2) On claims against insolvent and
liquidating associations; (3) Usury.
VIII. Insolvent associations.
(1) Not subject to bankrupt act; (2) What constitutes insolvency; (3) Assets
a trust fund; (4) United States has no priority ; (5) Claims for torts; (6)
Preferences; (7) Basis for estimation of dividends; (8) Set-off.
IX. Receivers.
(1) Officer of the United States ; (2) Whom he represents ; (3) How far subject
to Comptroller's orders; (4) Power of courts to appoint; (5) Debtors of
association can not question legality of appointments; (6) Receiver's decision not linal; (7) Sale by; (8) Contracts of; (9) Expenses of receivership
for association which has gone into liquidation.
X. Taxation.
(1) What may be taxed ; (2) Eate; (3) Valuation ; (4) Exemptions; (5) Collection of tax from association; (6) License tax; (7) Powers of taxing officers; (8) Enforcement of taxes; (9) Location of association for taxing
purposes.
*Cases which turned upon a peculiar state of facts, and many which but reiterate settled principles, have been omitted; also, a few which are reported so badly or so meagerly that the precise
points decided do not clearly appear.




132

REPORT OF THE COMPTROLLER OF . THE CURRENCY.

XI. Jurisdiction.
(1) Jurisdiction of Federal courts prior to the act of July 12, 1882 ; (2) Jurisdiction of Federal courts subsequent to act of July"12, 1882; (3) Jurisdiction of State courts; (4) United States can not be subjected to jurisdiction
of court; (5) Citizenship.
XII. Suits.
(1) By and against associations; (2) By shareholders; (3) By "receivers; (4) By
creditors of insolvent association; (5) For usury; (6) To enforce liability
of shareholders; (7) Execution; (8) Attachments; (9) Abatement; (10)
Estoppel; (11) Suits against liquidating associations; (12) Transitory and
local suits; (13) Survival of suits.
XIII. Evidence.
(1) Certificates of Comptroller; (2) Evidence of insolvency; (3) Necessity for
assessment by Comptroller.
XIV. Crimes.
(1) Under United States laws; (2) Under State laws; (3) Term " United States
currency v in penal statutes.




REPORT OF THE COMPTROLLER OF THE CURRENCY,

133

I. CONSTITUTIONAL LAW.
1. POWERS OF CONGRESS:

(a) Congress has the constitutional power to incorporate banks. (McCulloch v.
Maryland, A Wheat, 316 ; Osbornv. Bank of the United Stales, 9 Wheat., 738.)

(b) Congress has power to clothe national banking associations, as to their
contracts and dealings with the world, with any special immunities and
privileges exempting them, in their trade and intercourse with others, from
the laws and remedies applicable in like cases to other citizens. (The Chesapeake Bank v. The First National Bank of Baltimore, 40 Md., 209.)
(c) Thus, the provision of.the banking law that no attachment, injunction, or
execution shall issue against a national banking association before final
judgment in any suit, action, or proceeding in a State court is constitutional.
(Ibid.)
•
(d) The tax imposed on State or national banks paying out the notes of individuals or State, banks used for circulation is constitutional. (Veazie Bank
v. Fenno, 8 Wall, 533.)

(e) So is the tax imposed on them for paying out the circulating notes of mu1
nicipal corporations.
States, 101 U. S., 1.)

(Merchants National Bank of Little Rock v. United

( / ) Such a tax is not a direct tax within the meaning of the clause of the Constitution, which declares that " direct taxes shall be apportioned among
the several States, according to their respective numbers." (Veazie Bank v.
Fenno, and Merchants' National Bank of Little Hock v. United States, supra.)

(g) Congress having, in the exercise of undisputed constitutional powers, undertaken to provide a currency for the whole country, may secure the benefit
of it to the people by appropriate legislation. (Veazie Bank v. Fenno, supra.)
(h) Congress has the power to divest the United States courts of their jurisdiction of suits by or against national banking associations. (National Bank
of Jefferson v. Fare et al., U. S. C. C. (E. D. Texas), 25 Fed, Hep., 209.)
2. POWERS OF THE STATES:

(a) National banking associations, being instruments designed to aid the Gov
eminent in the administration of a branch of the public service, cannot be
controlled by the States, except in so far as Congress may see proper to per1
mit. (Farmers and Mechanics Bank v. Bearing, 91 U. S., 29.)

(b) No authority from the State is necessary to enable a State bank to convert
itself into a national banking association. (Casey v. Galli, 94 U. £., 673.)
(c) National banking associations located outside of a, State are subject to its
restraining acts prohibiting all corporations, not authorized by the law of
the State, from keeping therein offices for the purpose of discount and deposit. (National Bank of Fairhavtn v. The Phoenix Warehousing Company, 6
Hun, 71. )

(d) It is competent for a State by penal enactments to protect its citizens in
their dealings with national banking associations located within the State.
(State v. Fuller, 34 Conn., 280; see also Taxation and Jurisdiction.)

II. POWERS AND LIABILITIES.
1. IMPLIED POWERS:

To the enumerated powers of national banking associations are to be superadded
all the powers incidental to the business of banking. (Pattison v. Syracuse
National Bank, 80 N. ¥., 82.)
2. A s TO COLLATERAL SECURITIES :

(a) A national banking association may take stock of a corporation as collat1

eral security for a loan. (Shoemaker v. The National Mechanics Bank, 2 Abb.
U. S., Alii',' Can field v. The State National Bank of Minneapolis, U. S. C. C.
(Dist. Minn ) , 1 Northwestern Reporter, 173.)

(6) And it may take for such purpose the stock of another national banking association.

(National Bank v. Case, 99 U. S., 628.)

NOTE,—But this point was not necessary to the decision of the case.




134

REPORT OF THE COMPTROLLER OF THE CURRENCY.

2. As TO COLLATERAL SECURITIES—Continued.

(c) A national banking association may take a pledge of personal chattels as
security for a loan. {Pittsburgh Locomotive and Car Works v. State National
Bank of Keokuk, U. S. C. C. (Eighth Circuit, 1875), 2 Cent. L. J.,692.)
(d) A national banking association may take as security for a loan the indorsement of a married woman, charging her separate estate. Such security is
to be treated as personal security, within the meaning of the banking law,
and not as a mortgage. (Third National Bo,nk v. Blake, 73 N. Y., 260.)
(e) A national banking association may take as collateral security for a loan
a warehouse receipt for merchandise. (Cleveland, Brown $- Co. v. Shoeman,
40 Ohio St., 176.)
(/) A national banking association may take as security for a loan the stock of
a corporation whose entire capital is vested in real estate. Such a loan
does not amount to a lending upon mortgage. (Baldwin v. Canfield, 26
Minn., 43.)
(g) An agreement by a national banking association to the effect that, in case
a note discounted by it shall not be paid, a mortgage given by the maker
to his indorser shall inure to the benefit of the association, is not inhibited
by the national banking law. (First National Bank v. Haire, 36 Iowa, 443;
see also National Bank v. Matthews, 98 U. S., 621.)
(h) A national banking association having taken a mortgage on real estate to
secure a debt previously contracted may, in order to protect itself, pay off
a prior lien on the said real estate 1; and the lien which it thus acquires it
may enforce. (Ornn v. Merchants National Bank, 16 Kans., 341; Holmes v.
Boyd, 90Ind., 332.)
(i) Where a national banking association has taken collaterals to secure a loan,
and, after the loan has been repaid, holds them to secure future advances,
it is not a gratuitous bailee; and it is responsible for the loss of such collaterals occasioned by its lack of ordinary care and diligence, though at
the time the bailor was not indebted to it. (Third National Bank of Baltimore v. Boyd, 44 Md., 47.)
3. SPECIAL DEPOSITS :

(a) A national banking association may receive special deposits. The provision in section 5228, Revised Statutes, authorizing an association u to deliver
special deposits " implies that it may receive them as a part of its legitimate
business; and this implication is as effectual as an express declaration to
the same effect would have been. (National Bank v. Graham, 100 U. S., 699.)
(/;) National banking associations have power to receive special deposits either
gratuitously or otherwise. (Pattison v. Syracuse National Bank, 80 N. Y., 82.)
(c) But the executive officers of an association can not bind it as a gratuitoj*s
bailee, unless they have a special authority from the board of directors so
to do, or there exists a general custom or usage to that effect. (First National Bank of Lyons v. Ocean National Bank, 60 N. Y., 278.)
4. GOVERNMENT SECURITIES:

(a) National banking associations can engage in the business of dealing in and
exchanging Government securities. ( Van Leuven v. First National Bank, 54
JV. F.,671; Yerkes v. National Bank of Port Jervis, 69 N. I7., 383; Leach v.
Rale, 31 Iowa, 69.)
(b) And where an association receives United States bonds of one class for the
purpose of having them converted into bonds of another class, it is not a
mere mandatary, but is responsible for the failure to deliver the bonds on
demand. (Leach v. Hale, supra.)
5. CERTIFIED CHECK :

A national banking association may "certify" a check. A "certified" check
is not within the meaning of section 5183, Revised Statutes, which prohibits the issuing of post-notes or any notes to circulate as money other than
such as are authorized by the national banking law. (Merchants' National
Bank v. State National Bank, 10 Wall., 604.)
6. PURCHASING CHECK :

A national bank may buy a check drawn upon another bank; and whether the
check is payable to order or to bearer is immaterial. (First National Bank
of Rochester v. Harris, 108 Mass., 514.)
7. STOCKS :

(a) A national banking association, in the compromise of a claim growing out
of its legitimate business, may take railroad stock. (First National Banlc
of Charlotte v. National Exchange Bank of Baltimore, 92 U. S., 122.)




REPORT OF THE COMPTROLLER OF THE CURRENCY.

135

7. STOCKS—Continued.
(b) And when necessary to do so, it may pay the difference between the value
of the stock and the amount of the claim. {Ibid.)
(c) A national banking association may take and hold the coupons of municipal bonds, and may maintain actions thereon. (First National Bank of North
Bennington v. Town of Bennington, U. S. C. C. (Dist. Vt.). Browne's N. B.
Cas., 437 j see also Lyons v. Lyons National Bank, 19 Blatch., 279.)
8. DEPOSITS TO SECURE PERFORMANCE OF CONTRACT:

A national banking association may receive a deposit to be held by it as security for the faithful performance o1: a contract between the depositor and
another. (Bushnell v. The Cliautauqua County National Bank, 10 Hun, 378.)
NOTE.—But the court put the decision upon the further ground that even were
the contract ultra vires, the association, having received the deposit, was
estopped from setting up its want of power.
9. LOANS IN EXCESS OF ONE-TENTH CAPITAL:

(a) Sec. 5200, Revised Statutes, which provides that the total, liabilities to
any association of any person, etc., shall not exceed one-tenth part of the
capital stock paid in, was intended only for the guidance of the association, and, though its franchises may be liable to forfeiture for violation of
the law, the association may recover of the borrower the full amount of
the loan. {GoldMining Company v. Rocky Mountain National Bank, 96 U. S.f
640; (yilarcv. Second National Bank of' TitusviUe,!! Penn. St., 96; Shoemaker
v. The National Mechanics' Bank, 2 Abb. U. S., 416 ; Stewart v. National Union
Bank of Maryland, 2 Abb. U. S., 424.)
(b) A note is not illegal because at the time it was discounted by the association the maker was indebted to the association in a sum equal to more than
one-tenth part of its capital. (O'llare v. Second National Bank of Titiisvitte,
supra.)
{c) And a court of equity will not enjoin an association, at the instance of the
borrower, from transferring to innocent third persons notes and securities,
on the ground that the notes represent part of a loan made in excess of 10
per cent, of the capital of the association. {Elder v. First National Bank of
Ottawa, 12 Kans., 238.)
(d) Where a State bank makes a loan to one person of an amount in excess of
one-tenth part of its capital, and is afterward converted into a national
bank, it may, after conversion, extend the time for payment of such loan
without violating section 5200, Revised Statutes. (Allen v. The First National Bank of Xenia, 23 Ohio St*, 97.)
10. REAL ESTATE :

(a) Where a national banking association acquires real estate which it is not
authorized to take, th/? conveyance to it is not void, but only voidable.
And the title of the association to such real estate is good until assailed
in a direct proceeding by the Government. (Ileynolds v. CrawfordsvilleBank,
112 il. S., 405; see also National Bank v. Matthews, 98 U. S., 621 ; National
Bankv. Whitney, 103 U. S., 91); Swope v. LefingweU, 105 U. £ . , 3 ; Fortier v.
New Orleans Bank, 112 U. S., 439.)
(b) The amount of real estate which a national banking association may purchase to secure a pre-existing debt is not limited to the exact amount of
the debt, but as much may be purchased as is necessary to secure the debt
due, so long as the security of such debt is the real object of the purchase.
( Upton v. National Bank of South Heading, 120 Mass., i53.)
(c) Where the purpose is to secure a debt previously contracted, a national
banking association may take a conveyance of real estate worth more than
the debt, and pay the difference between the debt and the value of the
property. (Libby v. Union National Bank, 99 III., 622.)
(d) Where a national banking association sells real estate it may take a mortgage thereon to secure the payment of the purchase-money. (New Orleans
National Bank v. Raymond, 29 La. Ann., 355.)
11. CERTIFICATES OF DEPOSIT :

National banking associations may issue certificates of deposit. Such certificates are not post-notes within the prohibition of section 5183, Revised
Statutes. (Hunt v. Appellant, Supreme Court of Mass., May 7, 1886 ; Riddle
• v. First National Bank, U. S. C. C. (W. D. Penn.), 27 Fed. Rep., 503.)
12. LIEN ON DIVIDENDS :

An association has an equitable lien upon dividends declared for any just debt
due to it from the shareholders. (Hager v. Union National Bank. 63 Me.,
509.)




136

REPORT OF THE COMPTROLLER OF THE CURRENCY.

13. CONTRACTS AND OBLIGATIONS OF OLD.CORPORATION:

(a) Where a State bank lias been converted into a national banking association i>-way enforce all contracts made with it while a State corporation.
{City National Bank v. Phelps, 97 N. Y, 44.)
(1)) And it is liable, after the conversion, for all the obligations of the old institution. {Coffee v. The National Bank of Missouri, 46 Mo., 140; Kelsey v. The
National Batik of Crawford, 69 Penn. St., 426.)
(e) A national banking association organized as the successor of a State bank
may take and hold the assets of the bank whose place it takes, though there
was not in form a conversion from a State to a national corporation, but
the organization of a new corporation. {Bank v. Mclnlire, 40 Ohio St., 528.)
{d) And such association will be liable to the depositors of the former bank.
{Bans v. Exchange Bank, 79 Mo., 182.)
14. PLACE OF BUSINESS :

{a) The provision requiring " the usual business " of the association to be transacted " at an office or banking-house in the place specified in its organization
certificate" must be construed reasonably; and a part of the legitimate
business of the association which can not be transacted at the banking-house
may be done elsewhere. {Merchants1 Bank v. State Bank, 10 Wall., 604.)
(&) Although the general business of a national banking association is to be
transacted at its place of business, yet, if the association is fully advised of
the facts, and does not object, and there is no fraud, its officers, when acting within the general scope of their authority, may bind it by acts done
at another place. {Burton v. Burley, 9 Biss., 253.)
15. CIRCULATING NOTES :

The circulating notes of a national banking association aro valid, though they
do not bear the imprint of the seal of the Treasury. Such imprint was
intended to be simply evidence of the contract, and forms no part of the
contract itself. ( United States v. Bennett, 17 Blatch., 357.)
16. BUSINESS OF LIQUIDATING ASSOCIATION :

After an association goes into liquidation there is no authority on the part of
its officers to transact any business in its name so as to bind its shareholders, except that which is implied in iiie duty of liquidation, unless
such authority has been expressly conferred by the shareholders. {Richmond v. Irons, 121 77. S., 27.)
III. ULTRA VIRES.
1. DEALING IN STOCKS:

(a) A national banking association is not authorized to act as a broker or agent
in the purchase of bonds and stocks. {First National Bank of Allentown v.
Moch, 89 Penn St.. 324 ; Weckler v. The First National Bank of Hagerstown,
42 Md., 581.)
{b) A national banking association can not deal in stocks. The prohibition is
to be implied from the failure to grant the power. {First National Bank v.
National Exchange Bank, 92 U. 6\,' 122.)
NOTE.—But see as to its power to deai in Government securities, Powers, 4.
2. PURCHASING NEGOTIABLE PAPER:

A national banking association can not purchase negotiable paper. {Lazear v.
National Union Bank ofBaltimore, 52i/d.,78; First National 1
Bank of Rochester
v. Pier8on, 24 Minn., 140; see also Farmers and Mechanics Bank v. Baldwin,
28 Minn., 198. But see Smith v. The Exchange Bank of Pittsburgh, 26 Ohio
St., 141.)
3. LENDING CREDIT:

(a) A national banking association can not lend its credit. {Johnston v. Charloitesville National Bank, ^Hughes, 657; Seligman v. Charlottesville National
Bank, 3 Hughes, 647.)
{b) A national banking association can not guaranty the paper of a customer
for his accommodation. {Seligman v. Charlottesville National Bank, supra.)
(c) The accommodation paper of a national banking association is void in the
hands of one who takes it with knowledge of its character. {Johnston v.
Charlottesville National Bank, supra.)
4. MORTGAGES ON REAL ESTATE :

r

{a) National banking associations are by implication prohibited from taking
mortgages on real estate as security for contemporaneous loans. {National




REPORT OF THE COMPTROLLER OF THE CURRENCY.

137

4. MORTGAGES ON HEAL ESTATE—Continued.

Bank v. Matthews, 98 U. S., 621; Fowler v. Scully, 72 Penn. St., 456; Kansas
Valley National Bank v. Rowell, 2 JDiZJ., 371; Commonwealth Bank v. Clark,
4 J/o., 59; Crodcer v. Whitney, 71JV. P., 161; Fridley v. 7?o«™, 87 ///., 151.)
(ft) But where sucli security has been taken, no one but the Government can bo
beard to complain that the association has exceeded its powers. (National
Bankv. Matthews, supra : National Bank v. Whitney, 103 U. S., 99; Swope v.
Leffingwell, 105 £7. #.. 3 ; Reynolds v. National Bank, 112 U. S.y 405 : Fortier v.
National Bank, 112, £7. £., 439.)
NOTE.—These decisions overrule, on this point, Kansas Valley National Bank
v. Bowell, 2 Bill., 371; Crocker v. Whitney, supra; Fowler v. Scully, supra;
Matthews v. Skinker, 62 ik'o., 329 ; Woods v. People's National Bank of Pitlsburgh, 83 Pewt. ££., 57 ; Fridley v. Bowen, supra.
5. WHEN ASSOCIATION CAN NOT SET UP WANT OF POWER :

Where a national banking association has entered into a contract which it was
not authorized to make, a party who has enjoyed the benefit of such contract can not question its validity. (Casey v. La Societe de Credit Mobilier,
2 Woods, 77 ; German National Bank v. Meadouwroft, 95 III., 124.)
IV. STOCK.
1. PURCHASING ITS OWN STOCK :

Where a national banking association purchases shares of its own stock, and
divides them among its directors, to whom the shares are transferred upon
the stock books, the transaction is void, and no title passes. (Meyers v.
Valley National Bank, U. S. I). C. (E. List. Mo.)s 13 National Bankruptcy
Register, 34.)
2. LlEXS ON STOCK :

(a) A national banking association can not acquire a lien on the stock of a
shareholder. And a by-law prohibiting a transfer until all liabilities of
the shareholder to the association are discharged, or a provision to that
eiiect in the certificates of stock, is void. (Bullard v. National Bank, 18
Wall., 589; Bankv. Lamer, 11 Wall., 369; Conklinv. The Second National
Bank, 45 N. T., 655.)
(h) A national banking association can not take a pledge of its stock to secure
a deposit made by it with another bank. Such a transaction amounts to
a lending upon the security of its own shares. (Bank v. Lanier, supra.)
(c) Though a bank is prohibited fiom lending money upon the security of its
own shares, yet if the shares have been sold and the proceeds applied to the
payment of the debt, the courts will not aid the shareholder to recover the
value of the shares. He can dispute the validity of the transaction only
while the contract is executory, and the security still subsists in the possession of the bank. (National Bank of Xenia v. Stewart, 107 U. S., 676.)
3. MAY BE ATTACHED:

The stock of a shareholder indebted to it may be attached by the association
and sold on execution. (Hagar v. Union National Banlc, 63 Me., 509.)
4. CAPITAL SET FREE BELONGS TO SHAREHOLDERS :

When a national banking association reduces its capital stock the amount of %
capital thus released belongs to the shareholders pro rata, and must be
returned to them ; and it can not be retained by the association for a surplus. (Seeley v. New York National Exchange Bank, 8 Daly, 400 j 8. c, 4 Abb.
N. C, 61; affirmed, 78 N. Y., 608.)
5. CONTRACTS TO GIVE SHARES FOR BUSINESS :

Where an association has made or ratified a contract to give a person a certain
number of the shares of its stock, upon condition that he will continue to
do his business with it, and derives the benefit from this contract, the other
party may recover of the association the value of the shares. (Rich v. State
National Bank of Lincoln, 7 Nebr., 231.)
6. TRANSFER OF STOCK:

(a) The transfer of shares in national banking associations is not governed by
different rules from those which are ordinarily applied to the transfer of
shares in other corporate bodies. (Johnson v. Laflin, 103 U. S,, 800.)
(&) The entry of the transaction in the books of the association is required, not
for the translation of the title, but for the protection of the parties, and
others dealing with the association, and to enable it to know who are its
stockholders. (Hid.)




REPORT OF THE COMPTROLLER OF THE CURRENCY.
6 . TRANSFER OF STOCK—Continued.
*

(c) A shareholder in a national bank, while it is a going concern, lias the absolute right, in the absence of fraud, to make a bonafide and actual sale and
transfer of his shares, at any time, to any person capable in law of purchasing and holding the same, and of assuming the transferor's liabilities
in respect thereto ; and this right is not, in such cases, subject to the control of the directors or other stockholders. {Johnson v. Laflin, 5 Dill., 65.)
(d) Under the pretense of prescribing the manner thereof, an association can
not clog the transfer with useless restrictions. (Johnson v. Laflin, supra.)
(e) When a shareholder, acting in good faith, delivers his certificates of stock,
with a blank power of attorney for making the transfer, and receives the
purchase-money, the sale is complete and the title passes. (Ibid.)
(/) Where a cashier, who is intrusted by the directors with the duty of transferring the stock of the association, refuses, for insufficient reasons, to
transfer shares, and the association subsequently becomes insolvent, the
owner of the shares may maintain an action against the receiver for the
injury sustained. (Case v. Citizens' Bank, 100 U. S., 446.)
(g) Where a shareholder who has sold his stock has delivered to the bank the
certificates o£ stock and a power of attorney with the request that the
transfer be made upon the books of the bank, and hns had no reason to
suppose that such transfer was not made, he will not, should the bank afterward become insolvent, be held liable as a shareholder, although lie
still appears as such on the books of the bank. ( Whitney v. Butler, 118 U.
£.,(555.)
(h) But where the president of the bank is himself the purchaser of the stock
then the delivery of the certificates and power of attorney to him with the
request to make the transfer upon the books of the bank would not be sufficient to discharge the seller from liability as a stockholder. (Richmond
v. Irons 121 U. X., 27.)
7. SUBSCRIPTIONS TO INCREASE OF CAPITAL STOCK :

(a) Where one subscribes for shares in the increase of the capital of a national
banking association in a certain amount, such subscription and payment
are upon the implied condition that the increase shall be in the exact
amount so fixed ; and if such amount is changed, the subscriber may avoid
the subscription and. recover the amount paid in. (Eaton v. Pacific Bank,
144 Mass., 260.)
(b) And the certificate of the Comptroller of the Currency that the amount of the
increase in another sum has been paid in, which amount includes what was
paid by the dissenting subscriber, will not be conclusive upon such subscriber. (Ibid.^)
(c) But if such subscriber has assented to or ratiiied the change he will be held
a shareholder. (Delano v. Butler, 118 U. S., 634.)
8. SPECIFIC PERFORMANCE OF CONTRACT TO SELL:

A specific performance of a contract to sell the stock of a national banking association will not be enforced in favor of a purchaser who places his claim
for equitable relief upon the ground that he desires to obtain control of the
association. Such an object is contrary to public policy. (Foil's Appeal,
81 Perm. St., 434.)
Y. SHAREHOLDERS.
1. ESTOPPED TO DENY INCORPORATION:

A shareholder who has held himself out to the world as such is estopped to deny
that the association was legally incorporated. (Casey v. Galli, 94 U. S., 673 ;
Wheelock v. Kost, 11 III., 296.)
2. INDIVIDUAL LIABILITY:

(a) The question whether there is a deficiency of assets, and when it is necessary to enforce the individual liability of shareholders, is for the Comptroller to determine; and his decision in this matter is final and conclusive.
(Kennedy v. Gibson, 8 Wall, 498; National Bank v. Case, 99 77. #.,628; Casey
v. Galli, 94 U. S.,()TS.)
(b) The amount contributed by each shareholder should bear the same proportion to the whole amount of the deficit as his own stock bears to the whole
amount of the capital stock at its par value. And the solvent shareholders
cannot be made to contribute more than their proportion to make good the
deficiency caused by the insolvency of other shareholders. ( United States v.
Knox, 102 U. S., 422.)




REPORT OF THE COMPTROLLER OF THE CURRENCY.

139

2. INDIVIDUAL LIABILITY—Continued.

(c) A shareholder who disposes of his stock will continue to be liable thereon
until the transfer is noted on the books of the association. (Boivdell v.
Farmers and Merchants1 National Bank of Baltimore, U. S. C. C. (D. Md.y 1877),
Browne}s N. B. Cas., 147.)
(d) The individual liability of a shareholder adheres to his estate after his death
until his place as a member of the association is taken by some new shareholder. (Davis v. Weed, U. 8. D. C. (Dist Conn.),reported 44 Conn., 569.)
(c) The receiver has a valid claim against the estate generally of a deceased
shareholder who died prior to the insolvency of the bank, but whose stock
has not been transferred. (Richmond v. Irons, 121 U. S., 27; Davis v. Weed,
supra.)
(/) And the fact that the title to the stock of a deceased shareholder vests in
his administrator does not relieve the estate from the burden of an assessment. (Davis v. Weed, supra.)
(g) Nor will the fact that the administration is complete, and all the assets
have been distributed, defeat an action brought to recover the assessment.
(Ibid. But see Witters v. Sowlcs.)
(h) One who appears on the books of the association as the owner of shares of
its stock i« individually liable, though he hold the stock merely as collateral
security. (National Bank v. Case, 99 U. 8., 628', Moore v. Jones, 3 Woods,
53; Boivdellv. Farmer's and Merchants' National Bank of Baltimore, supra;
Hale v. Walker, 31 Iowa, 344; Wheelock v. Kost, supra.)
(i) But where a pledgee, for the express purpose of avoiding a personal liability, and before the association becomes insolvent, or is in danger of insolvency, transfers the stock to an irresponsible person, he; the pledgee, will
not be liable to contribute as a shareholder. (Anderson v. Warehouse Company, 111 U. 8., 479.)
(j) And where stock has been transferred as collateral security for a loan, iviih
the understanding that in case of default in the payment of the loan the shares
shall be sold, the transferee, upon default made, and before the bank closes
its doors, may sell the stock for a nominal consideration, though his purpose be to avoid a personal liability: and such a transaction can not be set
aside as a fraud unon the creditors of the association. (Magruder v. Colston,
44 Aid., 349.)
NOTE.—The court put the decision upon the ground that the sale was in pursuance of a stipulation which formed a part of the contract between the
original owner and his transferee. JSee also Hoi yoke Bank v. Burnham, 11
Cash., 187, upon the authority of which the Maryland case was decided.
(k) If the trusteeship of one who holds stock in trust does not appear upon the
books of the association lie will be individually liable. (Davis v. Essex
Baptiat Society, U. S. D. C. (Dist. Conn.), reported 44 Conn., 58*2.)
(Z) A transfer of shares for the purpose of avoiding liability, though made
"out and out," is void. (National Bank v. Case, supra; Bowden v. Santos,
1 Hughes, 158.)
(?/i) And where a shareholder, who has knowledge of the insolvent condition of
the bank, transfers his shares, without consideration, to a person unable to
respond to the assessment, the transfer may be set aside and the individual
liability of the transferor enforced. (Bowden v. Johnson, 107 U. S., 251.)
(n) The real owner of the stock is liable as a stockholder, though when he purchased the stock he had it transferred upon the books to another. (Davis
v. Stevens, 17 Blatch.,259.)
NOTE.—The case of the owner of stock is thus different from that of a
pledgee. (See Anderson v. Warehouse Company, supra.)
(o) Where shareholders have assessed themselves to the amount of the par value
of the stock for the purpose of restoring impaired capital, the contributions
made in pursuance of such assessment, though all used in paying the debts
of the association, will not so operate as to discharge the shareholders from
their individual liability. (Delano v. Butler, 118 U. S.,CM.)
Q?) The individual liability of the shareholders of an insolvent association may
be enforced for the purpose of paying all of its liabilities, and not merely
for the purpose of paying its "debts," technically so called. (Stantonv.
Wilkeson, 8 Ben., 357.)
(q) The individual liability of the stockholders must be restricted in its meaning to such contracts, debts, and engagements of the association as have
been duly contracted in the ordinary course of its business. And, therefore, creditors of an association who make settlements after the association is
put into liquidation and receive from the president payment of their claims
in paper of the association, or the individual notes of the president himself,




140

REPORT OF THE COMPTROLLER OF THE CURRENCY.

2. INDIVIDUAL LIABILITY—Continued.

indorsed or guaranteed in the came of the association, are not to be considered as creditors of the association entitled to subject the stockholders
to individual liability; for these are new contracts. (Richmond v. Irons,
121 U. 8., 27.)
VI. OFFICERS.
1. TENURE OF OFFICE:

(a) The officers of a national banking association can hold their positions only
by the tenure specilied in section 5133, Revised Statutes, viz, the pleasure
of the board of directors. (Harrington v. First National Bank of Chittenango,
8. C. N. ¥., 1873; Thomp. N. B. Cas., 701; sec also Taylor v. Button, 43 Barb.,
195.)
(I)) Directors of national banking associations may remove the president, both
under the law of Congress and the articles of association, where the latter
so provide. The power exists though the association has adopted no bylaws. (Taylor Y. Hutton, supra.)
2. BONDS OF OFFICERS :

(a) It is not necessary that national banking associations shall signify their ap"
proval of the official bonds of their officers by memoranda entered upon the
journals or minutes of the directors. The acceptance is to be presumed
from the retention of the bond, and from the fact that the officer is permitted to enter upon or continue in the discharge of his duties. (Grover v. The
Lebanon National Bank, 10 Bush, 23.)
(b) Where the sureties of an officer can reasonably be presumed to have been
deceived by the statement of the condition of the bank published just prior
to the execution of the bond, and to have been led to think that there was
no deficit, whereas there had been a misapplication of a large part of the
funds by the officer whose bondsmen they became, which fact would have
heen ascertained had the directors exercised ordinary diligence, the sureties
are discharged from their liability. (Grover v. The Lebanon National Bank,
supra.)
3. DIRECTORS MUST ACT AS A BOARD :

The election of an individual as a director does not constitute him an agent
of the corporation with authority to act separately and independently
of his fellow members. Ifc is the board duly convened and acting as a unit
that is made the representative of the association. The assent or determination of the members of the board acting separately and individually
is not the assent of the corporation. The law proceeds upon the theory
that the directors shall meet and counsel with each other, and that any
determination affecting the association shall bo arrived at and expressed
only after a consultation at a meeting of the board, attended by at least a
majority of its members. (National Bank v. Drake, 35 Kans., 564.)
4. BORROWING MONEY OF ASSOCIATION :

An officer may, in the ordinary course of business, borrow money of the association. (Blair v. First National Bank of Mansfield, U. 8. C. C. (N. D. Ohio,
1677), 10 Chicago Legal News, 84.)
5. LIABILITY FOR VIOLATIONS OF LAW :

(a) All directors who participate in and assent to a loan in excess of one-tenth
of the capital of the bank, in violation of section 5200, Revised Statutes,
will be liable to the bank for all damages sustained by it in consequence of
such loan. (Witters v. Sowles, U. S. C. C. (District ~of Vermont), 31 Fed.
Rep., 1.)
(b) If a cashier, without authority from the directors so to do, makes a loan in
excess of one-tenth of the capital of the association, he will be liable, in case
of loss, for the amount of the excess. (Second National Bank of Osxvego v.
Burt, XIV. New York Weekly Digest, 290.)
(c) The directors of a national bank will not be held liable for loss occasioned
to the bank through the frauds of a co-director in which, they had no part,
and which were perpetrated without their connivance or knowledge. It is
not sufficient to charge them with liability that the frauds might have been
prevented by the exercise on their part of a proper degree of sux>ervisiou
over the affairs of the bank. (Movius v. Lee, U. S. C. C. (N. D. New York),
30 Fed. Rep., 298.)




REPORT OF THE COMPTROLLER OF THE CURRENCY.

141

6. DIRECTORS OF CONVERTED BANKS :

O) When a State bank is converted into a national banking association all of
the directors at the time will continue to be the directors"of the association
until others are appointed or elected, though some of them may not have
joined in the execution of the articles of association and organization certificate. (Lockwood v. The American National Bank, 9 li. I., 308.)
(b) And, seinble, that the directors of a bank at the time of its conversion into a
national banking association are not required to take the oath of directors.
(Ibid.)
(c) But even were the oath required, a majority of all who W'ire director? at
the time of the conversion, and not merely a majority of t'lose who ta?ke
the oath, are necessary to constitute a quorum. (Ibid.)
7. RETIREMENT OF DIRECTORS :

(,a) The law providing no particular mode by which a director is to resign from
the board, an oral resignation would be as good as any. (Moviwi v. Lee,
'SO Fed. Rep., 298.)
(b) The president being the head of the board, a resignation to him is a resignation to the board. (Ibid.)
(c) A director is not prohibited from resigning during the year. The apparent
purpose of the provision in regard to the term of office is to make it conform to the time of the new election, and not to absolutely require every
director to servo the full term. (Ibid.)
VII. INTEREST.
1. WHAT INTEREST ASSOCIATIONS MAY TAKE :

(a) The provision in section 30 of the act of 1864 " t h a t where, by the law of
any State, a different rate is limited for banks of issue organized under
State laws, the rate so limited shall be allowed for associations organized
in any such State under the act/ 7 is enabling, and not restrictive; and,
therefore, a national banking association in any State may stipulate for as
high a rate of interest as by the laws of such State a natural person may,
although State banks of issue are restricted to a less rate. (Tiffany v. National Bank of the State of Missouri, 18 Wall., 4Q9.)
(b) But it is not to be inferred from Tiffany v. National Bank of Missouri that
whatever by the laws of the State is lawful for natural persons in acquiring title to negotiable paper by discount is lawful for national banks.
(National Bank y. Johnson, 104 U. 8., 271.)
(c) The interest which a national banking association may charge is limited to
the rate allowed to the banks of the State generally; and the fact that a
few of the State banks are specially authorized to take a higher rate is
not a warrant for a national banking association to do so. (Duncan v. First
National Bank of Mount Pleasant, U" 8> I). C. (W. D. Fenn., 1878), 11 Bank.
Mag., 787; Gruber v. First National Bank, 87 Fenn. St., 468.)
(d) Where the State law does not limit the rate of interest which may be
charged on loans to corporations, a national banking association located in
thafc State ca.n not charge more than 7 per cent, interest on such loans.
(In re Wild, 11 Blatch., 243.)
(e) Where by the statutes of the State parties are authorized to contract for
any rate of interest, national banking associations in that State may likewise contract for any rate, and are not limited to 7 per cent. (Hinds v.
Marmelejo, 60 Cal., 229; National Bank v. Bruhn, 64 Tex., 571.)
2. ON CLAIMS AGAINST INSOLVENT AND LIQUIDATING ASSOCIATIONS :

(a) A depositor in a national banking association which, has become insolvent
is entitled to interest on his deposit. (National Bank of Commonwealth v.
Mechanics' National Bank, 94 U. S., 437.)
(b) He is entitled to interest from the date of the suspension of payments; and
no demand upon the association is necessary. (Chemical National Bank v.
Bailey, 12 Blatch., 480.)
(c) Claims, when proved to the satisfaction of the Comptroller, are upon the
same footing as if put in judgment, and therefore bear interest; and the
fact that, under certain circumstances, there might be thus a compounding
of interest will not defeat the right to interest. (National Bank of Commonwealth v.Mechanics7 National Bank, supra.)
(d) But where a creditor has obtained judgment against an insolvent national
banking association for the full amount of his claim and interest, he is not
entitled to interest upon the face of the judgment, but only upon the amount
of the claim at the time of the failure. (White v. Knox, 111 U, S.} 784.)




142

REPORT OF THE COMPTROLLER OF THE CURRENCY.

2. ON CLAIMS AGAINST INSOLVENT AND LIQUIDATING ASSOCIATIONS—Continued.

(c) The creditors of an insolvent national banking association in the hands of
a receiver are entitled to interest on their claims during the period of administration. (Chemical National Bank v. Bailey, supra,)
(/) The assessments made by the Comptroller upon the shareholders of an insolvent association bear interest from the date of the order. ( Casey v. Galli,
94 U. S., 073.)
(g) In the case of book accounts in favor of depositors, interest begins to run
"against an association in liquidation from the date of the suspension of
business. (Etchmond v. Irons, 121 U. #.,27.)
3. U-srinr:
(a) The usury laws of the States do not apply to national banking associations.
(Formers and Mechanics' Bank v. Bearing, 91 U. S., 29; Central National
BOMJCY. Pratt, 115 Mass., 539; First National Bank v. Gorlinghouse, 21 Ohio
St., 492: Davis v. Bandall, 115 Mass,, 547; Jlintermister v. First National
Bank, UN. Y, 212.)
(b) And the remedies provided by the State for the taking of usury can not be
resorted to. (Farmers and Mechanics7 Bank v. Dear ing', supra ; Wiley v.
Starbuck,UInd., 293.)
(c) The taking of illegal interest by a national banking association does not
render the contract void. (Farmers and Mechanics' Bankv. Bearing, supra.)
(d) It does not invalidate an indorsement or a guaranty of the notes upon which
the usurious interest was paid. (Gates v. First National Bank of Montgomery, 100 U, S., 239 ; Lazear v. National Union Bank of Baltimore, 52 Md.,
7a
>
(e) But usury destroys the interest-bearing power of the obligation ; and there
will be no point of time from which it can bear interest. (Lucas v. Government National Bank, 16 Penn. St., 228.)
(/) The usury works a forfeiture of the entire interest accruing after maturity
and before judgment, as well as that which accrues before maturity.
(Sliunk v. The First National Bank of Galion, 22 Ohio St., 508.)
(g) The discounting of business paper by a national banking association at a
higher than the" legal rate is usurious, though the law of the State lixes no
limit to the rate which natural persons may take for the discount or purchase of such paper. (Johnson v. National Bank of Gloversville,Ik N. Y.,
329; affirmed in National Bank v. Johnson, 104 U. S., 271. >
(h) By charging more than legal interest on overdrafts, a national banking association loses the right to recover any interest at all. (Third National
Bank of Philadelphia v. Miller,90 Penn. St., 241.)
(i) The liabilities of antecedent parties to a note or bill will not be affected by
the usurious character of the transaction between the payee and the association ; and the association may recover the full amount of the note or bill
from the maker or acceptor. (Smith v. The Exchange Bank of Pittsburgh, 26
Ohio St., 141.)
0') Usurious interest which has been paid to a national banking association
can not be applied by way of payment or set-off in any action by the association to recover the amount of the loan. (Barnet v. Muncie National Bank,
98 U. A, 855.)
(k) Nor can the penalty for taking the usurious interest be recovered byway
of counter-claim in such action, but a separate action must be brought
therefor. (Ibid.)
NOTE.—This case overrules portions of the decisions in Lucas v. Government
National Bank, supra ; Overholtv. National Bank, 82 Penn. St., 490; CakeY.
The First National Bank of Lebanon, 83 Penn. St., 303.
(I) A. director is not by reason of his position estopped from setting up the defense of usury in an action brought against him by the association. (Bank
of Cadis v. Slemmons, 34 Ohio St., 142.;
(m) Where a national banking association has discounted notes for another
bank at a usurious rate of interest, the fact that the other bank has charged
illegal interest on those notes to its customers wrill not affect its right to
set up the defense of usury in an action by the association. (Third National
Bank of Philadelphia v. Miller, supra.)
(n) The amount which may be recovered from the association as a penalty is
twice the amount of interest paid, and not simply twice the amount in excess of the legal rate. (Crocker v. First National Bank of Chetopa, U. S. C. C
(Eighth Circuit), 3 Am. L. T. [N. S.], 350; Overholt v. National Bank oj
Mount Pleasant, 82 Penn. St., 490; see also Barnet v. Muncie National Bank,
supra.)




REPORT OF THE COMPTROLLER OF THE CURRENCY.

143

VIII. INSOLVENCY.
1. NOT SUBJECT TO BANKRUPT ACT:

National banking associations were not subject to the bankrupt act while tliat
act was in force. (In re Manufacturers' National Bank, 5 Biss., 499.)
2. WHAT CONSTITUTES INSOLVENCY:

The term " insolvency," as used in section 5242, Revised Statutes, forbidding
transfer of the assets of national banking associations after, or in contemplation of, such insolvency, has the same meaning as it had when applied
to traders in the bankrupt act; that is, it does not mean an absolute inability of a debtor to pay his debt at some future time, upon a settlement
and winding up of his affairs, but a present inability to pay in the ordinary
course of business. (Case v. Citizens' Bank of'Louisiana, 2 Woods, 23 ; Market
Bank v. Pacific National Bank, 30 Hun, 50.)
3. ASSETS A TRUST FUND:

Upon the appointment of a receiver all the a ssots of the association become in
his hands a trust fund which the statute of limitations does not touch or
affect. (Riddle v. First National Bank, U. S. C. C. ( W. D. Penn.), 27 Fed. Hep.,
503.)
NOTE.—But this point was not necessary to the decision Of the case, for suits
against insolvent corporations are by a law of Pennsylvania expressly excluded from the operation of the statute.
4. UNITED STATES HAS NO PRIORITY:

(a) Section 3466, which gives the United States a priority for all claims it has
against insolvent debtors, does not apply to the case of an insolvent national
banking association. (Cook County National Bankv. United States, 107 U. S.,
445.)
(o) And as against the proceeds of the bonds deposited to secure circulation
the United States can set off no claim, except for money advanced to redeem the notes. (Ihid.)
(c) And upon the failure of an association its five per cent, redemption fund
can not be retained by the Treasurer to pay taxes due to the United States,
but the fund passes to the Comptroller as an asset of the association. (Jackson v. United States, 20 Ct. Cls., 298.)
5. CLAIMS FOR TORTS :

Claims arising out of the non-feasance or malfeasance of the association should
be paid ratably with the debts, technically so called. (Turner v. The First
National Bank of Keokuk et al., 26 Iowa, 562.)
6. PRKFERENCKS :

(a) A preference, to be within the meaning of section 5242, Revised Statutes,
must be given to an existing creditor to secure a pre-existing debt. A transfer by an insolvent bank to secure a contemporaneous loan is not a violation
of the law. (Casey v. La Societe de Credit Alobilier, 2 Woods, 77.)
(?») The insolvency need be in the contemplation of the bank only. It need 1
not be known to the person to whom the transfer is made. (Casev. Citizens
Bank of Louisiana, supra.)
(c) After the directors of an insolvent association have voted to close its doors,
any transfer of assets whereby a creditor secures a preference must be presumed to be made with an intent to prefer. (National Security Bank v.
Price, 22 Fed. Bep., 697.)
(d) Where the officers of an association which is in danger of insolvency, for
the purpose and in the expectation of preventing a failure, make a pledge of
securities to a depositor to induce him not to withdraw his deposit, such a
pledge is not a preference within the meaning of seotion 5242, Revised
Statutes, and will not be set aside when the association afterward is declared insolvent. (Booerts v. Hill, 23 Fed. Hep., 311.)
(e) Where an insolvent association receives a deposit a short time before closing its doors, its officers knowing of the insolvency at the time, the receipt
of such deposit is a fraud upon the depositor, and no title passes to the association ; and, therefore, the depositor may reclaim the whole amount of
the deposit; and as he claims under his original title, and not under a
transfer from the association,.such reclamation does not amount to a preference. (Cragie et al. v. JSadley,d9 N. Y., 131.)




144

REPORT OF THE COMPTROLLER OF THE CURRENCY.

7. BASIS FOR ESTIMATION OF DIVIDENDS :

In estimating the dividends to be paid out of the assets of an insolvent association, the value of the claims at the time when the insolvency is declared
is to be taken as the basis of distribution. (White v. Knox, 111 U. 8., 784.)
8. SET-OFF:

(a) A person liable upon a note to an insolvent national bank may set off against
his indebtedness the amount of his denosit with the bank. (Plait v. Bentley,
Thomp. N. B. Cas., 758.)
(b) But a debtor can not set off the amount of a deposit assigned to him after
the act of insolvency committed. (The Fenango National Bank v. Taylor, 56
Penn. St., 14.)
IX. RECEIVERS.
1. OFFICER OF THE UNITED STATES :

A receiver, when appointed by the Comptroller, with the concurrence of the
Secretary, is an officer of the United States. (Stanton v. Wilkeson, 8 Ben.,
357.)
2. WHOM HE REPRESENTS :

He represents the bank, its stockholders, and its creditors; but he does not
in any sense represent the Government. (Case v. Terrell, 11 Wall., 199.)
3. HOW FAR SUBJECT TO COMPTROLLER'S ORDERS :

(a) The clause of section 50, act of 1864, which prescribes that the receiver shall
be " under the direction of the Comptroller," means only that he shall be
subject to the Comptrollers direction, not that he shall not act without
orders. He may bring suit to collect assets without having been instructed to do so by the Comptroller. (Bank v. Kennedy, 17 Wall.)
(b) The receiver of a national bank is the instrument of the Comptroller, and
may be removed by him. (Kennedy v. Gibson, 8 Wall., 505.)
4. POWER OF COURTS TO APPOINT :

{a) The power of the Comptroller to appoint a receiver is not exclusive • it does
not oust the courts of equity of their authority in the matter; and, therefore, a court of competent jurisdiction may place the bank in the hands
of a receiver in cases where, according to the rules of equity, it may pursue such a course with regard to insolvent corporations generally. (Irons v.
Manufacturers' National Bank, 6 Biss., 301; Wright v. Merchants' National
Bank, 1 Flippin, 561.)
(b) Where a bank has gone into voluntary liquidation, and the Comptroller has
no power to appoint a receiver, a proper court, in a case where such action
is necessary to protect the interests of a creditor, will appoint a receiver
for it. (Irons v. Manufacturers' National Bank, supra.)
5. DEBTORS OF ASSOCIATION CAN NOT QUESTION LEGALITY OF APPOINTMENT :

The legality of the appointment of the receiver can not be questioned by the
debtors of the bank when sued by him. The bank may move to have the
appointment set aside, but the debtors can not. (Cadle v. Baker, 20 Wall.*
6DO ; see also Platt v. Beebe, 57 N. Y., 339.)
6. RECEIVER'S DECISION NOT FINAL :

The decision of a receiver rejecting a claim is not final. The claimant still
has the right to sue. (Bank of Bethel v. Pahquioque Bank, 14 Wall., 383.)
7. SALE B Y :

(a) The receiver can not sell the real or personal property of the bank without
aii order from a court of competent jurisdiction. {Ellis v. Little, 27 Kans.,
707.)
(b) Nor can he sell upon terms in conflict with the order. (Ibid.)
(c) And under'an order permitting him to sell the property of the bank he can
not exchange, trade, or barter it for other property. (Ibid.)
(d) A sale made by a receiver under order of a court is to all intents and purposes a judicial sale. (In re Third National Bank, 9 Biss., 535.)
8. CONTRACTS OF :

(a) As the power of a receiver of a national bank appointed by the Comptroller
is limited, a person dealing with him in his official capacity is bound as a
matter of law to have knowledge o£ his authority to act, and if contracts
and agreements are entered into with the receiver in excess of his authority




REPORT OF THE COMPTROLLER OF THE CURRENCY. 145
8. CONTRACTS OF—Continued.

as conferred by law, the parties contract at their own peril, and the estate
of the bank can not be charged for the default or inability of a receiver
acting outside of his functions as receiver and beyond the duties which it
involves. (Ellis v. Little, 27 Kans., 707.)
(I)) The receiver can not charge the estate of the bank by any executory contract, unless authorized so to do by the provisions of the national banking
law, and the order of a court of competent jurisdiction obtained upon the
terms of said law. (Ibid.)
9. EXPENSES OF RECEIVERSHIP FOR ASSOCIATIONS WHICH HAVE GONE INTO LIQUIDATION :

Where, after an association bank has gone into liquidation, a receiver is appointed at the instance of the creditors, the expenses of such receivership
must be paid by the creditors. The shareholders can not be made individually liable for such expenses. (Richmond v. Irons.)
X. TAXATION.
1. WHAT MAY BE TAXED:

(a) A State can not tax the capital stock of a national bank, as such. The tax
must be assessed upon the shares of the different stockholders. (Collins v.
Chicago, 4 Biss., 472.)
(b) The entire interests of the shareholders may be taxed without any deduction for that portion of the capital which is invested in United States
securities. (Van Allen v. The Assessors, 3 Wall., 573.)
(c) New shares issued by a national banking association can not be taxed until
the increase of capital has been approved by the Comptroller of the Currency. (Charleston v. People's National Bank, 5 8. C, 103.)
(d) The undivided surplus of a national banking association, unless invested in
Federal securities, may be lawfully taxed by the State. .(North Ward National Bank of Newark v. City of Newark, 10 Vroonn, 380 ; Fi?*st National Bank
v. Peterborough, 56 JV". II., 38.)
(e) But, of course, if the surplus is taken into consideration in estimating the
taxable value of the shares, it is not to be taxed separately. (North Ward
National Bankv. City of Newark, supra.)
NOTE.—But it has been held in Maryland that the stock of an association
represents its whole property, and where u tax is assessed upon the shares
a separate tax upon the real or personal estate amounts to doable taxation ; and, therefore, where the organic laws of the State prohibit double
taxation, such a tax upon the property of 7 association is void. (County
an
Commissioners v. Farmers and Mechanics National Bank, 48 Aid., 117; see
also National State Bank v. Young, 25 Iowa, 311, wherein it was held that
the States could tax ouly the shares, eo nomine, and the real estate.)
(/) The surplus fund of a national banking association is not excluded in the
valuation of its shares for taxation. (Strafford National Bank v. Dover, 59
N.H., 316.)
(g) Where shares of stock are assessed at their actual cash value without any
deduction for the real estate owned by the association the real estate should
not bo taxed eo nomine. (Commissioners of Rice County v. Citizens'' National
Bank of Faribault, 23 Minn., 280.)
(h) The States can not tax the circulating notes of national banking associations.
(Rome v. Greene, 52 Miss., 452: Contra Board of Commissioners v. Elston, 32
Ind., 27; see also Buffin v. Board of Commissioners, 69 N. C, 498; Lily v. The
Commissioners, 69 j\ r . C.,300.)
2. KATE:

(a) Where the State banks are taxed upon their capital, no tax can be imposed
upon the shares of national banking associations; for as the capital of the
State banks may consist of the bonds of the United States, which are exempt from State taxation, a tax on capital is not equivalent to a tax on
shares. (Van Allen v. The Assessors, 3 Wall., 573; Bradley v. The People, 4
Wall, 459.)
(b) But though the tax upon the State banks is not eo nomine a tax on shares,
yet if it is equivalent to such a tax the shares in the national banking associations located in that State may be taxed. (Frazer v. Seibern, 16 Ohio St.,
614; Van Slyke v. State, 23 Wis., 656; Boynoll v. State, 25 Wis., 112.)
(c) When by local legislation different rates are prescribed for different classes
of moneyed capital, the rate imposed upon snares of national banks should
approximate as closely as may be to the rate imposed upon other moneyed
capital of the same or similar class, viz, shares of State banks. (City National Bank v. Paducah, U. S. C. C. (Sixth Circuit, 1877), 5 Cent, L. J,, 347.)
8770 CUE- 87——10




146

REPORT OF THE COMPTROLLER OF THE CURRENCY.

2. RATE—Continued.
(d) Congress meant no more than to require of the States as a condition to the
exercise of the power to tax the shares in national banks, that they should,
as far as they had the capacity, tax in like manner the shares of banks of
issue of their own creation. (Lionberger v. Bouse, 9 Wall., 468.)
(e) Therefore, where a State has previously contracted with the banks which
it has chartered that they shall not be taxed above a certain rate, a tax
upon national-bank shares at a greater rate is not invalid, if this rate is
not greater than that assessed upon all the moneyed capital within the
State, except that of the State banks. (Ibid.)
(/) Any system of assessment of taxes which exacts from the owner of the
shares of a national banking association a larger sum in proportion to the
actual value of those shares than it does from other moneyed capital, valued
in like manner, taxes the shares at a greater rate, notwithstanding that
the percentage of tax on the valuation is the same as that applied to other
moneyed capital. (Pelton v. Commercial National Bank, 101 TJ. S., 143.)
3. VALUATION:

(*a) In-estimating tho value of the shares for the purpose of taxation reference
may be had to all the property and values of the bank. (Saint Louis National Bank v. Papin, U. S. C. C. (Eighth Circuit), 3 Cent. L. J., 669.)
(b) If no excessive valuation is complained of, and a correct result is arrived
at, equity will not restrain the collection of a tax because the method of
computation was erroneous. (Ibid.)
(c) The shares may be valued for taxation at an amount exceeding their face
value, if this amount is not at a greater rate than the valuation set upon
other moneyed capital in the State. (Hepburn v. School Directors, 23 Wall.,
480.)
(d) Under the statute of New York, shares in national banking associations
should be taxed at their real or market value. (People v. The Commissioners
of Taxes and Assessments, 94 TJ. S., 415.)
(e) Where shares in national banking associations are purposely valued proportionally higher than tho otherrnoneyed capital in the State, the assessment is void. (Pelton v. National Bank, 101 TJ. S., 143.)
(/) And the collection of what is in excess of the rate imposed on the other
moneyed capital may be enjoined. (Ibid.)
4. EXEMPTIONS:

(a) The intention of Congress was that the rate of taxation of the shares
should be the same as, or not greater than, the tax upon the moneyed capital of the individual citizen which is subject and liable to taxation.' (People
v. The Commissioners, 4 Wall., 244.)
(b) Therefore, it is not a ground of objection to the validity of a tax on shares
that, while deductions for United States bonds are made from the personal
estates of individuals and the capital of State corporations, no deductions
are made«on account of the capital of national, banking associations invested in such bonds. (Ibid.)
(c) The fact that by the statutes creating them, which statutes were passed
prior to the national banking law, State banks are entirely, exempt from
taxation, will not render a tax upon the shares of national banking associtions void. (City of Richmond v. Scott, 48 Ind., 568.)
(d) And a State tax upon shares in national banking associations is not rendered invalid by an exemption of the shares of other corporations the capital of which consists of property required to be listed for taxation, as such.
(Mclver v. Robinson, SSAla., 456.)
(c) Merely a partial exemption of other moneyed capital will not invalidate a
tax upon shares in national banking associations. (Hepburn v. School Directors,^ Wall., 480.)
(f) But though Congress did not contemplate that there should be an absolute
equality (which in the nature of things is impossible), yet it did intend
that there should be a substantial equality; and, therefore, if the exemptions in favor of other moneyed capital are so palpable as to show that
there is a serious discrimination against capital invested in the shares of
national banking associations, the tax will be declared unlawful. (Boyer
v.Boyer, 113 U. 8., 690.)
(g) A State law which does not permit a deduction to be made from the assessed value of bank shares for all debts due by the holder thereof, while
authorizing such a deduction to be made from the assessed value of moneyed
capital otherwise invested, is void. (People ex rel. Williams v. Weaver, 100
TJ. S., 539, reversing S. C, 67 N. Y., 516, and overruling People v. Dolan,
36 N. Y., 59.)




REPORT OF THE COMPTROLLER OF THE CURRENCY.
4

147

EXEMPTIONS—Continued.

(h) The main purpose of Congress in fixing limits to State taxation on investments in the shares of national banks, was to render it impossible for the
State, in levying such a tax, to create and foster an unequal and unfriendly
competition, by favoring institutions or individuals carrying on similar business
and operations and investments of a like character; and the language of the
law is to be read in the light of this policy. And, therefore, the exemption
of shares of stock in corporations, the business of which does not come into
competition with that of the national banks (e. g., railroad companies, mining
companies, manufacturing companies, and insurance companies) does not
invalidate a tax upon national-bank shares. Capital thus employed is not
" moneyed capital" within the meaning of the act of Congress. (Mercantile Bank v. New York, 121 U. S., 138.)
(i) Bonds issued by a State, or under its authority by its public municipal
bodies, although they undoubtedly represent moneyed capital, yet, as from
their nature they are not ordinarily the subject of taxation, are not within
the reason of the rule established by Congress for the taxation of nationalbank shares, and the fact that the State exempts them from taxation does
not deprive it of the right to tax shares of stock of national banks in the
State. (Ibid.)
(j) Although deposits in savings banks constitute moneyed capital in the
hands-of individuals within the terms of any definition which can bo given
of that phrase, yet they are not within the m'eaning of the act of Congress
in such a sense as to require that, if they are exempted from taxation,
shares of stock in national banks must thereby also be exempted from
taxation; for it can not be supposed that savings banks come into any possible competition with national banks. (Ibid.)
5. COLLECTION OF TAX FROM THE ASSOCIATION:

(a) A State tax upon shares is valid, though the tax is collected from the bank.
(National Bank v. Commonwealth, 9 Wall., 353.)
(b) And the State may require the banks to pay a tax rightfully laid upon the
shares. (Ibid.)
(c) And where the tax on shares is payable by the association the collection
of the tax may be enforced by distraint of its property. (First National
Bankv. Douglas County, 3 DHL, 330.)
(d) But where the tax laws of the State make the bank the mere agent for paying the tax on shares, and direct it to retain so much of the dividends as
will answer that purpose, other agents being required to pay taxes for their
principals only when they have under their control the property, money,
or credit of such principals, the bank can not be made liable unless it has
the control of the property, etc., of its shareholders, or has dividends in its
possession, or has failed to retain them. (Rershire v. The First National
Bank, 35 Iowa, 272.)
6. LICENSE TAX:

(a) National banking associations can not be subjected to a license or privilege
tax. (Mayor v. First National Bank of Macon, 59 Ga., 648; City of Carthage
v. First National Bank of Carthage, 71 Mo., 508; National Bank of Chattanooga v. Mayor, 8 Heiskell, 814.)
(b) A State law prohibiting the establishment of banking companies in the
State without authority of the legislature was not intended to apply to
banking corporations created by authority of Congress, since such corporations may be legally established in the State without the consent of the
legislature. (Stetson v. City of Bangor, 56 Me.y 274.)
7. POWERS OF TAXING OFFICERS:

(a) Municipal officers can not assess a tax upon the shares of national banking
associations until authorized to do so by some law of the State. (Stetson v.
City of Bangor, 56 Me., 274.)
(b) The officers of a national banking association can not be compelled to exhibit to the taxing officers of a State the books of the association showing
the deposits of its customers. (First National Bank of Youngstown v. Hughes,
V. 8. C. C. (N. D. Ohio, 1878), Browne's N. B. Cas., 1?6.)
(c) A national banking association is not exempt from examination by internalrevenue officers when it has in its possession any articles subject to an internal-revenue tax. ' Such an examination is not the exercise of a visitorial
power, and, therefore, is not prohibited by the provision of section 524J,
Revised Statutes, that the national banks shall not be subject to any visitorial powers except those authorized by the national-bank act or vested
in the courts, of justice. (United States v, Rliaivn, U. S. D. C. {& D. PcnnJ),
Thomp. JV. B. Cas., 358.)




148

REPORT OF THE COMPTROLLER OF THE CURRENCY.

7. POWERS OP TAXING OFFICERS—Continued.

(d) Where by the tax laws of a State a perpetual lien for taxes attaches to
property only by virtue of a levy thereon, and such levy is not made prior
to the insolvency of the bank, the taxing officers of the State will be restrained, at the instance of the receiver, from levying upon the property of
an insolvent national bank, and selling it, for the purpose of collecting a
tax. ( Woodward v. Ellsworth, 4 Colo., 580.)
(e) A State may require the cashiers of national banking associations located
within its territory to transmit lists of the shareholders to the taxing officers of the various towns in which the shareholders reside. (Waite v.
Dowley, 94 U.S., 527.)
8. ENFORCEMENT OF TAXES :

A tax duly assessed upon shares may be enforced in accordance with, the general laws of the State on that subject. ( Weld v. City of Bang or, 59 Me., 416.)
9. LOCATION OF ASSOCIATION FOR TAXING PURPOSES :

An association which opens an office for the purpose of receiving deposits in
another place than that in which it was organized does not become "located" in that place for purposes of taxation. (National State Bank of
Camden v. Pierce, U. S. C. C. (E. D. Penn.), 18 All). L. J., 16.)
XL JURISDICTION.
NOTE.—The jurisdiction of the Federal courts in national-bank cases was
very materially changed by the proviso to the fourth section of the act of
July 12, 1882. The proviso is as follows :
"Provided, however, That the jurisdiction for suits hereafter brought by or
against any association established under any law providing for national
banking associations, except suits between them and the United States, or
its officers and agents, shall be the same as, and not other than, the jurisdiction for suits by or against banks not organized under any law of the
United States which do or might do banking business where such national
banking associations may be doing business when such suits may be begun.
And all laws and parts of laws of the United States inconsistent with this
proviso be, and the same are hereby, repealed."
1. JURISDICTION OF FEDERAL COURTS PRIOR TO THE ACT OF JULY 12, 1882:

(a) National banking associations may sue in the Federal courts. The word
" by " was omitted from section 57 of the act of 1864 by mistake. (Kennedy
v. Gibson, 8 Wall., 505.)
(1)) A national banking association may sue and be sued in the circuit court for
the district in which the association is located, irrespective of the amount
in controversy and the citizenship of the parties. (County of Wilson v.
National Bank, 103 U. S., 770; Mitchell v. Walker, U. S. C. C.\W. L>. Penn.,
1879), Browne's N. B. Cas., 180; Commercial Bank of Cleveland v. Simmons,
U. S. C. C. (W. D. Ohio), 10 Alo. L. J., 155.)
(c) But where the amount in controversy does not exceed five hundred dollars,
the association can not sue in a Federal court outside of the district in
which it is established. (Saint Louis National Bank v. Brinkman, U. S. C,
C. (D. Kans.), 1 Fed. Hep., 45.)
(d) A national banking association located in one State may bring an action in
the circuit court of the United States sitting within another State against
a citizen of that State. (Manufacturers' National Bank v. Baack, 8 Blatcli.,
147.)
(e) When a national bank is sued in a Federal court the suit must be brought in
the district in which the bank is located. And service upon an officer of
the bank in another district will not give the court of that district jurisdiction of the cause. (Maine v. Second National Bank of Chicago, 8 Biss., 26.)
(/) A United States district court has jurisdiction of a suit in eqr.ity by or
against a national banking association located within the district. (First
National Bank of Pittsburgh v. Pittsburgh and Castle Shannon Railroad Company, 1 Fed. Bep., 190.)
(g) A circuit court has no jurisdiction of a suit by a private person to compel the
Comptroller of the Currency and the Treasurer of the Uniled States to disclose what disposition has been made of the United States bonds deposited
with the Treasurer by a national bauking association, and for a decree directing those officers as to their duty regarding such bonds. ( Van Antwerp
y. Hulburd, 7 Blatch., 425; Van Antwerp v. Hulburd, 8 Blatch.j 282.)




REPORT OF THE COMPTROLLER OF THE CURRENCY. 149
1. JURISDICTION OF FEDERAL COURTS PRIOR TO THE ACT OF JULY 12, 1882—Con'td.

(ft) Section 380, Revised Statutes, which provides that "All suits and proceedings arising out of the provisions of law governing national banking associations, in which the United States or any of its officers or agents shall be
parties, shall be conducted by the district attorneys of the several districts
under the direction and supervision of the Solicitor of the Treasury," does
not enlarge the jurisdiction of the circuit court, and can not be held to confer j urisdiction in such suits or proceedings upon a court not having, independently of this section, authority to entertain them. ( Van Antwerp v.
Hulburd, 7 Blatch., 426.)
(i) National banking associations, being corporations organized under the laws
of the United States, are entitled as such to remove into the c ire ait courts of
the United States suits brought against them in the State courts. (Cruikshank v. Fourth National Bank, 21 Blatch., 322; see also Removal Cases, 115
U.S.,1.)
(j) A United States district court has jurisdiction to authorize a receiver to compromise a debt. (Matter of Plait, 1 Ben., 534.)
(k) An action at common law to recover a debt due to the bank may be instituted
by a receiver in a United States district court, he being an officer of the
United States within the meaning of section 563, Revised Statutes. (Platt
v. Beach, 2 Ben., 303; Stanton v. Wilkeson, 8 Ben., 357.)
(I) The power of a national banking association to take a mortgage upon real
estate is a question which the party raising it should be permitted to litigate in a Federal court; and he should not be sent into the State courts to
try this question on the distribution of surplus moneys in a foreclosure
suit, or in a suit brought by the party holding the alleged invalid mortgage. (In re Duryea, TJ. S. D. C. (S. t>. N. Y.), 17 National Bankruptcy Register, 495.)
2. JURISDICTION OF FEDERAL COURTS SUBSEQUENT TO ACT OF JULY 12, 1882:

(a) The tenth subdivision of section 629, Revised Statutes, which confers upon
the circuit court of the United States jurisdiction of ail suits by or against
any national banking association established in the district for which
the court is held, has been repealed by the proviso to section 4 of the act
of July 12, 1882. (National Bank of Jefferson v. Fare et al, TJ. S. C. C. (E.
D. Tex.),2o Fed. Rep., 200.)
(b) The object of this proviso was to deprive the United States courts of jurisdiction of suits by or against national banking associations in all cases
where banks organized under State laws could not likewise sue or be sued
in such courts. (National Bank of Jefferson v. Fare et al., supra.)
(c) But the proviso does not affect the right of the receiver of an insolvent association to sue in a Federal court. (Hendee v. Connecticut and P. R. R. Co.,
26 Fed. Rep., 677.)
(d) Nor would the act of July 12, 1882, take from the circuit court jurisdiction
of a suit brought against a director for negligent performance of his daties ; for as such suit rests upon the requirements of the United States
laws, and by-laws made pursuant thereto, it is a case arising under the
laws of the United States. (Witters v. Foster, TJ. S. C. C. (D. Vt.), 28 Fed.
Rep., 737.)
3. JURISDICTION OF STATE COURTS :

[a) State courts have jurisdiction of suits by and against national banking associations. (Bankof Bethel v. Pahquioque Bank, 14 Wall.y 383; see also Ordway v. Central National Bank, 47 Md., %Y7, and Clafflin v. Houseman, 93
TJ. S., 130.)
(b) Where a national banking association is sued in a State court, the suitonust
be brought in the city or county in which the bank is located. (Cadlev.
Tracy, 11 Blatch., 101; Crocker v. Maine National Bank, 101 Mass., 240.)
NOTE.—But the New York court of appeals has held that the provision of the
national banking law as to the jurisdiction of State courts is permissive
only, and not mandatory, and that a State court, in a proper case, may entertain a proceeding against a national bank located in another State.
(Cooke v. The State National Bank of Boston, 52 N. Y., 96; Robinson v. National Bank of New Berne, 8 1 N Y., 385; see also Adams v. Daunts, 29 La.
Ann., 315.) And in Talmage v. Third National Bank, 27 Hun, 61, the supreme court of New York said : "The words of restriction to the place
where said * association is situated' apx>ly to the county and municipal
courts and not to the State courts. In the State courts of general jurisdiction a national banking association can be sued whenever an individual can be for the same cause." In Cooke v. The State National Bank Chief
Judge Church questioned the constitutional right of Congress to deprive
the State courts of jurisdiction in such cases.




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REPORT OF THE COMPTROLLER OP THE CURRENCY.

3. JURISDICTION OF STATE COURTS—Continued.

(c) A State court can entertain an action brought to recover of a national banking association the penalty for taking usury. (Ordway v. The Central National Bank, 47 Md., 217; Hadev. McVay, 31 Ohio St., 231; Bletz v. Columbia
National Bank, 87 Penn. St., b7.)
(d) The State courts have jurisdiction of an action brought by a shareholder
on behalf of himself and other shareholders to recover of the directors of
an insolvent association damages for injuries resulting from their negligence and misconduct. (Brinckerhoffv. Bostwick, 88 N. Y., 52.)
(e) A State court has no power to make an order directing the receiver of a
national bank, who has been appointed by the Comptroller of the Currency,
to pay a judgment obtained against the bank before the receiver was appointed. {Ocean National Bank v. Carll, 7 Hun, 237.)
(/) State courts have no jurisdiction of the case of an embezzlement of the funds
of the association by one of its officers. ( Commonwealth v. Felton, 101 Mass.,
204; Commonwealth, exrel. Torrey, Y.Ketner, 92 Penn. St., 372.)
(g) The defense of usury may be sec up in action brought in a State court.
(National Bank of Winterset v. Eyre, 52 Iowa, 114.)
4. UNITED STATES CAN NOT BE SUBJECTED TO JURISDICTION OF COURT :

Neither the Comptroller nor the receiver by putting in an appearance to a suit
can subject the United States to the jurisdiction of a court. {Case v. Terrell, 11 Wall., 199.)
5. CITIZENSHIP:

A national banking association is for jurisdictional purposes a citizen of the
State in which it is located. (Davis v. Cook, 9 Nev., 134.)
XII. SUITS.
1. BY AND AGAINST ASSOCIATIONS :

(a) Suit may be brought against a national banking association though it is in
the hand3 of a receiver. (Bank of Bethel v. Pahquioque Bank, 14 Wall., 383;
Security National Bank v. National Bank of the Commonwealth, 2 Sun, 287;
Green v. The Walkill National Bank, 7 Hun, 63.)
(a) Where the tax on shares is collected from the association it may bring a
suit to enjoin the collection of an illegal tax. (Cummings v. National Bank,
101 U. S., 153 ; Pelton v. Commercial National Bank, 101 U. S., 143; Boyer v.
Boyer, 113 U.S., 143.)
(c) A State law authorizing national banking associations which have been
converted from State banks to use the name of the original corporation for
the purpose of prosecuting and defending suits is not in conflict with the
national banking law, and, therefore, proceedings based upon a judgment
obtained before the conversion may be instituted*by such association in its
former corporate name. ( Thomas v. Farmers7 Bank of Maryland, 46 Md., 43.)
(d) A national banking association is a foreign corporation within the meaning
of a State statute requiring corporations created by the laws of any other
State or country to give security for costs before prosecuting a suit in the
courts of the State. (National Park Bank v. Gunst, 1 Abb. N C, 292.)
(e) As a national banking association can acquire no title to negotiable paper purchased by it, it can maintain no action thereon in a State where the person
suing must be owner of the paper. (First National Bank of Rochester v.
Pier son, 24 Minn., 140.)
(/) But in a State where the holder may sue without respect to the ownership
an association may bring suit upon paper so acquired. (National Pemberton Bank v. Porter, 125Mass., 333; Atlas National BankY. Savery, 127 Mass.,
75.)
(g) Suits brought by a receiver can not be settled or compounded upon an order
of the Comptroller; this can be done oijly with the authority of the court.
(Case v. Small, 2 Woods, 78.)
2. B Y SHAREHOLDERS :

(a) A shareholder of a national banking association can not maintain an action
against the directors to recover damages sustained for neglect and mismanagement of the affairs of the association, whereby it became insolvent and
its»stock was rendered worthless. Such an action can be brought only by
the corporation itself. (Conway v. Halsey, 15 Froom, 462.)
(&) But where the receiver refuses to bring an action against negligent directors to recover the amount which the shareholders have been compelled
to contribute to pay the debts of the association, an action against such
directors may be brought by a shareholder on behalf of himself and the
other shareholders. (Nelson v. Burrows, 9 Abb. N. C, 280.)




REPORT OF THE COMPTROLLER OF THE CURRENCY.

151

2. BY SHAREHOLDERS—Continued.

(c) And when tho receiver is a director, and one of the parties charged with
misconduct and against whom a remedy is sought, the action may be brought
bv a shareholder on behalf of himself and the other shareholders. (Brinckerhofv. Host wick, 88 N. Y, 52.)
3.

BY RECEIVERS :

(a) A receiver'may sue either in his own name or the name of the bank. (National Banky. Kennedy, 17 Wall., 19.)
(b) Suits and proceedings under the act in which the United States or their officers or agents are parties, whether commenced before or after the appointment of a receiver, are to be conducted by the district attorney under
the direction of the Solicitor of the Treasury. {Bank of Bethel v. Pahquioque
Bank, 14 Wall., 383.^)
(c) But section 380, Revised Statutes, is directory merely, and the employment of
private counsel by the receiver can not bo made a ground of defense to a
suit brought by him. (Ibid.)
(d) Receivers may sue in the courts of the United States by virtue of the act,
without reference to the locality of their personal citizenship.
(e) The provisions of the codes that every action must be brought in the name
of the real party in interest, except in the case of the trustee of an express
trust, or of a person authorized by statute to sue, does not apply to the receiver of a rvational banking association suing in a Federal court held in
a State which has adopted the code procedure; for the right of the receiver
to sue is derived from the national banking law. (Stanton v. Wilkeson, 8
Ben., 357.)
(/) Under section 1001 of the Revised Statutes no bond for the prosecution of
the suit, or to answer in damages or costs, is required on writs of error or
appeals issuing from or brought to the Supreme Court of the United States
by direction of the Comptroller of the Currency in suits by or against insolvent national banking associations, or the receivers thereof. (Pacific
National Bank v. Mixter, 114 U. S., 463.)
4. BY CREDITORS OF INSOLVENT ASSOCIATION :

The creditors of an insolvent association must seek their remedy through the
Comptroller, in the mode prescribed by the statute ; they can not proceed
directly in their own names against the, stockholders or debtors of the bank.
{Kennedy v. Gibson, 8 Wall, 498.)
5. FOR USURY :

(a) The penalty for all illegal interest paid to a national banking association
within two years prior to the commencement of proceedings may be recovered in a single action, whether the amount was in one payment or in
several. (Hintermisier v. First National Bank, 64 N. Y., 212.)
(5) Where a bankrupt has paid usurious interest, his assignee may bring an action against the association to recover the penalty. ( Wright v. First National Bank of Greensburg, TJ. S. C. C. (Dist. Ltd., 1878); Crocker v. First
National Bank of Chetopa, TJ. S. C. C. (Eighth Circuit, 1876); 3 Am. L. T.,
N. 8., 350.)
(c) The party who paid tho usurious interest is the only party to the note who
is entitled to sue for the penalty. (Lazear v. National Onion Bank of Maryland,ro2Md.,78.)
6. TO ENFORCE LIABILITY OF SHAREHOLDERS:

(a) When the full personal liability of shareholders is to be enforced the action
must be at law. (Kennedy v. Gibson, 8 Wall., 505; Casey v. Galli, 94 TJ. 8.,
673.)
(b) And it may be at law though the assessment is not for the full value of the
shares; for, since the sum each shareholder must contribute is a certain,
exact sum, there is no necessity for invoking the aid of a court of equity.
(Bailey Y. Sawyer, 4 Dill, 463.)
(c) But the suit may be in equity. (Kennedy v. Gibson, supra.)
7. EXECUTION:

A judgment against a national bank in the hands of a receiver only establishes
the validity of the claim; the plaintiff can have no execution on such judgment, but must wait pro rata distribution. (Bank of Bethel v. Pahquioque
Bank, 14 Wall, 383.)




152

REPORT OF THE COMPTROLLER OF THE CURRENCY.

8. ATTACHMENTS:

(a) When a creditor attaches the property of an insolvent bank he can not hold
such property against the claim of a receiver appointed after the attachment suit was commenced. Such creditor must share pro rata with all
others. (First National Batik of Selma v. Colby, 21 Wall.. 609: Harvey v. A lien,
WBlatch.,29.)
(b) It was not intended by the national banking law to prohibit attachments
against the property of national backing associations, except in cases where
an act of insolvency has been committed or is contemplated. (Robinson v.
National Bank of New Berne, 81 JV. Y., 385.)
(c) But where the association is insolvent an attachment issued against its
property will be void. (National Shoe and Leather Bank Y. The'Mechanics'
National Bank, 89 # . Y., 467.)
(d) And such attachment will not afterward be rendered valid by the acquisition of new capital by the association and its resumption of business.
(Raynor et al. v. Pacific National Bank, 93 N Y., 371.)
(e) A State court may issue an attachment against property in the Staie
belonging to a national banking association located in another S-fcate.
(Southwickv. The Ftrst National Bavk of Memphis, 7 Hun, 96; Contra, Central
National Bank v. Richmond National Bank, 52 Row, Pr., 136.)
(/) The provision of the banking law forbidding attachments in the case of
insolvent associations was not repealed by the act of July 12,1882. (Raynor et al. v. Pacific National Bank, supra.)
9. ABATEMENT :

An action brought by the creditor of a national bank is abated hy a decree of a
district or circuit court dissolving the corporation and forfeiting its franchises. (First National Bank of Selma v. Colby, 21 Wall, 609.)
10. ESTOPPEL:

(a) A shareholder against whom suit is brought to recover the assessment made
upon him by the Comptroller will not be permitted to deny the existence of
the association, or that it was legally incorporated. (Casey v. Galli, 94
£7. £.,673.)
(b) Where one sued by a national bank is accustomed to deal with it, as such,
and does so deal with it in respect to the matter in suit, he is estopped from
denying its incorporation. •(National Bank of Fair haven v. The Phoenix Warehousing Company, 6 Hun, 71.)
11. SUITS AGAINST LIQUIDATING ASSOCIATIONS:

A national bank which has gone into voluntary liquidation will continue to
exist as a body corporate for the purpose of suing and being sued until its
affairs are completely settled. (National Bank v. Insurance Company, 104
U. S., 54 ; Ordway v. ^Central National Bank, 47 Md., 217.)
12. TRANSITORY AND LOCAL SUITS:

The provision of the banking law (section 5198, Revised Statutes) which requires that actions brought against national banking associations in State
courts shall be brought in the county or city in which the association is
located, applies only to transitory actions; it was nofc intended to apply to
actions local in their character. (Casey v. Adams, 102 U. S., 66.)
13. SURVIVAL OF SUITS:

Whether a suit against a director for negligent performance of his duties, as required by the statutes of the United States and the by-laws of the association, will survive against the executor or administrator depends upon State
laws. (Witters v. Foster, U. S. C. C. (List. Vt), 25 Fed. Rep., 737.)
XIH. EVIDENCE.
1. CERTIFICATES OF COMPTROLLER:

(a) The certificate of the Comptroller of the Currency that an association has
complied with all the provisions required to be complied with before commencing the business of banking is admissible in evidence upon a plea of
nul tiel corporation ; and such certificate, together with proof that the association has been acting as a national banking association for a long time,
is amply sufficient evidence to establish, at least, prima facie, the existence
of the corporation. 1 (Mix v. The National Bank of Bloovnington, 91 III., 20;
see also Merchants National Bank of Bangor v. Glendon, 120 Mass., 97.)




REPORT OF THE COMPTROLLER OF THE CURRENCY.

153

1. CERTIFICATES OF COMPTROLLER—Continued.

(b) The certilicate of the Comptroller that the association has complied with
all the provisions of law touching the organization of associations removes
any objection which might otherwise have been made to the evidence upon
which he acted. (Casey v. Galli, 94 U. S., 673 ; Thatcher v. West River National Rank, 10 Mich., 190.)
(c) And in & suit againsfc the association or its shareholders such certificate of
the Comptroller is conclusive as to the completeness of the organization.
(Casey v. Galli, supra.)
(d) A letter from the Comptroller directing the receiver to institute suit, if not
objected to at the time, is sufficient evidence that the Comptroller has decided that the enforcement of the individual liability of the shareholders is
necessary. (Bowden Y. Johnson, 107 U. #.,251.)
2. EVIDENCE OF INSOLVENCY:

(a) It is not necessary that the facts upon which the Comptroller bases his action in appointing a receiver should be established by what is competent
legal evidence; but he is left to be satisfied as best he can be, under the
peculiar circumstances of each case, of the facts and the necessity for the
exercise of his authority. (Platt v. Beebe, 57 N. Y., 330.)
(b) A return of nulla bona upon an execution issued against the property of a
national bank is proof of its insolvency. (Wheelock v. Kost, 77 III., 296.)
3. NECESSITY FOR ASSESSMENT BY COMPTROLLER:

It is not essential, in an action to enforce the individual liability of the shareholders of an insolvent national banking association, to aver and prove that
the assessment was necessary; for the decision of the Comptroller on this
point is conclusive. (Strong v. Southworth, 8 Ben., 331; Kennedy v. Gibson,
8 Wall., 505 j Casey v. Galli, 94 U. S.} 673.)
XIV. CRIMES.
1. UNDER UNITED STATES LAWS:

(a) The willful misapplication of the moneys and funds of a national banking
association, made an offense by section 5209, Revised Statutes, must be for
the use or benefit of the party charged or of some person or company other
than the association. ( United States v. Britton, 107 U. S., 655.)
(b) The exercise of official discretion in good faith, without fraud, for the advantage or the suj^posed advantage of the association is not punishable;
but if official action be taken in bad faith, for personal advantage and with
fraudulent intent, it is punishable. ( United States v. Fish, 24 Fed. Rep., 585.)
(c) It is not necessary that the officer should personally misapply the funds
of the association. He will bo guilty as a principal offender though he
merely procures or causes the misapplication. (Ibid.)
(d) A loan in bad faith, with intent to defraud the association, is a willful misapplication within the meaning of the statute. (Ibid.)
(e) It is no defense to a charge of embezzlement, abstraction, or misapplication
of the funds of a national banking association that the funds were used
with the knowledge and consent of the president and some of the directors.
The intent to defraud is to be conclusively presumed from the commission
of the offense. (United States v. Taintor, 11 Blatch., 374.)
(f) Where the president charged as a trustee with the administration of the
funds of the bank in his hands, converts them to his own use without authority for so doing, he embezzles and abstracts them within the meaning
of section 5209, Eevised Statutes. (In the matter of Van Campen, 2 Ben.,
419.)
(g) If, with intent to defraud the association, an officer allows a firm in which
he is a member to overdraw its account, he will be guilty of misapplying
the funds of the association. (Ibid.)
(h) As the national banking law makes the embezzlement, abstraction, or willful misapplication of the funds of a national banking association merely a
misdemeanor, a person who procures such an offense to be committed can
not be punished under a State statute which provides that a person who
procures a felony to be committed may be indicted and convicted of a substantive felony. (Commonwealth v. Felton, 101 Mass., 204.)
(i) An indictment charging defendants with aiding and abetting a director in
a willful misapplication of the money of an association must state facts
to show that there has been such misapplication committed by the director.
( United States v. Warner, U. S. C. C. (S. D. N. Y.), Feb. 13,1886, 26 Fed.Rep.,
616.)




154

REPORT OF THE COMPTROLLER OF THE CURRENCY.

1. UNDER UNITED STATES LAWS—Continued.

(/) Allowing the withdrawal of the deposit of ouv indebted to the association
can not be charged as a misapplication of tit* money of the association.
(United States v. Britton, 108 U. S., 193.)
(1c) It is not a willful misapplication of the mone*, of the association within the
meaning of section 5209, Revised Statutes, fo* a president who is insolvent
to procure the discounting by the association of his note riot well secured.
(Ibid.)
(I) Prior to the act of February 26, 1881, a notary public holding his commission under a State had no authority to administer the oath required by
section 5211, Revised Statutes: and, therefore, a cashier who made oath before such notary to a false statement of the condition of his association
was not guilty of perjury. ( United States v. Curtis, 107 U. S., 671.)
(m) Where false entries are made by a clerk at the direction of the president,
the latter is a principal. (In the matter of Van Campen, supra; United
States v. Fishy supra.)
2. UNDER STATE LAWS:

(a) An officer of a national banking association can not be punished under State
laws for embezzling the funds of the association. (Commonwealth ex rel.
Torrey v. Ketner, 92 Penn. St., 372; Commonwealth v. Felton, 101 Mass., 204.)
(b) But where the offense committed by an officer is properly a larceny of the
funds, and not an embezzlement, he may be indicted under a State law.
(Commonwealth v. Barry, 116 Mass., 1.)
(c) And an officer may be punished under State laws for making false entries
in the books of the association with intent to defraud it. (Luberg v. Commonwealth, 94 Penn. St., 85.)
(d) The officers of a national banking association may be prosecuted under
State statutes for fraudulent conversion of the property of individuals doposited with, and in the custody of the association. (Commonivealth v. Tenney, 97 Mass., 50; State v. Fuller, 34 Conn., 280.)
3. TERM " U N I T E D STATES CURRENCY" IN PENAL STATUTE:

The circulating notes of national banking associations are included in the
phrase " United States currency" when used in a penal statute. (State v.
Gasting, 23 La. Ann., 1609.)




A DIGEST OF RECENT DECISIONS IN BANKING LAW.
BANKS AND BANKING.
CONSTITUTIONAL PROVISION :

The term " banking powers," as used in the constitution of the State of Ohio
has a restricted meaning, and relates only'to the powers of making and issuing paper money, or, at most, to powers exercised by associations organized to deal in money, including the making and issuing of bills and notes
intended to circulate as money. (Dearborn v. Bank, 42 Ohio State, 617.)
POWER OF SAVINGS BANK TO BORROW MONEY:

A savings bank having the usual powers of such an institution, ir ay borrow
money in the course of its legitimate business, and may make and indorse
negotiable paper for the money so borrowed. (Fifth Ward Savings Bank v.
First National Bank, 48 N. J. Law, 513.)
WRONGFUL PAYMENT TO AGENT:

S. drew his check for $5,000 on the People's Bank of New York, payable to the
order of the United States Trust Company, and delivered it to C. with verbal instructions to deposit it to his (S.'s) credit with the trust company. C.
delivered the check to the trust company, but, instead of doing as directed,
requested and received from the company a certificate of deposit payable
to himself as trustee of S., and shortly thereafter drew the money and converted it to his own use. Held, that the trust company was not authorized
in paying the money to C , and was liable to the executors of S. for the
amount. The use of the company's name as payee of the check indicated
the drawer's intention to lodge the moneys in its custody and place them
under its control, and nothing further than this was inferable from the language of the check. (Sims v. United States Trust Company, 103 JSf. Y., 472.)
NOTE.—Upon the trial, evidence of a custom to make such payments was submitted to the jury ; but the evidence was conflicting, and the jury found
against the existence of the custom. (Id.)
EVIDENCE OF CUSTOM TO BORROW MONEY :

In order to show that the borrowing of money was within the scope of the ordinary
and customary business of a firm doing a banking business, evidence that
such is the custom of the banks in the same place is admissible. (Crain et
al. v. National Bank, 114 III., 516.)
PAYMENTS THROUGH CLEARING-HOUSE :

(a) Where, by the rules of a clearing-house, checks not good are to be returned
by the banks receiving them to the banks from which they are received
as soon as the fact that they are not good is discovered, and in no case to be
retained after a certain hour, yet when by mistake as to a matter of fact a
bank Kas delayed to return a check until after the hour so fixed, it may
demand repayment of the other bank, if in the interval between the time fixed
by the rule and the time of the actual return the latter bank has not changed its
position, as, for instance, by paying over the amount of the check to the person who
had deposited it for collection. (Merchant's Bank v. Bank of Commonwealth,
139 Mass., 213.
(b) But in such case the recovery could be only the difference between the sum
which the depositor has to his credit and the amount of the check; notwithstanding that, by the course of dealing between banks in the clearinghouse association, the ordinary custom is to return the check as not good
when there is not money enough to pay it in full; for the clearing-house
rules not having been complied with by the return of the check within the
time fixed, these rules can not control in determining how much shall be
returned after payment of it has been made. (Merchants' Bank v. Bank of
Commonwealth, 139 Mass., 513.)
155




156

REPORT OF THE COMPTROLLER OF THE CURRENCY

PAYMENTS THROUGH

CLEARING-HOUSE—Continued.

NOTE.—Under a similar rule of the Chicago clearing-house it has heen held by
the United States circuit court for the northern district of Illinois that no
such mistake could be corrected after the time allowed by the rule. Blodgett, J., said: " I f parties competent to contract within what time they
may correct mistakes in their dealings with each other have so contracted,
it seems to me the courts have «no right to override or disregard such an
agreement. If a mistake which is discovered within an hour or within ten
minutes after the expiration of the time limited by the agreement for its
correction may be corrected, I can see no reason why it can not be corrected
a week afterwards, or whenever it is discovered." (Preston v. Bank. 23
Fed. Rep., 179.)
PASS-BOOK:

(a) The duty of a depositor in respect to examining his pass-book and reporting
any mistake to the bank is such as that which prudent men usually bestow
on the examination of such accounts. (Leather Manufacturers' Bank v. Morgan, 117 U. 8., 98.)
(b) And by neglecting to make an examination of his pass-book within a reasonable time, a depositor may estop himself from afterwards questioning its
correctness. (Ibid.)
DUTIES AND LIABILITIES OF BANKS MAKING COLLECTIONS:

(a) Where a certified check is left with a bank for collection the collecting
bank does not discharge its duty by forwarding that check to the bank on
which it is drawn; and if it does so forward the check, and loss results, it
will be liable for such loss. (Drovers1 National Bank v. Provision Co., 117
17/., 100.)
*
(b) Nor would it in any case be a sufficient discharge of the duty of the collecting bank to forward the check to the bank on which it is drawn. (Merchants' National Bank \. Goodman, 109 Penn. St., 422.)
NOTE.—In Indig v. National City Bank, 80 N. Y., 100, it was said that when
there are no indorsers to charge, sendiug the check through the mail to the
bank on which it is drawn is a good presentment. (See also Hey wood v.
Pickering, L. R., 93 B., 428.)
(c) Where paper is received by a bank in the ordinary course of business for
collection, such bank will be responsible for the neglect or misconduct of
any sub-agent employed by it in the business of making the collection.
(Simpson v. Walby, Supreme Ct. Mich., 1886, 30 N. W. Rep., 199.)
NOTE.—The same rule has recently been adopted by the Territorial court of
Montana. (Power v. First National Bank, 6 Mont., 251.)
This is now the rule in the Supreme Court of the United States (Exchange
National Bank v. Third National Bank, 112, U. S., 276); in England (Mackersy
v. Ramsay, 9 Cl. and Fin., 818) ; in New York (Ayrault v. Pacific Bavk, 47
N. Y., 570); in New Jersey (Titus v. Mechanics7 Bank, 35 N. J. Law, 588);
in Pennsylvania (Wingate v. Mechanics' Bank, 10 Penn. St., 104); in Ohio
(Reeves v. State Bank, 8 Ohio St., 465); in Indiana (Tyson v. State Bank, 6
Black/., 225); in Michigan (Simpson v. Walby, supra), and in Montana.
In other jurisdictions the rule prevails that the bank is only bound to transmit
the paper to a suitable agent at the place of payment for that purpose, and
when a suitable sub-agent is thus employed, in good faith, the collecting
bank is not liable for his neglect or default. This is the rule in Massachusetts. (Fabens v. Mercantile Bank, 23 Pick., 330; Dorcliester Bank v. New
England Bank, 1 Cush.,177)', in Maryland (Jackson v. Union Bank, 6 Har.
and Johns., 146); in Connecticut (Laivrencev. Stoningion Bank, 6 Conn., 521;
East Eaddam Bank v. Scovil, 12 Conn., 303); in Missouri (Daly v. Butchers
and Drovers1 Bank, 56 Mo.,94); in Illinois (JEtnaInsurance Co. v. Alton City
Bank, 25 111. 243); in Tennessee (Bank of Louisville v. First National Bank,
8 Baxter, 101); in Iowa (Guelich v. National State Bank, 56 Iowa, 434) ; in
Wisconsin (Stacy v. Dane County Bank, 12 Wis., 629 ; Vilas v. Bryants, Id.,
702).
BANKERS' LIEN AND RIGHT OF SE,T-OFF:

(a) Where a customer deposited with his bankers a policy of life insurance to
secure any indebtedness of his to them then due, or which should thereafter become due, not exceeding at any one time the sum of £4,000 :—
Held, that the bankers had no lien for any indebtedness of the customer in
excess of £4,000; for as the express terms of the deposit limited the security to that amount, it would be inconsistent with those terms that the
bank should hold the policy for something more.
(EarlofStrathmorev.
Vane, L.R., 33 Ch, Div.t 586.)




REPORT OF THE COMPTROLLER OF THE CURRENCY.

157

BANKERS7 LIEN AND RIGHT OF SET-OFF—Continued.

(b) Where agents deposit money in bank for the benefit of their principals, and
the purpose of the deposit is known to the bank, the deposit is impressed
with a trust, and the bank can not charge against it any indebtedness of the
agents, even with their consent. (Baker et al. v. Neiv York National Bank,
100 JV. F , 31.)
(c) The general rule is that a bank has the right to set-off as against a deposit
only where the person who is both depositor and debtor stands in both
these characters alike, in precisely the same relation, and on precisely the
same footing toward the bank, and hence an individual deposit can not
be set-off against a partnership debt. (International Bank v. Jones, 119III.,
407.)
(d) And notwithstanding that it is the duty of a partner to pay the firm's debt
to the bank, still, inasmuch as the bank could not set-off the firm debt
against his deposit, he could lawfully appropriate such deposit to the payment of a bona fide creditor of his own. (Id.)
STATUTE OF LIMITATIONS :

(a) Where notes deposited with a bank as collateral security for a line of discounts are paid, it is the duty of thebank to carry the proceeds to the credit
of the borrower's account; when he will occupy the position of depositor ;
and then, as to any part of such proceeds, the rule will apply, that when a
deposit is made in bank the statute of limitations does not begin to run
until demand is made. (Humphrey v. National Bank of Clearfield,113 Penn.
St., 417.)
(b) Whenever demand is made by presentation of a genuine check in the hands
of a person entitled to receive its amount, for a portion of the amount on
deposit, and payment is refused, a cause of action immediately arises in
favor of the drawer; and as to the amount specified in the check the statute
of limitations begins to run from that time. (Fiets v. Union National Bank
of Troy, 101 JV. Y., 564.)
Although it is a general rule that a bank in accepting and paying a check drawn
by a customer is generally held to know the signature, and if a forged check
is paid by it it will not be heard to assert a mistake as to the signature, yet
wh<>re one in whose favor a forged check is drawn takes it under suspicious
circumstances, and gives it credit by indorsing his own name thereon, and collects
fthe money on it, the bank may recover the amount from him. (Bouvant v.
San Antonio National Bank, 63 Tex., 610.)
BANK OFFICERS.
POWERS OF OFFICERS:

The treasurer of a savings bank is an officer of much more limited powers than
the cashier of a commercial bank. His duties more nearly resemble those
of the paying and receiving tellers of banks. He can not, simply in virtue
of his office as treasurer, create obligations which will be binding upon the
bank, as by indorsement of notes, or transfer to a purchaser a promissory
note belonging to the bank. (Fifth Ward Savings Bank v. First National
Bank, 48 N. J.; Law, 513.)
(b) A cashier of a bank may, without authority from the board of directors, employ
an attorney to collect outstanding debts due the bank; and this though
the bank has regularly retained counsel. His authority in this respect is
incidental to his duty to collect. (Boot v. Olcott, 49 Hun., 536.)
(c) Knowledge acquired by the cashier of a bank in his capacity as an officer of
another corporation can not bo imputed to the bank, unless he communicated
that knowledge to some one or more of the other officers of the bank. (Wilson v. Second National Bank of Pittsburgh, 7 Att. Bep., 145.)
CASHIER'S BOND :

(a) The sureties on a cashier's bond will not be discharged by an increase of the
capital stock of the bank when this increase is made under the authority of
a provision of the law under which the bank is organized. The bond must
be understood and read in the light of the law existing at the time it was
made; and the parties must have contemplated that the bank would enlarge
its business by all lawful ways and means, not going beyond a banking
business. (Lionberger v. Krieger, 88i/oM 160.)
(b) The cashier's bond will not be invalidated by the fact that he is not a directoi, though the law under which the bank is organized provides that the
cashier shall be chosen from among the directors. (Id.)




158

REPORT OF THE COMPTROLLER OF THE CURRENCY.

LIABILITY OF DIRECTOR :

(a) Where a director and member of the finance committee of a savings bank,
acting with the president, invests the funds of the institution contrary to
the provisions of the law by which it is governed, he will be liable for the
loss on such investment. ( Williams v. McDonald, 42 N. J. Eq., 392.)
(b) And in such case it is not essential, in order to charge him with liability for
the loss, to show that he acted fraudulently, or that he derived any benefit
from the loan; it is sufficient that there was a culpable lack of prudence,
or failure to exercise with ordinary care his functions as quasi trustee of
the funds of the bank, by reason of which loss was sustained. (Id.)
BUSINESS PAPER.
CONSTITUTIONAL PROVISIONS :

(a) It is not unconstitutional lor a State to enact a law making the liabilities
of signers of commercial paper made and payable within its limits entirely
different from the laws of other States respecting such liabilities, and by
statute change absolutely the operation of the law merchant, so far as it
affects contracts made and to be performed within that State. (Shoe and
Leather National Bank v. Wood, 142 Mass., 563.)
(b) A provision in a State law requiring that the words "given for a patent
right" shall be inserted in every promissory note executed in consideration
of the sale and transfer of a patent right is constitutional. (New v. Walker,
lQSInd., 365.)
(c) This provision is in the nature of a police regulation. But independent of
this consideration it is valid, because it simply prescribes what shall be
written in a promissory note given for a particular class of property. (Id.)
BILLS DRAWN IN ANOTHER COUNTRY:

Where bills of exchange were drawn in France by a domiciled Frenchman, in
the French language, but according to the English form, on an English
company, by which they were duly accepted : Held, that the bills were to
be regarded as English bills, at least so far as the acceptor was concerned,
and that their negotiability could not be attacked by the company on the
ground that the indorsement of the drawer was not a good indorsement
according to the French law. (In re Marseilles Extension Railway and Land
Company, L. IL 30 Ch. Div., 598.)
NOTES GIVEN FOR PATENT RIGHTS:

(a) Where a State statute requires that notes for which the consi deration is the
assignment of a patent right shall contain the words " given for a patent
right," notes issued in violation of sucb provision will be unenforceable as
between the parties, and when in the hands of a purchaser with notice of
the nature of the consideration. (Newv. Walker, 108 Ind., 365.)
(b) But they will not bo void in the hands of an innocent purchaser unless the
statute, either expressly or by necessary implication, declares them to be
void. But this the Indiana statute (section 6055, R. S.) does not do. (Id.)
NOTE.—Similar statutes in Pennsylvania and Ohio have received the same construction. (Baskell v. Jones, 86 Penn. St., 173 ; Tod v. Wick, 36 Ohio St., 370.)
INCOMPLETE INSTRUMENT :

Where one signs and delivers a note in blank to be used as security, the law
implies that he means to become liable upon a completed and perfected
note, and so far as the same is, at the time of his signature, an incomplete
and imperfect instrument, he is held to have authorized the filling of such
blank by the agent intrusted with the note for use ; but nothing more than
this is implied. And, therefore, if a matter of special agreement (e. g., a
provision for a special rate of interest) is crowded into it, there being
no blank space left for such insertion, the alteration is material, and discharges the indorser. ( Weyerhauserv. Dun, 100 N. Y., 150.)
SUNDAY CONTRACT:

Where a note is signed on Sunday, but not delivered until Monday, it is not
open to the objection that it is a Sunday contract; for a promissory note
becomes a contract from the time of its delivery. (Bell v. Mohin, 69 Ioica,
408.)
NOTE PAYABLE ON DEMAND;
Although the principle laid down in the case of Merritt v. Todd (23 N. Y., 28),
has been criticised in later cases, it has been acquiesced in too long as the
law of New York to be open to question or dispute, That principle is




REPORT OF THE COMPTROLLER OF THE CURRENCY.

159

PAYABLE OX DEMAND—Continued.

that a promissory note payable on demand, with interest, is a continuing
security; 80 that" the holder may make demand when he pleases, and is
not chargeable with neglect if he does not make it within any particular
time, and an indorser on such note remains liable until an actual demand.
{Parker et al. v. Slroud, 98 N. Y., 379.)
PROMISE TO PAY FORGED NOTE:

An oral promise to pay a note by one whose signature has been forged to the
note is nothing more than an oral promise to pay the debt of another, and
is ineffectual to bind the promissor. (Smith v. Tramel, 68 Iowa, 488.)
AUTHORITY AND LIABILITY OF AGEXT:

(a) Where a bill drawn upon him by his principal is accepted by an agent by
signing his own name thereto, with the addition of words describing himself as agent and giving the name of his principal, he will be individually
liable upon such acceptance; and he will not be allowed to show that the
acceptance was intended to charge only his principal. (Robinson v. Kanau-ha Valley Bank, 44 Ohio, 441.)
(b) Where a note ran " we promise to pay,'7 and was signed " Pioneer Mining Company, John E. Mason, sup7t," parol evidence was held admissible, in a suit by the payee, to show that the note was given as that of
the company, and not as the note of the company and Mason. (Bean v.
Pioneer Mining Co., 66 Cal., 451.)
(c) Where a bill of exchange, drawn on a firm, was accepted by one of the partners by signing the name of the firin and adding his own underneath: Held,
that the acceptance was that of the firm, and that the individual partner
was not separately liable. (Edwards v. Barned, L. R., 32, Ch. Div., 447.)
(d) In the case of a non-trading partnership, in order to subject the firm to liability upon a bill or note executed by one partner in its name, a course of
conduct, or usage, or other facts sufficient to warrant the conclusion that
the acting partner had been invested by his copartners with the requisite
authority must appear, or that the firm has ratified the act by receiving the
benefit of it. (Peatse v. Cole, 53 Conn., 53.)
(e) Where a note was made payable to "the order of T. W. Woollen, AttorneyGeneral:" Held, that the words "Attorney-General" were merely descriptive of the individual, and that as the persons in giving the note had
executed a commercial instrument, fair on its face and complete in all its
parts, they could not, as against a bona fide holder, set up the defense that
the payee had no right to "transfer it. ( Walke v. Kuhue, 109 Ind., 313.)
CONSIDERATION :

(a) One dollar is a mere nominal consideration, and therefore not sunicient to
constitute the holder of a note a purchaser for value. (Proctor v. Cole, 104
Jnd., 373.)
(b) An agreement to j>ay one-half the proceeds that may be realized upon a note
is a venture approaching very near a wagering contract; at all events, it
is not such an agreement as will create a right against prior equities. (Id.)
(c) It, is the law of New York that one who takes commercial paper upon a preexisting debt, without parting with any right or property of value, is not
a bona fide holder for value who will be protected against the equities of
third persons. ( Webster < Co. v. Howe Machine Co., 54 Conn., 394.)
f
*
NOTE.—See for this the following New York cases: Coddinqton v. 1 Bay, 20
Johns., 637; Stalker v. McDonald, 6 Hill, 93; McBride v. Farmers Bank of
Salem, 26 JV. Y., 450; Comstock v. Eier, 73 N. Y., 269. For the contrary
rule see Swift v. Tyson, 16 Peters, 1; Railroad Company v. National Bank,
102 U. S., 14.
(d) An existing debt is a sufficient consideration to constitute a pledgee of a
negotiable instrument a holder for value. (Spencer v. Sloan, 108 Ind., 183.)
(e) The pledgee of negotiable securities received by him as collateral security
for an antecedent debt is not a holder for value, and is not protected from
antecedent equities. (Appeal of the Leggett Spring and Axle Co., I l l Penn.
St., 291.)
NOTE.—The rule in the Supreme Court of the United States is in accordance
with that in the Indiana case. (Railroad Company v. National Bank, 102 U.
S., 14.)
(/) If the compounding of a felony affected the consideration of a note in any
way, or such purpose entered into the consideration, or such motive actuated the
maker in any respect, the contract is illegal. And, therefore, where H. and
his wife had given their note to R., the employer of their son, to prevent R.




160

REPORT OF THE COMPTROLLER OF THE CURRENCY.

CONSIDERATION—Continued.

(g)

(h)

(i)

(j)

(k)

(I)

from criminally prosecuting the son for theft, they could not recover from
R. the amount which they had been compelled to pay to a bona fide purchaser of the note ; and in such case the makers of the note could not set
up that it was obtained from them by duress and undue influence: for such
a right does not exist when the contract is tainted with a corrupt consideration. {Haynes v. Budd, 102 N. Y, 372.)
If one becomes a bona fide holder for value of a bill before its acceptance,
it is not essential to his right to enforce it against a subsequent acceptor
t-hat an additional consideration should proceed from him to the drawee.
The holder does not trust wholly to the credit of the drawer. He believes
and expects that the drawee will accept, and upon such belief and expectation he acts. (Heuterematte v. Morris, 101 N. Y., 63; Credit Company v. Howe
Machine Co., 54 Conn., 357.)
The promise of a husband who has borrowed money of his wife to pay it to
her children is a consideration sufficient to constitute one of those children
a bona fide holder of a note assigned to him by the husband. {Proctor v.
Cole, 104 Ind., 373.)
Where the instrument to secure which negotiable securities are deposited
as a pledge turns out to be a forgery, this circumstance will not defeat
the title of the pledge to the securities; for these having in themselves a
negotiable character, the pledgee does not need to make any other title to
them than such as springs from a delivery for value. (Fifth Ward Savings
Bank v. First National Bank.)
Where a bank has discounted for the drawer drafts to which forged bills of
lading are attached, the acceptors can not afterwards defeat the claim of
the bank on the ground that they accepted the drafts in the belief that the
bills of lading were genuine. (Goetz v. Banlc of Kansas City, 119 U. 8., 551.)
After discounting the drafts the bank stands towards the acceptors in the
position of an original lender, and can not be affected in its claim by the
want of a COD si deration from the drawer for the acceptance or by the failure of such consideration. (Id.)
To enable one of the makers of a joint note 4o set up the defense that as to
him there was no consideration for it, he is not necessarily obliged to show
that it was without consideration as to all the makers ; for, though presumably all makers executed it at the same time, and upon ample consideration as to each and all, it is possible that one might have signed the note
without any consideration for his contract running to him or to any one
else. (Aloyer v. Bound, 102 Ind., 301.)

PRESENTMENT AND NOTICE:

(a) As to every bill not payable on demand, the day on which payment is to
be made to prevent dishonor is to be determined by adding three days of
grace, where the bill itself does not otherwise provide, to the time of payment as fixed in the bill. Thus, where the acceptor had stated in his acceptance " Due 21st May," it was held that the bill was not due until three
days after the 21st of May. The time named in the acceptance after the
word " due" was to be regarded as the time of payment to which days of
grace were to be added, and not as a date which included days of grace.
(Bell v. First National Bank of Chicago, 115 U. S., 373.)
(b) A draft drawn upon a bank, and purporting to be drawn upon funds deposited, and payable on demand, is to be regarded as a banker's check.
And where such a draft is payable at a different place from that in which
it is negotiated, the holder should, as a general rule, forward it for presentment on the day on which it is received, or on the next succeeding day ;
and although this general rule may be varied by the particular circumstances of the case, the presentment must be made, in every instance, with
all the dispatch and diligence consistent with the transaction of other commercial matters. Therefore, where the holders retained a draft for several
days in their possession, for no other reason than that they chose to send
it through a local bank with which they did business, and it -did not suit
their convenience to deposit it at an earlier date: Held, that they could not
recover against the indorsers. (Northwestern Coal Company v. Bowman fy Co.,
69 Iowa, 150.)
(c) And in such case it makes no difference as between the indorsee and his indorser that the drawer had no funds on deposit with the bank at the time
the draft was drawn. {Id,)
(d) Where notice of the dishonor of a draft was sent by the notary to the indorsers at Boone, Iowa, when their post-office address was Odebolt, in a different county: Held, that this was not a sufficient notice to fix their liability. (The Northwestern Coal Company v. Bowman § Co., 69 Iowa, 150.)




EEPORT OF THE COMPTROLLER OF THE CURRENCY.

161

PRESENTMENT AND NOTICE—Continued.

(e) Where there was written upon a note " I hereby acknowledge the receipt
of notice of protest on the within note," and this was signed by all the indorsers: Held, that the word "protest" included all acts necessary to hold
indorsers, and the legal effect of the acknowledgment was to release the
holder from any obligation to make demand or give notice. (City Savings
Bankr. Hopson, f;3 Conn., 453.)
BONA FIDE HOLDER:

(a) Mere notice of facts such as would have put a prudent person upon inquiry
is not sufficient to impeach the title of the holder of negotiable paper taken
for value before maturity, and his right to recover can be defeated only by
proof of such circumstances as show that he took the paper with knowledge of some infirmity in it, or with such suspicion with regard to its validity as that his conduct in taking it was fraudulent. (National Bank of
the Republic v. Young, 41 N. J. Eq., 531; Fifth Ward Savings Bank v. First
National Bank, 48 N. J. Law, 513; Credit Co. v. Howe Machine Co., 54 Conn.,
357; Morion < BUns v. N. 0. and Selma Railway Co., 79 Ala., 590.)
f
(b) Therefore, where the vice-president of a bank, who had negotiated a loan
upon the paper of a corporation, was advised by one of the officers of the
corporation that it had outstanding a large amount of accommodation paper: Held, that this was not sufficient to defeat the claim of the bank as a
bona tide holder of paper of the corporation discounted after such notice to
the vice-president. (National Bank of the Republic v. Young, supra.)
(c) But in cases of this kind the burden of proof is on the holder to show thafc
he took the instrument before maturity bona fide and for value. The mere
possession of it, when it has been obtained or issued under such circumstances, is not enough. (Id.)
(d) But when he has shown that he became the holder of it before maturity
and for value, in the due course of business, he has established all the
facts that are necessary to fulfill the burden of proof laid upon him, and
from these facts the law will imply that he is a bona fide holder, unless there
should be circumstances from which bad faith may be inferred. (Id.)
(e) The bad faith in the taker of negotiable paper which will defeat a recovery
by him must be something more than a failure to inquire into the consideration upon which it is made or accepted, because of rumors of general
reputation as to the bad character of the maker or drawer. (Goetz v. Bank
of Kansas City, 119 U. £.,551.)
(/) The failure to pay interest on coupon bonds as it becomes due does not dishonor them before maturity so as to subject them to antecedent equities in
the hands of otherwise innocent purchasers for value. (Morion fy Bliss v.
N. 0. and Selma Railway Co., 79 Ala., 590.)
(g) Where a negotiable bond or other negotiable instrument is taken in such a
way that the purchaser is not affected by antecedent equities, a mortgage
given to secure payment is likewise protected against such latent defenses.
(Spmce v. Mobile and Montgomery Railway Co., 79 Ala., 576.)
NOTE.—The contrary is held in Ohio and Illinois. (See Bailey v. Smith. 14
Ohio St., 396 ; Kleeman v. Frisbie, 63 ///., 462.)
(h) Where the condition of a bond is that the principal shall become due and
payable upon the failure to pay any of the coupons as they become due, after
demand made, the fact that the bonds have so become due and payable, as
it rests upon an extrinsic matter, foreign to the face of the paper, and
which doea not dishonor it upon its face, does not of itself operate to charge
the purchaser with knowledge that the bonds have been dishonored. The
law d#es not in such case charge him with knowledge of the fact, unless he
either knows it, or exhibits bad faith by intentionally avoiding a knowledge of it. And mere neglect to inquire whether there has been a demand
made is not evidence conclusive of a fraudulent intent. (Morton $ Bliss
v. N. (). and Selma Railway Co., 79 Ala., 590.)
(i) Where a State repeals the law under which it had become the indorser of
the bonds of a corporation, and by which provision was made for the payment of the bonds in the event of a default of payment by the corporation
as maker, such action—whether or not it was an open repudiation by the
State of its liability as indorser of the bonds, such as to dishonor them ipso
facto—was at least sufficient to put the purchaser on inquiry, and charge him
with notice of the fact that there was something wrong about the bonds,
especially when taken in conned ion with another fact—that, at the time
of such repeal, several years of overdue coupons remained unpaid, and
were attached to the bonds. (Morion <}- Bliss v. New Orleans and Selma Railway Company, supra.)

8770 CUR 87




11

162

REPORT OF THE COMPTROLLER OF THE CURRENCY.

BONA TIDE HOLDER—Continued.

(j) By the law of Kentucky, promissory notes in the hands of an indorsee are
subject to any defense, discount, or offset that the maker had or might
have had against the payee before notice of the assignment. (Shoe and
Leather National Bank v. Wood, 142 Mass., 536. See Gen. Sts. of Kentucky,
c. 22, sees. 6, 22.)
CHECKS :

(a) Where by the law of a State the drawing of a check by a depositor amounts
to an assignment of his deposit pro tanto, that result will follow where the
check is upon a bank in that State, though the cheek is drawn in another State
in which this peculiar rule as to the effect of drawing a check does not prevail. (Bank of America v. Indiana Banking Company, 114 III. f 483.)
(b) A check becomes no valid claim upon the funds against which it is drawn
until the bank is notified of its existence. (Laclede Bank v. Schuler, 120 U.
£.,511.)
(c) And however the doctrine that a check is an appropriation of the amount
for which it is drawn of the funds* of the drawer in the possession of the
bank may operate to secure an equitable interest in the funds after notice
given to the bank (a question which the court expressly stated it did not
undertake to decide), yet the bank, so far as concerns itself and its duties
and obligations in regard to the fund, remains unaffected by the execution
of the check until notice has been given to it, or demand of payment made
upon it. (Id.)
(d) Although the practice of drawing instruments in sets for the payment of
money is generally confined to foreign bills of exchange, yet there is nothing in the purpose or effect of that practice which would render it inapplicable under all circumstances to checks. And, therefore, the character of
an instrument as a check is not destroyed by the fact that it contains the
words " original" and " second unpaid." These words do not make the
instrument payable conditionally. (Merchants' National Bank v. Betzinger,
188111,484.)
(e) Whenever demand is made by presentation of a genuine check in the hands
of a person entitled to receive its amount, for a portion of the amount on deposit, and payment is refused, a cause of action immediately arises in favor
of the drawer; and as to the amount specified in the check the statute of
limitations begins to run from that time. (Viets v. Union National Bank of
Troy, 101 N. F.,564.)
(/) Where by the law of a State the drawing of a check by the depositor operates as the assignment of the deposit pro tanto, a bank in such State upon
which process of garnishment has been served should be allowed credit for
the amount paid upon checks of the depositor drawn before such service,
though not presented for payment until after such service. (Bank of America
v. Indiana Banking Co., 114 III., 483.)
(g) But for no credit for checks paid after service, and which do not appear to
have been drawn before. (Id.)
(h) A fraudulent change in the date of a check, whereby the time for its payment is accelerated, is an alteration which vitiates the instrument. (Crawford v. West Side Bank, 100 JV. Y., 50.)
(i) If a bank pay a check so altered, it can not charge the amount against the
account of the drawer. (Id.)
(j) And holding the check until its true date will not entitle the bank to charge
it to the drawer, for the possibility that the check could ever become a legal
liability in the hands of any person was destroyed by the fraudulent alteration. (Id.)
PAPER OF CORPORATIONS:

(a) A corporation engaged in business has implied power to make negotiable
paper for use within the scope of its business, but it has no power, express
or implied, to become a party to bills or notes for the accommodation of others, and such paper is valid and enforceable only in the hands of a holder
taking the same before maturity bona fide and without notice. (National
Bank of Republic v. Young, 41 N. J. Eq., 531.)
(b) The general doctrine of the law is that where a corporation has powers
under any circumstances to issue negotiable paper, a bona-fide holder has a
right to presume that the paper was issued under the circumstances which
give the requisite authority, and such paper is no more liable to be impeached for any infirmity in the hands of such a holder than any other
commercial paper. And this doctrine is applied to commercial paper made
by a corporation for the accommodation of a third person when in the
hands of a bona-fide holder who has discounted it before maturity on the
faith of its being business paper. (Id.)




REPORT OF THE COMPTROLLER OF THE CURRENCY.

163

PATER OF CORPORATIONS—-Continued.

(c) As corporations may accept drafts for some purposes, and as the purpose for
which a draft is drawn does not ordinarily appear on its face, the question
as to all parties with notice is, Was it drawn for a legitimate purpose ? As
to all others the implied inquiry is, Is tbe holder a bona-fide holder for
value? (Credit Company v. Howe Machine Co., 54 Conn., 357.)
(//) Although it is a correct proposition that persons dealing in the commercial
paper of a corporation are bouud to take notice of the limits of the corporate power in this respect, yet a distinction is to be observed between the
terms of the power and the circumstances under which it is exercised. Parties
must take notice of the former, but they are not required to have knowledge of the hitter. And, therefore, a purchaser of such paper, when the
same has beeu accepted by the proper officer of the corporation, is not
bound to inquire whether it was issued in the legitimate exercise of the
officer's power to so bind the corporation, for this he has the right to presume. (Credit Company v. Howe Machine Co., 54 COTMI.,357.)
(e) The fact that bonds of a private corporation were sold in violation of a restriction in the charter as to the price can not be set up to defeat the claim
of a bona-fide holder of such bonds. (Ellsworth v. St. L., A. $ T. E. R. Co.,
98 N. Y., 553.)
(/) When a corporation gives its promissory note in. pursuance of a contract,
which is afterwards performed on his part by the payee, the corporation
can not, in a suit upon the note, set up that the contract was ultra vires.
(Main v. Casserly, 67 Cal., 127.)
PROVISIONS WHICH DESTROY NEGOTIABILITY:

(a) Where a note wras made payable twelve months after date, but contained a
further provision "that the payee or his assigns may extend the time of
payment thereof from time to time indefinitely, as he or they may see fit":
Held, that the later provision, as it made the time of payment uncertain and
indefinite, destroyed the negotiable character of the instru ment. ( Gidden v.
Henry, 104 Ind., 278.)
(1)) Where a note contained the following stipulation: "This note is given in
consideration of, and is subject to one certain contract existing between S. B.
J. Bryant and Jacob Haas, of even date with this": Held, that this provision destroyed the negotiable character of the instrument, and that tho
assignee took it subject to all existing equities. (McComas v. Haas, 107
Ind., 512.)
(c) A note containing a power of attorney, which, in effect, authorizes a confession of judgment at any time after date is not negotiable. (Richards v.
Barlow, 140 Mass., 218.)
(d) A provision in a note for the payment of an attorney's fee in case suit should
be brought thereon destroys the negotiability of tho instrument. (Chase
v. Whit more, 68 Cal, 545.)
(e) But an agreement inserted in a note to pay " all costs of collection, including 10 per cent, attorney's fees," does not render the note non-negotiable.
This stipulation does not make the amount which the maker is to pay uncertain, for the promise to pay a fee of 10 per cent, excludes the possibility
that the makers could be compelled to pay a fee more or less than that
amount, and as to the costs, as they must necessarily fall upon the losing
party, the stipulation as to them is to bo regarded as mere surplusage.
(ScUcHinger v. Arline (U. S. C. C. S. D. Georgia), 31 Fed. Rep., 648.)
NOTE.—As to whether a provision for the payment of an attorney's fee
will render a note non-negotiable, the authorities are conflicting. That
it will have this effect has been decided in Pennsylvania (Woods v. North,
84 Penn. St., 407); Missouri (First NaUonal Bank v. Gay, 63 Mo., 38); Minnesota (Jones \r. Radatz,27 Minn., 240); Wisconsin (First National Bankv. Larsen, 60 JFix., 200); North Carolina (First National Bank v. Bynum, 84 N. C,
24); and in the United States circuit court for the district of Minnesota,
14 Fed. Rep., 705. The contrary rule prevails in Indiana (Stoneman v. Pyle,
35 Ind., 103; Wyantv. Paltorf, 37 Lid., 512); Iowa (32 Iowa, 184); Kansas
(Seaton v. Scoville, 18 Kans., 433); Louisiana (Dietrich v. Bay lie, 23 La. Ann.t
767); Nebraska (Heard v. Dulmqne Bank, 8 Nebr., 10).
In neither class of cases is any distinction taken between provisions for a fee
at a fixed percentage and a provision to pay a "reasonable attorney's fee",
or simply "an attorney's fee". The courts which sustain the negotiability
of notes containing such provisions, rest their decisions in the main upon
the ground that so long as the amount payable is certain up to the time
of maturity and dishonor, it is not essential that after that time, when
the instrument has for other reason^ become non-negotiable? the certainty




164

REPORT OF THE COMPTROLLER OF THE CURRENCY.

PROVISIONS WHICH DESTROY NEGOTIABILITY—Continued.

as to the amount should continue (see Stoneman v. Pyle, supra, and
Wyant v. Pottorf, supra). The courts which hold that such provisions destroy the certainty essential to commercial instruments follow the reasoning of Sharswood, J., in Woods v. North, supra. In that case the stipulation was to pay "five per cent, collection fee if not paid when
due". In the course of his opinion Judge Sharswood said: " I t is a
mistake to suppose that if this note was unpaid at maturity the five per
cent, would he payable to the holder by the parties. It must go into the
hands of an attorney for collection. It is not a sum necessarily payable. The phrase ''collection fee" necessarily implies this. Not only so,
but this amount of percentage can not be arbitrarily determined by the
parties. It must be only what would be a reasonable compensation to an
attorney for collection. This, in reason and usage of the legal profession,
depends upon the amount of the note. * * * How then can this note
be said to be certain as to its amount, or an amount unaffected by any contingency ? Interest and cost of protest, after non-payment at maturity, are
necessary legal incidents of the contract, and the insertion of them in the
body of the note, would not affect its negotiability. But a collateral
agreement, as here, depending, too, as it does, upon its reasonableness, to
be determined by the verdict of a jury, is entirely different. * * * If
this collateral agreement may be introduced with impunity, what may not
be V1
DEFENSES :

(a) In a suit upon a promissory note evidence is not admissible to show that
the note was given upon an understanding between the parties that it
should not be of any force. {Davy v. Kelly, 66 [Vis., 452.)
(I)) The drawer of a bill of exchange will not be permitted to show that at the
time the instrument was drawn there was verbal agreement that he should
not be held liable thereon as drawer. (Cummings v. Kent, 44 Ohio St., 92.)
(c) Although it is the rule in Iowa that when there is a blank indorsement of
a promissory note, a different contract from that which in such case is implied by law may be established by parol evidence, yet this rule will not be
extended further so as to allow it to be shown by parol that no contract of
any description was entered into or intended by such indorsement. (Geneser v. Wissner, 69 Iowa, 119.)
(d) Where the payee of a promissory note is sued as indorser thereon, he may
show by parol evidence that when he wrote his name on the note the note
had already been paid, and that he put his name thereto at the request of
the holder merely as evidence of the payment. (Spencer v. Sloan, 108 Ind.,
183.)
(e) Where a promissory note has been given in part payment of a house, the
maker of the note may, as against the purchaser of the note with notice of
the facts, set up as defense to it the damages sustained by him by reason
of the false and fraudulent representations of the vendor as to the condition of one of the walls. (Applegarth v. Eobt. .^.i, 65 Md., 493.)
(/) The rule early established in Pennsylvania, that an indorser of a negotiable instrument is not a competent witness'to invalidate it, is still adhered
to in that State. It has not been changed by legislation. (John's AdnCr
v. Pardec, 109 Penn. St., 545.)
INDICIA OF OWNERSHIP:

Where by the laws of the State a irarried woman can not transfer ivithout the written or oral assent of her husband, shares of stock held by her in a corporation,
and she delivers to her husband the certificates of stock and a power of attorney in blank, and such stock is pledged by the husband, but the power
of attorney is not accompanied by written evidence of the assent of the husband,
a transferee from the pledgee is put upon inquiry, and his title to the stock
can be no better than that which by the assent of the husband the pledgee
had; for in such case, all the indicia of ownership are not conferred upon
the pledgee. (Leiper's Appeal, 109 Pa., 377.
AMOUNT WHICH PLEDGEE MAY RECOVER:

Where negotiable instruments have been transferred as collateral security by
one who is not a bona-fide holder for value, the pledgee, if he has taken
the instruments in good faith for value before maturity, will still be allowed
to prove against the maker of the instruments for the full amount thereof;
but the amount of his recovery can not exceed the debt for the security of
which the instruments were pledged, and interest. (Morton $- Bliss v. New
Orleans and Selma Railway Company, 79 Ala., 590.)




REPORT OF THE COMPTROLLER OF THE CURRENCY.

165

PROPOSITION I
.
To eliminate from the national-bank laws the note-issuing function of tlie hanks.
1. WISCONSIN—BANK.

Favors retention of the present charter, annual examination of banks, and the
repeal of the law requiring banks to own bonds and to take out currency.
2. WISCONSIN—BANK.

Favors the repeal of the provision requiring a deposit of United States bonds as
security for notes, and the banks to give* up circulation and to continue in
the system.
3. MINNESOTA—BANK.

Suggests that if the banks cannot make a small profit on circulation they should
not be required to furnish circulation at a loss, and states that with the present rates
of interest and the premium on bonds any circulation produces loss.
Favors the repeal of the law requiring the deposit of United States bonds. If the
deposit of bonds is left optional with the banks, such as make a profit on circulation
can still take advantage of it, and others will not be compelled to maintain a circulation at a loss.
Favors the retiring of all the circulation of his bank and the sale of their bonds,
if his bank could remain in the national-bank system.
4. MICHIGAN—CLEARING-HOUSE.

While he favors plan No. I, proposition No. V, and thinks its enactment into a
law would cause all banks to become national banks, and thousands of new
banks to be organized, ho fears it would bring about a tremendous expansion
of the currency and an era of wild speculation, and it would be doubtful if
paper and gold currency could be maintained on an interchangeable basis.
Thinks it would be wiser to seek relief in a less dangerous way, and in a manner
to modify the prejudices against the banks.
When the national-bank act was passed 1'he Government was pressed for funds,
and the banks were compelled to buy bonds before they could be authorized
to commence business. Now the conditions are reversed, and the necessity
for compelling the banks to buy bonds has passed. For this reason the simple
repeal of the sections of the national-bank law requiring the banks to hold
bonds would give ail the relief needed.
Suggests, with this exception, that the act be left as it is, and banks with longtime bonds can still be banks of issue, and new banks could elect to be banks
of deposit only. •
Thinks the supervision of the banks by the Government, the protection of the
depositors, public statements, annual statistics, etc., would render national
banks superior to State banks.
If the banks should, as they may, cease to be banks of issue, there would be some
danger of a large contraction of the currency, caused by deposits of legaltenders to redeem circulation, but suggests that surplus silver coinage might
be made available.
If the demand for bonds as a basis for circulation ceases, the prices of United
States bonds might fall to a i)oint at which the Government could buy them
with its surplus revenue.
5. COLORADO.

That as banking is a business carried on for purposes of gain, like mercantile and
manufacturing businesses, thinks it is equally as sensible and reasonable for
the Government to issue bonds to form a permanent basis for any and all
businesses as for the banking business.
6. CALIFORNIA—JOURNALIST.

Currency and its proper management is a matter of abstract fixed science. All
changes entail loss to some, gain to others. The shrewd and capable secure
the gain ; the loss falls on those least able to bear it.
True money is an article of some intrinsic value, as gold, silver, etc., stamped as
to quality, fineness, and weight, and worth the face value of the stamp, less
the cost of coinage. Every piece, whether gold or silver, must maintain its
relative value. If not fixed in relative value, or nearly so, one of them must
be the standard and remain fixed, and the other must follow it continually.




166

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

6. CALIFORNIA—JOURNALIST—Continued.

If in 1880 a grain of gold is worth 20 in silver, the coin must be made on that
basis; and it" in 1890 it be worth 25, the silver must be that much larger.
No sensible man will lay up a silver dollar worth only 90 cents, when he can
get a gold one worth 9t3 cents.
Would coin all the gold that could be bought at such figures as to pay for coinage, and keep all in circulation save a needful reserve lor the use of the
Treasury.
Would coin all the silver in like manner, of such weight that the silver dollar
will have all the intrinsic value of the gold dollar, less cost of coinage.
A commercial people need paper money as well as gold and silver. This paper
money should boa promise to pay of t be nation, a legal tender for all purposes
whatsoever, and maintained at par, as nearly as possible, by the following
machinery:
Whenever the legal tender is at par all Government salaries to be paid therein;
when 1 per cent, below par, one-tenth of the issue to be cut oil', and as they
went down 1 per cent, more, two-tenths. Should they reach 3 per cent,
discount, the issue should cease.
In every great commercial center there should be a sub-treasury, where the legal
tender could be exchanged at pleasure for coin or bonds. No national banks.
Let banks, like churches, be clear of the State.
This system would develop these things, to wit.:
Just how much paper money the people need and will absorb without discount.
An automatic adjustment, depending on no man, but ( n law and fact. The fact of
a discount arising, the law operates as a matter ofcour.se.
A perfect regulation of the currency, tilling the gap when gold and silver go
abroad, and retiring on their return. In the event of famine, plague, etc.,
and we should have all to buy and nothing to sell, as our coin went abroad
this paper would take the place of the com without a jar. We would-save
the interest on all the paper afloat.
This paper would ros?t upon the property of the nation, and not upon any supposed gold or silver in the Treasury. A run on the nation would be met by
interest-bearing bonds at 2, 3,4, or 5 per cent., as the case demanded.
7. MAINE—BANK.

Suggests that as the Government no longer needs to force a market for its bonds,
the section of tho currency act requiring banks to hold them be repealed, leaving it optional with the banks to hold bonds and have circulation, or to dispense with both.
If holders of loiig-timo bonds did not feel that the banks must have them, it is
possible that they would decline, and the banks or the Government might feel
it advisable to purchase them.
Suggests that as State banks were driven out of existence by tax on circulation,
it would not be improper to return the tax on circulation paid by national
banks since the war, less the actual cost of maintaining the system.
8. DISTRICT OF COLUMBIA—EMPLOYE OF TREASURY DEPARTMENT.

Suggests that inasmuch as the motive for the compulsory provision of law requiring banks to deposit United States bonds before commencing business no
longer exists, the law should bo modified or changed from a compulsory provision to an optional one, retaining all the other features of the national' bank act not inconsistent with this provision.
Such a change would not alter the present condition of the banks ; they would
still be the means of providing circulation, and of procuring the greatest
elasticity ; the scarcity of bonds or high premiums would cease to be an impediment to the successful establishment of banking associations, and it would
allay the fears of Congress as to contraction of the currency.
9. FLORIDA.

Thinks that the national bank, like the internal-revenue system, is a war measure, and therefore no longer necessary, as it is doing a\vork which the Government can do at a less cost to the people. The Government alone should
issue currency.
10. KANSAS—BANK.

As the need for creating a market for United States bonds has ceased, would
amend the law so as to leave it optional with the banks to deposit bonds and
issue circulation or not. Banks already organized to have the option of redeeming circulation with lawful money and to withdraw bonds.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

167

PROPOSITION II.
To increase the inducements for the banks to deposit United States bonds as a basis of national-banlc circulation.

(a) By increasing amount of circulation issued on such bonds—
1. To par of bond.
2. To, or nearly to, their market value.
(b) By reducing or taking off the tax on circulation.
1. OHIO—BANK.

Suggests raising circulation to the face value of the bonds deposited, and the reduction of tax on circulation to one-half of 1 per cent, per annum.
2. NEW YORK—BANK.

Thinks plan No. I, proposition No. V, inadmissible, unless the Government, in
consideration of the 1 per cent, sinking fund, and the lien on the assets of the
banks, guarantees prompt redemption of the notes as now, but doubts the
wisdom of this. Thinks that any issue of currency on credit of any kind
whatever, which requires the refusal of a banknote because the bank issuing
it has failed, ought not to be sanctioned by the Government, for however
certain ultimate payment may be, necessity to discredit the note would be
fatal to the system.
Can see no better reason to advocate the plan for the deposit of silver as security
for national bank issues, as it would introduce too much of the speculative
element into banking, and probably lead to grave results with the Treasury
. in depreciation of silver. It would have a tendency to delay and prevent an
international agreement upon a ratio with gold for unlimited free coinage of
both metals. Suggests:
(1) That 1 per cent, be taken off the tax on circulation, for the reason that when
national banks were authorized the Government needed every resource of taxation, and the banks then bought 6 per cent, bonds at par or under, in currency,
with interest payable in gold and salable at 150 to 200, which gave the banks
equal to 10 or 12 per cent, on their investment. The current interest rates
and the general business of the country enabled the banks to then make largo
profits. The tax ought now to be removed.
(2) One hundred dollars,lnstead of $90 on the $100 of United States bonds, should
be issued to the banks when $100 will not exceed 90 percent, of the market
value of the bonds deposited.
These two provisions will enable the banks to use United States bonds at some
profit for circulation, as they are now outstanding for the term of existence of
any bank now organized.
(3) Urges legislation against State taxation of national banks.
Suggests that the issue of currency is not the most useful function of national
banks; they are necessary to the country and to the Government as an agency
to bring the people in contact with the Government, and to place commerce
and the wealth of the country in sympathy and support of the financial plans
of the Treasury, and withoitfc a substitute system of much the same character,
commerce and industry must be turned backward a generation.
Objects to a return to the old State-bank system, and also objects to the engrafting of any such system on the national-bank system.
3. OHIO—BANK.

Is satisfied to see the national-bank notes disappear with the public debt. To
reduce the "harm" to a minimum he would have Congress authorize the issue of notes to banks equal to the market value of securities deposited.
See also plans Nos. 3, 5, and 6 under proposition III,
PROPOSITION III.
To provide by new issues of bonds for a continuance of the present or of some modified system of national-bank circulation based on United States bonds.
L MARYLAND—PRIVATE BANK.

Suggests issuing a large long loan at 2J per cent, per annum interest, at par, for
United States notes, and the retiring of the 4£;s on the best terms. If a larger
amount is wanted then retire part of the 4>s.
Make this long loan convertible into greenbacks at the option of the holder, and
again reconvertible into said loan in sums of $100 and multiples, bearing interest from the date of reissue.




168

REPORT OF THE COMPTROLLER OF THE CURRENCY.

2. KANSAS—MERCHANT.

Is certain of one thing in connection with the national-bank question, and that
is that the people are not ready to surrender the national' hanks and return
to the old State-hank system.
Suggests that a United States bond having iifty or a hundred years to run be sold or
exchanged for the 4's now held by the ban ks, and that 95 or 98 per cent, of currency be issued to the banks on these bonds instead of 90 per cent., as now.
These new bonds could bear 1 or l-£ per cent, interest. This would be as profitable to the banks as the present system, and much cheaper to the people,
and money thus brought into the Treasury could be used in paying off bonds
bearing interest at a higher rate. Believes the banks would be eager to take
such bonds.
If this plan is impracticable, then suggests the issuing of coin notes or certificates
(not gold or silver certificates), the Government to issue* all the currency and
to supply the banks in this way.
Suggests the continued supervision by the Government of the banks as being a
good thing.
3. VIRGINIA.

Suggests that Congress authorize the issue of 2 per cent, non-tnxable bonds, not
exceeding $600,000,000, of forty years duration, to be good as a basis for national bank circulation, and when originally issued to be passed only to national-banks in exchange, dollar for dollar, for United States 4's of 1907.
These bonds, after the original issue, to stand in all respects as other Government
bonds.
The banks to issue circulation to the face value of these bonds, instead of 90 per
cent., to which they are limited in case of other classes of bonds. The circulation to be further secured in case of failure by first lien on the assets of
the bank.
Circulation based on these bonds to be free of tax.
The charter of any bank depositing these bonds as a basis of circulation, to the
extent of net less than 30 per cent, of capital, and keeping the same up to
that standard, not to expire until the maturity of the bonds.
The only problem to solve is to so adjust the time of the bonds, rate of interest,
per centum of circulation, taxation, franchises, and hinderances to the use of
other classes of bonds, so as to make it the interest of the banks to lose the
premiums on the 47s to make the exchange.
These bonds might be for fifty or one hundred years instead of forty, redeemable
at the pleasure of the Government after forty years.
4. NEW YORK—BANK.

Congress to provide a bond to be called the "bankers' bond," bearing 24- per cent,
interest, and running perpetually, at the option of the holders. These bonds
to be issued only to bankers as a basis for circulation, and when deposited
with the United States Treasurer, the Comptroller of the Currency to issue
to the banks an equal amount of national-bank currency, free from tax to
the Government.
Such a bond would never fluctuate, and as the Government would stand ready at
all times to redeem them at par in case of a failure of a bank, the holder of
the national-bank currency could not possibly sustain any loss.
This bond should read "United States banker's bond, good for deposit, with the
United States Treasurer as security for circulation of national banks only,
and payable in gold, at par, at the option of the holder, with interest at the
rate of 2£ per cent, per annum, payable in gold quarterly."
All the 3 per cent, bonds now outstanding, that have not been called, and those
now held by the United States Treasurer for the banks, that have been called,
but not yet exchanged, to be converted into 2-£ per ceut. bonds, and supplied
to the banks as needed.
If the demand is greater than the remaining 3 per cent, bonds unpaid, then the
temporary retirement of greenbacks could be provided for until the 4£ per
cent, bonds mature, when the greenbacks could be reissued.
5. NEW YORK—BANK.

Suggests in lieu of plan No. 1, under proposition No. V, the following:
1. Cease further payment of the public debt, or stop at $1,200,000,000.
2. That the Secretary of the Treasury be authorized to fund $1,200,000,000 into a
new bond bearing interest sufficient to float it at par, say 2 per cent, to 3 per
cent., to be called United States consols, to run at the pleasure of the Government after fifty years, and at the pleasure of the liolder after one hundred
years.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

169

< . NEW YORK.—BANK—Continued.
>

Make this bond the basis of the national-bank system, and pay old bonds as they
become due with them ; if refused, pay the holder of the old bonds in cash
and sell the new bonds to new purchasers for cash to reimburse the Government for the amount paid on the old bond.
These bonds to be bought by the banks to replace the old ones as they fall due.
Holders of such bonds to use them as collateral, and as such they would be regarded by bankers as better security than human indorsers.
The Secretary of the Treasury should be authorized to receive such bonds at their
par value and to issue in lieu thereof an equal amount of United States
currency to supply banks, in suitable denominations, and to retain the accruing interest upon said bonds, until the accumulation shall amount to 10
per cent., after wrhich all additional interest shall be paid the bond owner.
This will relieve the present generation of the burden of paying the public debt,
and leave a permanent banking bond, and will not disturb the present system further than requiring additional issue to each bank of 10 per cent, more
currency than under the present system.
6. NEW JERSEY—BANK.

Thinks the holding of United States bonds by national banks a strong bond of
union and would be sorry to have the system abolished.
Is opposed to the Government issuing notes while the country is in a state of profound peace, thus interfering with the legitimate business of banking.
Favors something being done to continue the national banking system, and thinks
the only thing that can be done is for the Government to withdraw a part of
its circulating notes, and issue bonds of long date, for banking purposes, at a
low rate of interest, say 2% per cent, per annum, the circulation of the banks
to be taxed one-half of 1 per cent, per annum, or bonds bearing interest at 2
per cent., the circulation being free from all tax.
?. MASSACHUSETTS—BANK.

Suggests that Congress authorize a loan bearing 2 per cent, interest, payable
semi-annually. These bonds to be payable at the option of the Government
on ninety or more days' notice, and on six, twelve, or eighteen months' notice
by the holders.
Such bonds, with removal of present tax, would induce the banks to take all the
needed circulation, and would not stimulate an excess. The banks would be
enabled to secure, bonds without premium and to dispose of them without
loss.
This plan would afford a reasonable elasticity to circulation, either by the Department having control of the calling in of the bonds or the banks in surrendering them.
The Government would be subjected to no loss, because after redeeming the outstanding 2£ (?) per cent, bonds, it can, even at the present high prices, buy
the 4s, 4£s, and (3s, at a rate that will net more than 2 per cent. It is assumed that few besides the banks would purchase the 2 per cent, bonds,
for the reason that few now purchase for investment the higher rate bonds at
prices that net 2-J- to 2^ per cent.
s. COLORADO—BANK.

Suggests the purchase by the Government of tbe telegraph lines, instruments,
right of way, etc., of the country, the perfection and extension of the system
by proper legislation, issuing for this purpose bonds running 20 to 25 years
and bearing interest at 2 per cent, per annum. To induce national banks to
subscribe for these bonds at par, an issue of notes should be authorized to the
amount of 98 per cent, of the face of the bonds and the taxation on circulation should be lowered to one-half of 1 per cent, per annum. Banks should
be required to carry at least 30 per cent, of their capital in bonds, instead of
25 per cent., which* is the minimum now.
PROPOSITION IV.
To substitute some other security for United States bonds deposited in the Treasury as a
basis for national-bank circulation.
1. PENNSYLVANIA.

Favors coinage of the silver dollar and the issuing of certificates of all coin and
bullion, gold and silver, held by the Government, as the needs of banking
may require ; the issue of currency to the banks on presentation by them of
the certificates, dollar for dollar, the banks to pay 3 per cent, interest on the
amount issued, and the interest to go towards paying the^national debt. The
annual surplus revenue to be invested in bullion only as banking facilities
may require.




172

REPORT OF TltE COMPTROLLER OF THE CURRENCY.
PROPOSITION V.

To preserve the note-issuing function of the banks, but to substitute credit for security and
to provide for Government redemption out of a fund created by deposits by the banks, or by
a tax on their circulation :
a. Upon the credit of the individual bank ;
b. Upon the credit of certain banks combined ;
c. Upon the credit of all the banks.
1. NEW YORK—BANK.

Suggests as follows:
1. Amend the national bank law, retaining all restrictions, ramifications, powers,
and privileges, so as to legalize the issue of circulating notes to the amount
of 50 per cent, of capital without the deposit of bonds as security.
2. In case of failure the currency to be preferred before any other liability."
3. One per cent, per annum of this currency to be deposited in the Treasury as a
guaranty fund for the redemption of the notes of any broken bank whose
assets may be inadequate to redeem its issue of currency.
By strictly enforcing the requirements of the national-bank laws, and by applying the best civil-service rnles to bank examiners, this suggested currency
would be sound in principle and as uniform in value in every part of the
country as is our present issue of national-bank notes.
The proposed new issue of a circulating medium need in no way interfere with
banks now organized and managed.
When the guaranty fund shall amount to more than 5 per cent, on notes outstanding, the excess can, with safety, be covered annually into the Treasury.
Believes the result of twenty-three years of national banking will demonstrate
that not over one-tenth of the proposed guarantee fund will ever be required
to protect the public against loss, leaving nine-tenths of accumulation to be
covered into the Treasury.
As regards "elasticity," thinks it apparent that banks working under the proposed change can retire and reissue their currency with great freedom and
facility, as compared with the present system.
Objectors to this proposed change may assert that the " safety fund" system of
New York was a failure, and that this is like in character, but contributions
to the safety fund were only one-half of 1 per cent, per annum, and ended
when 3 per cent, on the capital had been paid, and it was liable for deposits
as well as for circulation.
Circulating notes were issued by bank officers without restraining guards or State
supervision. The legal limit, however, was two of currency to one of capital.
Several banks made what were called '"over-issues" rendering false statements,
thus avoiding payment of the assessment to the * safety-fund.7'
*
The New York " safety-fund " was a delusion, and should not be named in connection with the national-bank system, under which banks can issue only
notes furnished by the Treasury Department.
The writer is of the opinion that the amendment proposed will bring a large percentage of the State and private banks into the national system.
•2. PENNSYLVANIA—BANK.

Opposes the retirement of greenbacks in exchange for national-bank notes.
Favors the retention of United States notes so tltat the present limitation of national-bank circulation might be continued, or perhaps a limit equal to the
capital stock of the banks.
Would tax all banks every year and set the tax apart as a general fund for redemption of circulation of failed banks and then reimburse the general fund
if the assets of the shareholders were sufficient.
Would make circulation the first lien, and would adjust the tax on circulation so
as to encourage the taking out of the full proportion.
Urges additional legislation to perfect governmental supervision of the banks,
and opposes the repeal of the 10 per cent, tax of State bank circulation.
o. PENNSYLVANIA.—

Suggests that national banks be entitled to issue circulating notes without deposit of United States bonds as security for such circulation, as follows:
1. Banks with a capital of over $2,000,000, to the amount of 25 per cent, of capital.
2. Banks with a capital of $2,000,000 and less, to the amount of 50 per cent, of
capital.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

173

3. PENNSYLVANIA—Continued.

The notes to be issued under the following provisions:
The Treasury Department to print and deliver notes to .banks as at present, in
denominations of $5, $10, $20, $50, $100.
The banks to keep on hand, in addition to the reserve held for other liabilities, a
reserve equal to 25 per cent, of the amount of circulation, in lawful money of
the United States.
The banks to keep on deposit in the Treasury, as at present, 5 per cent, redemption fund for mutilated notes.
The banks to pay semi-annually a tax of one-quarter of 1 per cent, on the average amount of circulation outstanding during the previous six months.
The banks to be entitled to withdrawal! or any part of their circulating notes on
furnishing the Treasury Department a duly certified resolution from their
board of directors, and depositing with the Redemption Bureau, in lawful
money of the United States, the amount to be withdrawn.
To have the power at any time to increase or decrease the amount of circulation
within prescribed limits.
Circulating notes to bo the first liability of issuing banks.
4. MISSOURI—BANK.

Thinks plan No. I,-Proposition V, has much merit and would approve of it if a
further section were added, making it obligatory for the Treasury Department to cancel and redeem a like amount of legal-tender notes as soon as
national-bank currency is increased under the amended law, say above $300,000,000, thereby finding an outlet for surplus between the last redemption of
3s and the first redemption of 4-J- per cent, bonds.
5. MASSACHUSETTS—BANK.

After a careful study of the subject and an examination of the different plans
suggested, is of the opinion that plan No. I, Proposition V, is the most feasible, and would be the most generally satisfactory, and he therefore heartily
indorses it.
G. MINNESOTA—ATTORNEY AT LAW.

Favors a law requiring all banks issuing notes to become associated together as
one association, and to pay a pro rata assessment from their surplus, and if
no surplus, then from their capital, to make good to all note-holders the
value of the notes held by them of all failed banks belonging to the association.
Provide for a joint and several inspection by the Government and bank inspectors, with power to close up insolvent institutions when they shall jointly report the particular bank insolvent.
Give the association a first lien for indemnity upon the assets of the bank to the
extent of its notes outstanding, and require the deposit of a fund by the associated banks sufficient to pay at once, on presentation, the notes of insolvent
banks, and require any bank thus associated to redeem such notes of failed
banks as shall be presented, to be reimbursed oat of the redemption fund.
Make the Secretary of the Treasury, or the Comptroller of the Currency, a member of a commission to be appointed by the baukingassociation, and give such
commission power to investigate and admit applicant banks of not less than
$
paid in.
That circulating notes be provided as now, to be printed at the expense of a fund
provided by the association.
There would be no safer guaranty to the people than the consolidation of the
capital of the banks, and the privileges thus granted would be compensated
by the guarantee of the banks against loss to note-holders. The association
thus responsible would closely watch for any irregularities.
7. NEW YORK—BANK.

Suggests that the profits on lost circulation be pledged for redemption of notes issued without pledge of bonds. This will amount to $20,000,000 or more.
With a yearly tax of 1 percent., say $3,000,000, a fund could be collected
that would place the security beyond a contingency. This fund would ultimately belong to the Government.
Many bankers think it unjust that the Government should retain the profit on los t
circulation, but if the fund could for a tiime be utilized to benefit the bank s
they would doubtless cheerfully relinquish any claim they might have upoi i
it.




176

REPORT OF THE COMPTROLLER OF THE CURRENCY.

NUMBER OF BANKS ORGANIZED, IN LIQUIDATION, AND IN OPERATION, WITH THEIR
CAPITAL, BONDS ON DEPOSIT, AND CIRCULATION ISSUED, REDEEMED, AND OUTSTANDING ON OCTOBER 31, 1387.
Batiks.
States and Territories,
c

Circulation.

In
tion.

Capital
stock paid XL S. bonds
on deposit.
Issued.

tion.

Redeemed.

Outstanding.*

$34, 456, 960
21, 878,125
30, 271, 420
292, 532, 485
61, 579, 09§
81, 079, 940

$26, 726, 751
17,188, 657
25,404, 487
240, 305, 630
51,181, 338
66, 652, 513

$7, 730, 209
3, 689,468
4, 866,933
52, 226, 855
10, 397, 757
15,427,427

Maine
_..
NewHampshire
Vermont
I
Massachusetts.!
Rhodo Island..!
Connecticut . . . i

83
54
63
260
64
96

Eastern States.!

626

566 [165, 030, 920

62, 717, 000

521,798, 025

427,459, 376

94, 338, 649

New York
]Srew Jersey ...
Pennsylvania..
Delaware
Maryland
Dist. Columbia.

101
425
n
92
51
35 i
17
51 i """3
5
13 I

324
81
303
17

30,387,200
7, 013,100
19, 098, 500
1,682,700
2, 662,450
1, 010, 000

264,357, 365
48,182, 500
184,819, 465
6,358,825
36, 598, 780
4, 903, 900

220,185, 206
40, 059, 603
148, 236, 096
4, 884, 648
29, 9j74, 776
4., 102, 800

38,172,159
8,122, 897
36, 583,369
1,474,177
6, 624, 004
801,100

Middle States..

952

781 J1S4, 393,815 j 61, 853, 950

545, 220, 835

453, 443,129

91,777, 706

Virginia

West Virginia.
North Carolina
South Carolina.
Georgia
Florilla
Alabama

Mississippi
Louisiana
Texas

Arkansas
Kentucky

Tennessee
Southern States1
Missouri
Ohio
Indiana
Illinois
Michigan
Wisconsin
Iowa.
Minnesota
Kansas
Nebraska..

73
49
49
251
61
83

171 I

39
27
21
17
27
12
23
14
17
97 !
10
81
56 !
441

j
J
J

Western States
Nevada
OregoD
Colorado
Utah
Idaho
Montana
Wyoming...:..
]STewMexico . . .
Dakota
Washington ...
Arizona
California
Pacific States
& Territories. I 254
Add for mutilated notes... .
Total currency j
banks
!Add gold banks .

$10,335, 000 $5, 540, 950
6, 205, 000 4,107, 300
7, 5G6, 000 3, 668, 400
95, 940, 500 34, 557, 800
20,340, 050 4,596,800
24, 644, 370 10, 245, 750

'GO
; 025,'120
CO. 607, 990
2, 083,985
14, 509, 960
1, 827, 000

3, 796, 300
2, 061, 0U0
2,426, 000
1,749,200
3, 070, 520
550,000
3, 484, 000
1, 055,000
3,425, 000
10,044,000
950, 000
13, 200, 400
7,485,000
300 | 53,296,420

1,551, 350
628, 900
863, 500
692, 250
888, 500
217,500
851, 000
320,000
1,418,800
2,417,800
422,500
3,925,000
1, 594, 250
15,791,350

11, 605, 630
7,140,480
6,218,760
5, 330, 255
7,763, 670
319, 450
4, 803, 080
443, 730
10, 303, 910
5, 603, 980
1,199,120
33, 132, 245
10,618, 300
104,482, 610

6,411, 200

7

20, 866, 728
7, 761, 557
7, 715,137
4, 643, 082
2, 288, 840
3,971,810
2, 215,436
2, 713, 503
2, 030,014

238, 38(3, 455 56, 799,160

42, 054, 500

36. 500
150,000
644, 800
1, 8 ;0,000
926, 500
2, 755,400
390, 000
850, 000
92, 800
350,000
500, 600
2, 000, 000
1,075,000 j 273, 750
850,000 I 270, 000
3,775,000 ! 992, 500
317, 500
1,475,000
25, 000
100, 000
6, 875,000 1, 941, 250

77

1,217,792
1, 057,170
814,483
1,439,617
159, 063
1,148,433
259, 831
2,132, 261
2, 347, 994
369, 683
7,213,305
2,051,293

82, 26S, 941 22,213, 669
in, 803, 212
75,411,112
42,109,198
41, .'544, 028
22, 27(5,128
9, 875, 260
16, 993, 900
9,157, 834
4, 085, 567
3, 330, 716

11,826,000
41,058, 120
11, 704, 500
29, 28(3. 500
14, 546, 050
5, 210, 000
10,132,300
13,753,703
10, 9.-2, 520
8, 415, 55D
156, 835, 240

9, 602, 886
5,922, 688
5,161, 590
4, 515,772
0, 324, 053
160, 387
3, 654, 647
183, 899
8,171, 649
3, 255, 986
829, 487
25, 918, 940
8, 567, 007

200, 720
1,426,120
4,114, 200
1, 465, 910
394, 670 !
1,583,790 I
454, ?.$l)

1,384,5:50 !
1,914,190 i
1, 013, 340
88, 790
3,189, 090
17, 230, 390

18U, 693
755, 030
3, 045, 846
1, 004, 885
306,415
1,112,186
283, 755
1, 023, 607
948,411
447, 622
51, 230
1, 460, 965

17, 027
670.490
1, 068, 414
401, 025
88,255
471, 604
170, 625
360, 923
965,779
505, 718
37, 560
1, 728, 725

10, 684,245

6, 546,145
125,945

1,483, 917, 475 1,212,242,146 '271, 675, 329
3,465, 240
3, 225, 311' j
239, 929

United S t a t e s . . 3,805 ! t745 It 3,060 J581, 611,795 188,828,000 1,487,382,715 1,215,467,457 272,041,203
* Including $102,816,136 for which lawful money has been deposited with the Treasurer of the United
States to retire an e<nul amount of circulation which has not been presented for redemption.
tOne bank restored ti solvency and resumed business, making total going banks 3,061.




NATIONAL-BANK CURRENCY ISSUED, REDEEMED, AND OUTSTANDING FOR THE YEAR ENDING OCTOBER 31, 1887.
QQ Denomination of notes Amount.
«^j
on each plate.
-3
O
O Issued, including those
C} canceled:
£j
$20-$20-$20—$50 . . . . $196, 350
64, 000
$20-$20—$20—$20 . . . .
r_
1,170
15
$10—$10—$20—$50 ....
33 600
j
$50-.$50
9,000
$100—$100
$.:—$5—$5—-$5
14,128,120
^j
tC

$10—$10 $10 $10
$10—$10—$10—$20

$r,0—$ioo
Totals

Total.

Ones.

Twos.

Fives.

Tens.

Twenties.

Fifties.

One
hundreds.

Five
One
hundreds. thousands.

w
o

$260

$107,100
64,000
260

$89,250

H

650
33,600

O
$9, 000

$14,128,120
397,720
10, 711, 650

7,141,1G0

11,109, 630

7, 312, 400

205,140
236 200

397 7?0
17, 852, 750
5 007 450

136, 760

1, 669,150
14,128,120

$37, G90,1G0. 00

3, 338, 300

1, 792, 650

3, 347, 300

54, 300
16, 400

32, 800

70, 700

32, 800

•

O
O

Canceled: *
$5—$o—$5—$5
$ l o—$10—$ 10—$20
$10—$10—$10—$10. .
£20—$J0—$20—$50
$50—$100

187, 300
341 900
236 200'
119, 460
49, 200

Totals

187, 300
65,160
187, 300

934, 060. 00

441, 340

201, 920

o
F
r1

Actual issues to banks from October
31, 1886, to November 1, 1887
Total issues to banks prior to November 1, 1886

13, 940, 820

10, 668, 290

7,110, 540

1, 721, 950

1,447,161,375.00 $23,167, 677 $15, 495, 038

488, 336, 800

416, 959, 700

258,912,360

90, 758, 700

134, 200,100 $11,962,000

$7,, 369, 000
OU*7y W V

Total issues to banks since organization
Total redeemed and destined

1, 483, 917, 475. 00
1,212,2(35,888.00

2!, 167,077
22, 776, 403

15,495,0:58
15, 293, 440

502, 277, 620
425, 854, 095

427, 627, 990
337, 999, 280

2G6, 022, 900
201, 83d, 820

9:-t, 480, 650
76, 807,150

137,514,600
112, 745, 200

11, 962,0 JO
11, 646, 500

7,369,000
7,305, 000

Total whole notes outstanding
Total fractions outstanding
Total national-bank currency outstanding t
"

271, 051, 5S7. 00
23, 742. G
O

391, 274

2U1, 598

76, 423, 525

89, 628, 710

64, 184,080

15, G73, 500

24, 769, 400

315, 500

64, 000

36, 756,100. 00

3, 314, 500

271, G75, 329. 60

* Kationnl-bank currency canceled is such as has never been issued, but is loft on hand in the vaults in this office by banks which extend their corporate existence, fail,
or go into voluntary liquidation.
i Exclusive of gold notes, $239,929; amount due banks for mutilated notes, $125,945.




. ~j

d

178

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

NUMBER AND DENOMINATIONS OF NATIONAL-BANK NOTES ISSUED AND REDEEMED
AND THE NUMBER OF EACH DENOMINATION OUTSTANDIXG, ON OCTOBER 31, IN
EACH YEAR FROM 1868 TO 1887.

Ones.

1868.
Issued
Redeemed

Twos.

Fives.

Tens.

Twenties.

Fifties.

8, 896, 57G 2, 978,160 23,106,
7, 915,914 2 219 3 9f) 355,181
254,754
73,170
142,359
482,132
30^355
17, 256

One
hundreds.

Five
hundreds.

One
thousands.

267, 350
15, 583

13, 486
1,759

4,740
1,846

337, 925

251, 761

11, 727

2,900

9, 589,160 3,209, 388 23, 676, 760 8, 094,645 2,269,764
904,013 232, 224
~
985, 940
272,495
71, 655

3C3, 521
22, 859

274, 799
25,968

13, 668
2,585

4,769
2,415

Outstanding. 8, 685,147 2,,977,164 22, 690, 820 7, 821,150 2,1C8,109|

334, 664

248, 831

11, 083

2, 354

72V?27;3,5W, 157 24, 636, 720 8, 413, 244 2, 370, 056] 378, 482
484,135
129,185j
47, 845
568,703 6r')7, 733 1, 737, 983

284,460
43,599

13,926
3, 952

4,779
3,263

160,624 2,022,424 22, 808, 73" 7, 929,101' 2, 240, 871i

330, 637

240, 861

9,974

1,516

537, 657!-!, 1 0", 70128,174. 940 9, 728, 37f 2, 779, 392
933, 445
245,361!
276, U57J1, 49.*, 3^) 3, 270, 374

433,426
82, 972

321,103
76,287

14,642
6, 01 n

4, 843
4, 005

Outstanding. 7,201, 600;2, 702, 405 24, 808, 5G0 8,704, 030 2,534,0311

350,454

244, 870

8, 625

838

14,, 297, 360:4, 782, 028 31, 933, 348 11,253,452 3, 225, 68S
~, 919, 3«0J2, 408, 389 5, 960, «C7 1, 69!), 702 438, 852
93

497,199
126,180

367, 797
110, 989

15, 621
7,86"

4,933
4,315

Outstanding. 0, 377, 971)2, 374, 239;25, 972, 681 9, 553, 750 2, 780,836i

371, 019

256,808

7, 754

618

15, 521,180!-), 195, 111|34, 804, 456 12, 560, 399 3, 608, 219
653,071
9, 891, C063,120, .723 9,141, 903 2,573,070
"
"!' '" "•-'" ' '

559, 722
168, 976

416, 590
144, 057

16, 496
9,658

5,148
4,530

Outstanding. 5, 632, 583 2, 074, 38825, 752, 493 9, 987, 321! 2, 955,148j

390, 746

272, 533

16,548,259 5, 539,113'39,243,136 13, 337, 076 3, 962,109
11,143,606 3, 555, 019 13, 041, 605 3, 912, 707 1,171, 608
\

CC6, 950
231, 556

492,482
190, 572

17, 344
11, 670

5,240
4,683

Outstanding. 5, 404, 653 1, 984, 094 26, 201, 531 9, 424, 369 2, 790, 501

435, 394

295, 910

5,668

557

18,046,170 6, 039,752 47,055,184 17, 410, 507 5, 296, 064
^., v w , . - , ,
14, 092,126(4, 616, 623 24, 920, 771 7, 6G8, 532 2, 204,464

884,165
381,037

645,838
299, 428

18, 476
14,471

5,530
5,048

Outstanding. 3, 954, 05011, 423,129 22,128, 413 9, 801, 975 3, 091, 600

503,123

346,410

4,005

482

985, 615
515, 784

710, 900
395, 785

18, 721
16, 2 r

5,539
5,272

Outstanding. 3, 292, 556 1,182, 902 19,401,472 9, 639, 438 3, 034, 246 469, 831

315,115

2,504

267

1,
,
20, 616, 024 6, 896, 968 56, 816, 84822, 266, 064 6, 776, 253 L 079, 781 767, 317
.
16, 815, 568 5, 555, 526 38,115, 868 12, 434, 779 3,703,528 634, 670 479,317

20, 022
17, 615

5, 668
5,411

288, 000

2,407

257

22,478,415 7,
',517, 765 61,191, 288 24,157,293 7,344,167 1, , 147, 578 812, 903
L
1,149 4,133,178 728, 222 541, 859
18,194,196 6, 026, 692 4i 683,433 13, 85!
>,
r2,

20,210
18, 895

6,204
5, 900

Outstanding. 8, 641, 822 2. 904, 984 !, 624, 5DC 7, 773, 555 2,182, 967
1869.
Issued
Redeemed

1870.
Issued
Redeemed
Outstanding.
1871.
Issued . . . . .
Redeemed

1872.
Issued
Redeemed

1873.
Issued
Redeemed

1874
Issued
Redeemed

1875.
Issued
Redeemed

618

1876.
Issued
Redeemed

1877.
Issued
Redeemed

1,783,52
18, 849, 26 1,307,448 51,783,528 20,008,652 6, 086, 492
> \ j
6
15, 556,70 5,124, .r " 32, 382, 356 10, 369, 214 3, 052. 246

Outstanding. 3,800,456 1, 341,442 18,700,980 9,831,285 3, 072,725

445,102

1878.
Issued
Redeemed

Outstanding. 4,284,219 1, 491, 073 18, 507, 855 10, 298,144 3, 210, 989

419, 356

271, 044

1,315

304

i,
23,167, 677 7, 747, 519 65, 578,440 25, 904, 223 7, 869, 951 1,
,211,761
'6
11), 600, 477 6, 501, 270 45, 996, 07614, 930, 599 4, 437, 343 785, 263

850,720
581, 604

20, 570
19, 28'

6, 340
6,057

269,116

1, 283

283

27,
L
23,167, 677 7, 747, 51069,131, 976 203,168 8, 266, 398 1., 253, 865 879, 490
20, 875,215 6, 943,889 49,149,824
15,821,110 4,684,820 825,499 610, 601

20, 763
19,484

6,363
6,124

1879.
Issued
Redeemed

Outstanding. 3, 567, 200 1, 246, 249 19, 582, 364 10, 973, 624 3,432, 608

426, 498

1880.
Issued
Redeemed

Outstanding. 2,292,462




803, 630 19, 982,15_'j 11, 382, 058 3, 581, 578

428, 366

1,279

239

REPORT OF THE COMPTROLLEE OF THE CURRENCY. 179
NUMBER AND DENOMINATIONS OF NATIONAL-BANK NOTES ISSUED AND REDEEMED
AND THE NUMBER OF EACH DENOMINATION OUTSTANDING, ETC.—Continued.

Ones,

1881.
Issued
Redeemed

Twos.

Outstanding.
1883.
Issued
Redeemed
Outstanding.
1834.
Issued
Redeemed
Outstanding.
18S5.
Issued
Redeemed
Outstanding .
Issued

Tens.

Twenties.

Fifties.

23,167, 677 7, 747, 519 73, 612, 504 29, 477, 519 8, 940,81r 1, 357, 574
891, 89
21,838,555 7, 280,434 53, 516, 488 17, 346, 635 5, 084,99;
"1,

One
hundreds.

Five
hundreds.

One
thousands.

959, 712
660, 202

21, 959
20,495

7,144
6, 943

299, 510

1,464

201

14
23,167, 677 7, 747, 519 78, 697, 42< 32,042, 260 9,751, 784 1,453,324 1,035,118
22, 353, 877 7,484,140 59, 313, 23319, 770, 934 5, 751, 707 980,182 719,130
"""

22, 787
20,880

7,187'
6,990

315, 988,

1, 907

197

,
I, 578, 846 1. 556. 009 1. 114, 722
,
23,167, 677 7, 747, 519 83, 447, 208- 544, 086 10,
34,
,
22, 593, 909.7, 570, 903 65,142, 567!22, 355 6, 424, 638 lj,090,703 789,125
, 712,

23,163
21, 367

7,277
7,092

461, 085 20, 096, 016 12,130, 884 3, 855,825

Outstanding. 1, 329,112
1882.
Issued
Redeemed

Fives.

813, 800

263, 37919, 384,191 12,271, 326 4, 000, 077

465, 684

473,142

I
573, 768

176, 616 18, 304, 641 831, 731 4,154, 208 465, 306
11,

325, 597

'
,
.,
23,167, 677 7,747, 519188,101,188 37, 182,102 11 442, 0911, , G61,010 1, 199,750
,
26,
22, 671, 936 7, 603, 285 71,039, 357 050,107 7, 481, 7
, 216, 573 874, 543

1,790

185

23, 73G
21, 981

7,369
7, 156

325, 207

1,755

213

12,
,
:
,
23,167, 677 7, 747, 519 93V 208,400 39, 804, 001 318, 173 1,, 758, 533 1 , 287, C£6
,
!
,
8,
22, 731,963 7. 628, 877 76, 817, 066|29, 382, 872 563, 797 1, 345, 762 971, 922

23, 924
22, 727,

7,369
7, 238

315, 764

1, 197

131

',
23,167, 677 7, 747, 519'97,667, 360 41,695, 970 12, 945,018 1,815,174 1, 342,001
22,757, 987 7, 639, S06J81,109, 272 31,767, 278 9, 397, 854 1,451,301 1, 055, 330

23, 924
2.J, 138

7,369
7, 290

495, 741

435,714

144, 234 L7, 061, 83111,131, 9953, 960, 329

118, 642 16, 391, 334 10,421,129 3, 754, 376

444,437

412, 771

Redeemed
363, 873

286, 67J

786

23,167, 677 7, 747, 519 100,455,524 42, 762,799 13, 301,145 1, 849, 613 1, 375,140
22, 776,403 7,646, 720 85,170, 819 33, 799, 928 10, 091, 941 1, 536,143 1,127,452

23, 024
23,293

7,369
7,305

631

64

409, 690

9, 928, G92 3, 547, 764

Outstanding.
1837.
Issued..
Redeemed
Outstanding.

391, 274




100,799 15, 284, 705 8, 962, 871 3,209, 204

313,470

247, 694

18'0

REPORT OF THE COMPTROLLER OF THE CURRENCY.

STATEMENT OF MONTHLY INCREASE OR DECREASE OF NATIONAL-BANK CIRCULATION FOR THE YEAR ENDING OCTOBER 31, 1887, PRECEDED BY QUARTERLY INOR DECREASE SINCE JANUARY 14J 1875.

National-bank circulation.
Increase.
Issued.
From January 14 to 31,1875
For quarter ending—
April 30, 1875...
July 31, 1875
October 31,1875
January 31,1876
April 30, 1875
July 31, 1876
OctbberSl, 1876
January 31,1877
April 30,1877
July 31,1877
October 31,1877
January 31,1878.»
April 30,1878
July 31,1878
October 31,1878
January 31,1879
April 30,1879
July 31,1879
O.c t ob or 31,187 9
January 31,1880
April 30,1880
July 31,1880
October 31,1880
January 31,1881
April 30,1881
J u l y 31,1881
October 31,1881
January 31,1882
April 30,1882
July 31,1882
October 31,1882
January 31, 1883
April 30, 1883
J u l y 31,1883
October 31, 1883
January 31, 1884
April 30, 1884
July 31, 1834
October 31, 1884
January 31,1885
April 30,1885
July 31,1885
October 31, 1885
January 31,1886
April 30, 1886
July31, 1886
October 31,1886

$537,580
4,409, 220
4,124,165
1,915,710
2, 504, 600
877, 580
1,107,110
2, 604, 390
3,188,030
4, 3G3, 010
3, 000,230
5, 754,160
C, 725, 585
3, 036, 760
4, 252, 980
2, 276, 360
3, 097, 060
7, 039, 300
3, 674, 830
9,122, 300
7, 289, 805
3,163, 820
1,748,060
1,199, 930
2, 234, 780
12, 690, 890
9, 569,410
6,481,550
5, 625, 200
2,991,400
4, 054, 740
9,792,910
4, 588, 850
3, 638,650
3, 527,100
2, 755, 600
2, 748, 270
2, 052, 294
2, 778, 960
2, 792,170
1, 265, 520
2,125, 260
2.160,110

$255, 600

November, 1886 ..
December, 1886 .
January, 1887...
February, 1887...
March, 1887
April, 1887
,
May, 1887
June, 1887
July, 1887
August, 1887
September, 1887.,
October, 1887 ....

Total
Surrendered to this office and retired from
January 14,1875, to October 31,1887
Grand total




5, 591, 700
7,751, 794
4, 700, 384
1, 409, 325
1, 5U0, 700

227, 724,716

444,905
366, 765
431, 880
447, 500
1,619,890
864, 325
674, 500
1, 657, 890
604, 260
999, 510
1,435, 040
1,586, 800

2, 896,759
4, 094,760
4. 472,480
3, 505, 077
2, 970, 500
3, 315, 544
4, 765, 821
3, 226, 350
3,185,093
2,798, 550
2, 437, 886

11,163, 345

;

3,336, 804
5, 423, 930
5, 553, 971
3, 852, 731
5, 425, f 39
9, 603, 984
8, 5G4, 727
4, 759, 015
5, 005, 596
4, 984, 399
3, 516, 321
2, 701, 885
1,906, 7*1
3,453, 080
2, 924,430
747, 327
1, 822, 988
2, 715, 524
1,754,558
074,129
1,555,766
2,427, 398
1,535,760
1,361,534
4, 426, 596
4, 734, 578
3,182, 551
3, 354,153
4,414,865
5,741,456
5,611,497
4, 927, 020
6, 510, 245
6, 868, 245
6, 369, 273
5,172, 714
8, 430, 804
7, 883, 997
6, 833, 874
7, 842, 055
8,135,112
5, 731, 673
6, 758,154
5, 581, 261
8, 397,163
8,425, 486
6,468, 227

191,970,402

,

40, 324, 277

203.133,747

1, 072,416
$1,299,765
3, 638,261
1, 348,131
4, 547, 959
8, 556,874
5, 960,337
1, 570, 385
642, 586
1, 981,169
2, 237, 839
4, 023, 700
1,130,039
797, 900
648, 070
2, 349,733
5, 216, 312
959, 306
7, 367, 742
6, 615, 676
1, 608, 054
678, 738
335, 830
873,
8, 264,
4, 834,
3, 301,
2, 271,

246
294
832
999
047
1,423,465
1, 686, 716

4,181,413
338,170
2, 871, 595
3, 341,145
3, 613, 673
2, 424,444
6, 378, 510
5.105, 037
4,041,704
6, 576, 535
6, 009, 852
3, 571, 563
1,166,394
2,170, 533
3, 696, 779
6, 956,161
4, 901, 527
59, 560,061

29,160, 932
59, 560, 061

283,526,726

95,314, 375
2,144, 549
2, 529,994
3, 662, 880
4, 024, 920
1, 915,187
2,112,175
2, 641, 044
3,107,934
2,622, 070
2,185, 583
1,363, 510
851, 086

15,477,733
203,133,747

Decrease.

Retired.

124,475,307
15,477, 733

59,560,061

139, 953, 040

EEPORT OF THE COMPTROLLER OF THE CURRENCY. 181
TABLE SHOWING, BY STATES, THE AMOUNT OF NATIONAL BANK CIRCULATION
ISSUED, THE AMOUNT OF LAWFUL MONEY DEPOSITED IX THE UNITED STATES
TREASURY TO RETIRE NATIONAL-BANK CIRCULATION FROM JUNE ;>(), 1874, TO
NOVEMBER 1, 1887., AND THE AMOUNT REMAINING ON DEPOSIT AT THE LATTER
DATE.

Lawful money deposited to retire national-bank circulation since J u n e 20, 1874.
Additional
circulation
To retire
F o r reStates and Territories. issued since
demption circulation
J u n e 20,
of notes of u n d e r a c t
1874.
liquidating of J u l y 12,
1882.
banks.
Maine
New Hampshire
Vermont
Massachusetts
Iihode Island
Connecticut
^New York.;
Now J ersey
Pennsylvania
Delaware
Maryland
District of Columbia .
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Missouri
Ohio
Indiana
Illinois
Michigan
Wisconsin
Iowa
Minnesota
Kansas
Nebraska
Nevada
Oregon
Colorado
Utah
Idaho
Montana
Wyoming
New Mexico
Dakota
Washington
Arizona
California
Lawful money deposited prior to June
20,1874, and remaining at that date
Total.

$2, 728, 4P9
1, 475, 9G5
3, 244, 915
84,192, 920
4,191,650
6, 872, 760
39,411,595
4,815,185
26, 242, 1 20
604, 225
2, 931, 940
502. 000
1, 599! 250
474, 064
1, 380, 550
246, 030
851,530
191, 350
651, 350
326, 240
2, 553, 490
2, 594, 755
509, 750
6, 697, 500
1,797, 320
3, 363, 055
16, 857, 755
7, C61, 700
7. 094, 420
4, 747, 630
2, 526, 290
4,162, 379
2, 228, 935
2, 696, 200
2, 215, 210
47, 250
438,610
1, 272, 140
488,150
67, 750
631,070
157,225
247, 500
1,231,365
759, 740
75, 500
2, 411, 340

$786, 500
465, 983
1, 059, 277
1, 886,185
222, 750
948, 381
8, 383, 393
1, 389, 908
4,349,115
166, G O
O
455, 664
1,038,219
829,290
290, 900
22,500
330, 925
19,210
135, 000
666,413
135,830
11,250
1, 070, 417
854,191
1,230,185
6, 902, 758
5,088, 610
3, 674,854
2. 811, 293
1,219,990
1, 677, 566
802, 079
848,191
93, 670
347, 475
161,191

$1,969,615
818, 650
1, 293, 745
20, 472, 888
4, 738, 955
4, 901. 742
10,556,800
1, 806*722
13, 913, 280
159,320
2, 994, 900
551,280
475,485
84,170
395, 550
45,000
789, 850
30,290
"i," 100," 840"
151, 920
360,170
4,108, 391
837, 909
• 1, 251, 085
280, 440
482, 770
393,750
353,800
15, 750
194, 800
186,490

189, 940
15, 500
100,660
40, 500
50,590
90, 000

T o retire
circulation
under a c t of
J u n e 20,
4874.
$2, 923, 350
1, 230, 750
4,112,310
39,107,424
7, 706,120
9, 581,142
47,120, 535
6, 470, 843
30, 959, 557
231,750
5, 209, 810
065, 060
2,152,630
776, 490
1,969,135
1, 691,695
1,428, 575
7,790
1, 013, 320
38,150
3,109, 400
992, 400
312, 750
8, 037,953
2,160, 454
5,693,100
15,645,212
11,038,361
11,561,121
5, 324,442
2, 350, 7G9
4, 555, 745
2, 482, 081
883,670
1,137, 33o
13,500
83, 310
428,310
379, 050
74, 250
272, 250
15, 750
285, 200
295, 905
304, 850
2,500
647, 650

Total deposits.

$5, 679,465
2, 515, 383
6, 465, 332
61,4C6,496
12, 667, 825
15, 521, 265
65. 060, 728
9, 673,473
49,221,953
391, 670
8,371,310
1,120, 724
3, 742,129
2, 081, 265
2, 260, 035
1, 798, 365
2,155,050
27, 000
1,193, 320
38,150
4, 565, 663
1,158,520
;<24, ooo
10,209, 210
3,160,565
7, 283, 455
26, 656, 361
16,964,880
16, 487, 060
8, 416,175
4, 053,529
6,627,061
3, (397, 060
1,747,611
1, 425, 800
l.-J, 500
83,310
962, 275
540,241
74, 250
40i, 190
15,750
300, 700
39G, 505
345,350
53, 090
737, 6G0

Lawful
money on
deposit
with the
United
States
Treasurer
at date.

$2, 725, 664
1,066,976
1, 867, 879
21, 722, 508
5,711,173
5, 910, 887
10, 990, 976
2,141, 560
18, 973, 877
126,107
3, 333, 505
50,712
831,378
510,400
189,230
261,208
551, 466
17, 955
316,496
1,301
6?9, 999
180, 366
33, 919
3, 429, 974
924,883
735,385
8, 056, 896
3, 283, 751
2, 546, 747
1,493,287
810, 061
1,181, 847
462, 211
239. 388
377,676
1,583
53, 390
198, 579
37, 909
15,989
21,859
170
164,680
99,482
43, 578
15,690
179, 590

3, 813, 675
*207, 868, 247 50, 922, 953

75,806,357

242,489,749

373,032,734

* This includes circulation issued under act July 12, 1882.




102,586,207

182

REPORT OF THE COMPTROLLER OF THE CURRENCY.

STATEMENT SHOWING THE AMOUNT OF NATIONAL-BANK NOTES OUTSTANDING ON
OCTOBER 31, 1887, THE AMOUNT OF LAWFUL MONEY ON DEPOSIT WITH THE TREASURER OF THE UNITED STATES TO REDEEM NATIONAL-BANK NOTES, AND THE KINDS
AND AMOUNTS OF UNITED STATES BONDS ON DEPOSIT TO SECURE CIRCULATION
AND PUBLIC DEPOSITS.
NATIONAL-BANK NOTES.

Total amount outstanding October 1 1887
Additional circulation issued during the intervening month :
Total . - .
. .
Surrendered and destroyed during the intervening month

$272,652, 501
$238, 520
1, 348, 280
1, 586, 800
2,438, 027
851,227

Decrease in total circulation during the month
Total amount outstanding, November 1, 1887 *
Decrease in total circulation during the preceding twelve months
Circulation secured bv TJ. S. bonds (as below)
Decrease during the preceding month
Decrease during the preceding twelve months
Amount of outstanding circulation represented by lawful money on deposit with the Treasurer of the United States, to redeem notes o—
f
Insolvent national banks
....
. .
. .
Liquidating national banks
National banks reducing circulation under section 4 of the act of
Juno 20, 1874
National banks retiring circulation under section 6, act of July 12,
1882
Total lawful money on deposit
Decrease in aggregate deposit during the preceding month
Increase in aggregate deposit during the preceding twelve months

29,432,546
716,613
50, 495, 589

271,801,274
169,215,067

958, 902
7, 792,493
48,756, 970
45,077, 842
134,614
21, 063, 043
To secure
circulating
notes.

102,586,207

To secure
public deposits.t

U. S. REGISTEKED BONDS ON DEPOSIT.

Totals

*

$3,256,000
69,696,100
115,731,400
144, 500

$425, 000
9.965,500
22,684,000
550, 000

188,828,000

Pacific Railroad bonds, 6 per cents
Funded loan of 1891, 4£ per cents
Funded loan of 1907, 4 per cents
Funded loan of 1882, 3 per cents

33,624,500

•Circulation of national gold banks not included in the above, $239,929.
t Amounting to $31,767,478.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

183

TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER
OF BANKS IN EACH, WITH THEIR CAPITAL, MINIMUM AMOUNT OF BONDS REQUIRED
BY LAW, BONDS ACTUALLY IJELD AND CIRCULATION OUTSTANDING THEREON ON
OCTOBER 5, 1887.
United States bonds.
No. of
States, Territories, and reserve cities. "banks.

Minimum
required.

Circulation
outstanding
October 5,
Hold October
1887.
5, 1887.

72
49
49
198
54
61
83

Division No. 2.

$2, 227, 500
1,501,250
1, 541, 500
8,144, 375
2, 700, 000
2, 453, 250
3,501,086

$5, 48r5, 500 $4, 875, 561
4,019,500
3, 588, 015
3, 891, 000 3,478,100
24, 064, 250 21,459,690
9,908,150
8. 854, 502
5,183, 900
4. 642,913
9,716,10a
8, 698, 693

164, 797, 6G0

22, 068, 960

62,266,400 j 55,597,474

47
6
81
237
43
23

Division No. 1.
New York
New York City .
Albany
New Jersey
Pennsylvania
Philadelphia . . . .
Pittsburgh

$10,440,700
6, 205, 000
7, 566,000
44, 790, 500
50, 950,000
20, 340, 050
24, 505,410

566

Maine
,
New Hampshire.
Vermont
Massachusetts ..
Boston
Hhode Island
Connecticut

34, 724, 260
49, 150,000
1, 750, 000
13, 024, 220
33, 551,140
22, 658, 000
10,180, 000

7, 682,790
2, 337, 500
300, 000
2, 603, 555
7,129, 042
2,137, 500
1,125, 000

19,468, 550 17, 406. 488
9, 695, 000 8, 295, 502
lj 148, 000 1,016,490
16,874,600
6, 060, 523
15,198, 800 13. 379, 865
2, 737, 500
2, 401,149
1,765, 5\H)
1, 569, 260

706 j 165,037,620 | 23,315,387

Division No. 3 . .

118

North Carolina...
South Carolina...
Georgia
Florida
Alabama
Mississippi
Louisiana
New Orleans .
Texas
Arkansas
Kentucky
Louisville
Tennessee

,
.,

Division No. 5.
Iowa
Minnesota
Missouri
Saint Louis...
Kansas City..
Saint Joseph .
Kansas
Nebraska
Omaha
Division No. 6.




50,129, 277

A T

442, 700
686, 250
850, 000
50, 000
325, 000
760. 250
501, 250

1,596,700
1, 517, 000
2,050,000
250,000
680, 000
1, 352, 500
761, 250

1, 332,140
1, 822, 900
194,130
534, 895
1,204,380
655, 525

24,178,245

3, 615, 450

8, 207, 450

7,159, 8,0

565, 570
412,000
575,130
125, 000
652, 525
263, 750
125,000
400, 000
2, 239, 937
225, 000
2, 093,475
450, 000
1, 090, 000

028, 500
624. 750
988, 500
J 80, TOO
900, 500
320, 000
125.000
1,350,000
2, 415, 300
410,000
3,411,000
694,000
1, 483, 750

795, 710
559, 875
877, 630
146, 750
782, 330
277, 230
101, 740
1,214, 995
2,107, 535
348, 740
3, 055, 890
624,4 GO
1,326, 805

13,831,800

12, 219, 830

2,412,280
1,698, 000
3, 050, 520
500, 000
3,485,100
1, 055, 000
500, 000
2, 925, 000
9, 919, 750
950, 000
9, 758, 900
3, 5T)1, 500
7, 460, 000

Division No. 4.

56, 887,950

2, 083, 985
2, 796, 700
11,713,260
252, 000
1, 575, 000
3, 796, 300
1, 961, 000

Delaware
Maryland
Baltimore
District of Columbia .
Washington
Virginia
West Virginia

Ohio
Cincinnati
Cleveland
Indiana
Illinois
Chicago
Michigan.
Detroit
Wisconsin
Milwaukee

Capital.

313

47, 266,050

9,217,387 |
5, 235, 505
750. 000
450, 000
2,616, 125
3, 400, 375
900, 000
2,318,650
400, 000
1, 098, 000
150, 000

192
15
9
93
KiO
18
100
8
53
3
651 J lOVi<«2,160

10,112,050
3, 612, 0.0
605, 000
4, 723, 800
4, 776, 500
1, 050, 000
3, 012, 750
400, 000
1, 373, 0( 0
300, COO

9, 008. 926
3, 226. 840
5U, 450
4, 217, 870
4,219,305
817,150
2, 673, 585
328, 750
1, 225, 623
270, 0G0

17, 378, 655

29, 965, 700

26, 532,499

128
58
35
5
8
2
139
95
8
478

54,584,180

2, 713, 623
1, 075, 725
694,615
637, 750
315, 0C0
119,330
2, 295, 210
1, 345, 220
314,500

10,150, 000 ~ 2 , 412, 500
1, 628, 750
13, 740, 000
629, 320
2, 517, 280
250, 000
3, 000, 000
385, 000
5, 940, 000
75, 000
300, 000
2, 532, 700
10, 530, 800
1,476, 525
6, 006,100
350, 000
2,400, 000
9, 739, 795

11, 594,100

10,110,993

184

REPORT OF THE COMPTROLLER OF THE CURRENCY.

TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER
OF BANKS IN EACH, WITH THEIR CAPITAL, ETC.—Continued.
United States bonds.
States, Territories, and reserve cities.

No. of
banks.

Capital.

Minimum
required.

Colorado
Nevada
California
San Francisco
Oregon
Arizona
Division No. 7
Dakota
Idaho
^Tontana
New Mexico
Utah
AV*ashi Q °"ton

"Wyoming

Division No. 8
United States




Held October
5,1387.

Circulation
outstanding
October 5.
1887.

31
2
30
3
23
1

$2,751,850
150, 000
4, 170,000
2, 700, 000
1, 795, 000
100, 000

$662,963
37, 500
890, 000
150, 000
423, 750
25, 000

$989, 000
37, 500
1, 088, 750
750, 000
644,800
25, 000

$880,330
33,720
939, 990
659, 796
566, 160
22, 000

90

11,666,850

2,189, 213

3, 535, 050

3,101, 990

62
6
17
9
7
18
8

3, 720, 000
350,0'JO
1, 975,000
850, 000
850, 000
1,280,000
1, 075, 000

930, 000
87, 500
406, 250
212, 500
212, 500
320, 000
218, 750

962,
92,
480,
240,
390,
405,
223,

500
800
600
000
000
000
750

861, 925
81, 940
422, 280
215,990
292,130
356, 540
200, 645

127

10,100, 000

2, 387, 500

2, 794,650

2,431,450

3,049

578, 462, 765

89, 912,347

189, 083,100

167, 283,343

REPORT OF THE COMPTROLLER OF THE CURRENCY. 185
T A B L E , B Y STATES, T E R R I T O R I E S , AND R E S E R V E C I T I E S , E X H I B I T I N G T H E N U M B E R O F
BANKS I N EACH W I T H CAPITAL O F $150,000 AND UNDER, AND THOSE W I T H C A P I TAL EXCEEDING .$150,000, AND SHOWING THE AMOUNT OF BONDS DEPOSITED TO
S E C U R E CIRCULATION ON OCTOBER 5, 1867.

Banks with capital of
$150,000 and under.
States, Territories, and
reserve cities.
j

United
States
bonds.

Total.

I

No.

United
States
bonds.

No. I Capital.

72 $10,440,700 $5, 483, 500
58 $0, 110, 000 $3, 451, 500 14 $4 , 330,700 $2, 032, 000
950, OOOj 49 6,205,000
"'
019,500
" ' '"
41 4, 405, 000 8,009,500
8 1, 800, 000
i
49; 7, 566, 000 3, 891,000
3, 506, 000 1, 800, 000 13 4, 000, 000 1, 995, 000
86 10,177, 500 5. 793, 850 U 2 : 34,. (515,. 000 18, 270,400 19844, 790, 500:24, 064, 250
54 50, 950, 000 9, 908,150 54 50, 950, 0001 9,908,150
17, 527, 050 3, 475, 000 6120,340,050 5, 183, 900
2, 813, 000 1, 708, 900
"11, 301, 070 7, 925, 600 83 24,505,410 9,'7 JO, 100
3 ; 204, 340 1, 71)0, 500

Maine
New Hampshire
Vermont
Massachusetts
Boston
Hhode Island
Connecticut

27(5 :i0, 275, 840 17, 710, 250 290 134,521.820 44, 556,150

Division No. 1
New York
New York City
Albany
New Jersey
Pennsylvania
Philadelphia . . .
Pittsburgh

210 18, 931,1 CO 11, 086, 250
.,
150,000
1
150, 000
4, 814, 22( 2, 730, 600
178 10, 710,170 9,173, 800
150, 000
37, 500
100, 000
25, 000

59 15, 793,100
40 49, 000,000
(5 ] , 7llO,000
28 8,210,000
59110,834,970
42! 22, 508, 0c0
22ilO, 080, 000

566 164,797.000,02, 260, 400

8, 382, 300 269 34,724,20- I ID, 408, 550
9, 545, 000 47,49,150, 000 9, 095, 000
1,148, 000
61 1,700,001) 1,148,000
4,144, 000 8l'l3, 024, '220 6. 874, 600
6, 025, 000 237:33, 551,14'',15,108, 8C0
2, 700, 000 43(22, 05S, 000 2, 737, 5U0
1, 740, 500 23 10,180.000 1, 765, 500

444|40, 861, 550 23, 203,150 262 121,176,070 ;]3, 684, 800 700 105.037,^20:50, 887, 950

Division No. 2

773, 500
13|
970,800
28 2,145,000 1, 217, 000

Delaware
Maryland
Baltimore
,
District of Columbia.
Washington
Virginia
"\Test Virginia

100, 000
1,441, 000
1, 605, 000

100, 000
452. 500
661. 250

77 6,201,800 3, 204, 250

Division No. 3
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
New Orleans
Texas
Arkansas
Kentucky
Louisville
Tennessee

121 1,002,280
1, 048, 000
1, SCO. 520
500, 000
1, 010,100
1, 055, 000
300, 000

29 2,160,000

4 l,113,18i
823, 200
3
651,700
300, 000
17 11, 713, 2oO 2, 050, 000
1| 252,000
250, 000
6i 1, 475, 000 580, 000
8| 2,355,300
900, 000
2j 356.000
100, 000

843, 750

171 2, 083, 985 1, 590, 700
31 '2,796,700 l,517,00ii
, ,
2, 050. 000
17(11, 252, 000
713, 000 250, 000
l| 1, 575, 000
252000
6*0, 000
3, 796, 300 1, 352, 500
1,961,000
761, 250

41,17,916,445 5, 003, 200 118 24,178, 2^5 8, 207, 450

528,
191),
728,
180,
350,
320,

C, 559, 750 1, 800,
210,
700, 000
3, 773,90yi 1, 338,

1, 350, 000
650, 000
1, 750, 000

400, 000
425, 000
200, 000

2, 475, 000

550, 000

1
200,000
50, 000
8 2,925,000 1, 350, 000
12! 3,360,000
615, 000
l|
250,000
200, 000
23 5,985,000 2, 073, 000
3, 551, 500
694, 000
640, 000
11 5, 300, OOiJ

2, 412,280
1, 608, 000 624, 750
3, 050, 520 988, 500
500, 000 180,500
3, 485,100 900, 500
1, 055, 000 320. 000
500, 000 125, 000
2, 925, 000 1, 350, 000
2,415,300
9, 919, 7501
950! 000| 410, 000
9, 758, 900i3,411, 000
3, 551, 500 694,000
7, 4C0, 000 1,483,750

220 19,409,550 0,574,800

Ohio
Cincinnati .
Cleveland..
Indiana
Illinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee.

87127, 796, 500 7, 257, OOOj 313 47, 200, 05013,831, SCO

155 13, 542, 020 6, 387,750

Division No. 4

37j 9,254,000
15 10, 400, 000
9J 6,700,000
211 5,630,000
12j 2,900,001)
1815, 050, 000
J2| 3,801), 000
8! 3,883,540
4!
850,000
3;
650,000

6, 264, 500 2, 873, i
11,441,500 4, 026, 500
6, 874, 600 2, 407, 750
49 3,"592,66o i*i23,'6oo

3,724, 900 192 22,790,020110,
1,400,000
3, 012, 000
,
605, 000
9i 6, 700, 000
1, 850, 000 93 11,, 894, 500
,341,500
750, 000 160 14,
1,050,000
1815,>, 050, 000
605, 000 100 10, 674, COO
400,000
883, 540
250, 000
442, 000
300, 000
050, 000
1 5 , 1 0 ,

512 41, 714, 620J L6,818, 800 139 59,117,54013,146,900

Division No. 5
Iowa
Minnesota
Missouri
Saint Louis
Kansas City
Saint Joseph
Kansas
Nebiaska .
Omaha .

;
j
No. j Capital.

BankvS w i t h capital
over $150,000.

122! 8,450,000 2,760,000
39! 2, 715,000
801, 050
34| 2, 317, 280j 732, 750

1

6 1,700, 000
19 11, 025,000
200, 000
3, 000,000
50, 000
: ..j
lj 140, 000
5, 800,000
000
100, OOO!
50, 000
j
1;
11
200,
000
8! 2, 000,
( 131 8, 530 8001 2, 298, 250
2! 500, 000
5, 506,100! 1, 404, 000
200, O O
Oj
50, 000 6 2,200, 000
j

Division No. 6 .




423 27, 959, ISO] 8,146, 550

•••

"

~

112,650
612,000
605, 000
723, 800
776, 500
050, 000
012, 750
400,000
373,000
300, 000

651! 100.832,100 29, 905, 700

300,000 128!]0,150, 000
, 080, 000
58 13, 740, 000
35 2, 517, 280
50, 000
5 3, 000, 000
710, 000,
8 5 940,000
350, O O
Oj
2!
300, 000
107,550j
450, 0001 139 10, 530, 800
100, 000
95
006,100
300, 000
400,000

000, 500
881,050
782, 750
710,000
400, 000
157, 550
748, 250
504, 000
350, 000

000 3, 447, 550J 478 54,584,180 11,594,100

186

REPORT OF THE COMPTROLLER OF THE CURRENCY.

TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER OF
BANKS IN EACH, ETC.—Continued.

Banks with capital of
$150,000 and under.
States, Territories, and
reserve cities.
:NTo. I C a p i t a l .

2G $1,651, 850
2
150,000
21! 1,760,000

$559, 000
37, 500
5G6, 250

21 1, 205, 000|
100, 000;

Colorado
Nevada
California
San Francisco.
Oregon
Arizona

344, 800
25, 000

71; 4, 956, 850| 1, 532, 550

Division No. 7
Dakota
Idaho
Montana
New Mexico
Utah
Washington
"Wyoming

62! 3,720, 000|
61 350,0001
15! 1, 225, 000|
91 850, 0001
5|
450,000i
18' 1,280,0001
6j 475,0001

Division N o . 8 . . . .
U n i t e d States

United
States
bonds.

962,500
92,800
330, 600
240, 000
140,000
405,000
123,750

1211 8,350, O D 2,294, 650
O

Banks with capital
over $150,000.
United
States
bonds.

No.! Capital.

5 $1,1C0, 000

$430, 000

9| 2,410,000
3! 2,700,000
2
500,000

522,500
750,000
300,000

19J C, 710, 000J 2, 002, 500

750, 000
400, COO
21

150, 000
250, 000

600,000i

100,000

6 1,750,000
J

500,000

!

Total.

No.

Capital.

United
States
bonds.

31 $2,751, 850 $989,000
2
150, O O
OJ
37,500
30i 4,170,000! 1,088,750
3' 2,700,000|
750,000
23; 1,795,000
644,800
lj
100,000'
25,000
9011,666,850 3,535,050
62j 3,720,000
6j
350,000
171 1,975,000
91 850,000
71 850,000
38i 1,280,000
1, 075, 0001

962, 500
92, 800
480, 600
240, 000
390,000
405, 000
223, 750

127J10,100, COO 2, 794, 650

2,150! 179,849,390 79,485, 000 899 398,613,375 109,598,100 3, 0491578,462,765 189 083,100




REPORT OF THE COMPTROLLER OF THE CURRENCY.

187

TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER
OF BANKS IN EACH WITH CAPITAL OF $250,000 AND UNDER, AND SHOWING THE
AMOUNT OF BONDS DEPOSITED TO SECURE CIRCULATION ON OCTOBER 5, 1887,
AMOUNT OF BONDS REQUIRED BY PROPOSED CODE, AND AMOUNT OF BONDS WHICH
MIGHT BE WITHDRAWN UPON ADOPTION OF CODE.

States, Territories, and reserve cities.

Maine
New Hampshire
"Vermont
Massachusetts . . . . . . .
Boston
Rhodo Island
Connecticut
.Division No. 1.

No. of
banks.

04
47
41
148
5
35
49

Capital.

United States
bonds to
secure circulation October 5, 1837.

Amount of
bonds re-

Amount of
bonds
t h a t may be

$0,410. 000
5, 605, 00U
4, 060, 000
23, 400, 500
1,100, 000
4, 643, 250
7,477,210

$4,111,500
$6-41. 000 $3, 470. 500
3, 20!); 000
3, 769, 500
560, 5'vO
2, 049,400
2,516,000
4G6, 600
12, 952, 000 2, 340, 050 10, 611, 950
250, 000
110,000
140,000
2, 558, 900
464, 325
2,094,575
4, 397, 500
747,721
3, 649, 779

389 |

53, 301, 960

30, 555, 400

New York
New York City .
Albany
...
New Jer sey
Pennsylvania
Philadelphia
Pittsburgh

251
C
3
69
209
12

27, 422, '260
1,250,000
650, 000
8, lil 4, 220
22,981,170
2, 608, 000
1, 630, 000

14, 959, 550 2, 742, 226
125. 000
940, 000
65, 000
348, 000
821,^2
4, 543, 600
11,913,800 2,298,117
260, 800
' 587, 500
163, 000
810, 500

Division No. 2.
Delaware
Maryland
Baltimore
District of Colombia..
Washington
Virginia
,
West Virginia

558

64, 755, 650

34,102, 950

1, 583, 985
2, 545, 000
23-0, 000

1, 226,700
1, 467, 000
50, 000

158, 398
254, 500
23, 000

1, 068, 302
1, 212, 500
27, 000

975,000
2, 496, 300
1, 961f 000

480, 000
1,152, 500
761, 250

97, 500
249, 630
190,100

382, 500
902, 870
565,150

979,128

4,158, 322

211,228
169, 800
205, 052
50,000
198,510
105, 500
50, 000
29, 000
779, 475
95, 000
740, 890

617, 272
454, 950
672, 948
130, 500
351, S90
214, 500
75,000
180, 000
1, 335, 825
315,000
1, 800,110

Division No. 3...
North Carolina...
South Carolina . . .
Georgia
Florida
Alabama
Mississippi
Louisiana
New Orleans .
Texas.
Arkansas
Kentucky
Louisville
Tennessee

94

9, 791, 285

5,137, 450

2,112,280
1,698,000
2, 050, 520
500, 000
1,985,100
1, 055, 000
500, 000
200, 000
7, 794, 750
950, 000
7,408, 900

828, 500
624, 750
878, 000
180, 500
550, 500
320, 000
125, 000
200, 000
2,115,300
410, 000
2,541,000

3, 260, 000

5, 330,196

25, 225, 204
12, 217, 324
815, 000
283,000
3, 722,178
9,615,683
326, 700
647, 500

6, 475, 505 27, 627, 385

1,183,750

326, 000

857, 750

Division No. 4.
Ohio
Cincinnati..
Cleveland ..
Indiana
Illinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee .

272

29, 514, 550 I 9, 957,300

2, 951, 455

7, 005, 845

178
3
1
85
159
5
95
1
53
3

17, 988, 020
650, 000
200, 000
9, 0i4, 500
14, 04.1, 500
1. 0,0, 000
8, 274, 600
200, 000
4,442,000
650, 000

7,976, 300 1, 7987603"
150, 000
65, 000
20, 000
50, 000
904,450
4, 223, 800
4, 726, 500 1, 404,150
105, 000
400, 000
827, 460
2, 762, 750
20, 000
50, 000
1, 373,000
444, 200
65, 000
300, 000

6,177. 698
85, 000
30, 000
3, 319, 350
3, 322, 350
395, 000
1, 835, 290
30, 000
928, 800
235,000

Division No. 5.
Iowa
Minnesota
Missouri
Saint Louis ..
Kansas City..
Saint Joseph.
Kansas
Nebraska
Omaha

583

56, 538, 620

22, 012, 350

126
40
35

9, 250, 000
4, 240, 000
2, 517,280

2,960, f 00
1,146, 050
782, 750

925, 000
424, 000
251, 728

2, 035, 500
722, 0-0
531,022

3
2
137
94
4

590, 000
300, 000
9, 930, 800
5, 706,100
700,000

150, 000
157, 550
2, 648, 250
1,454, 000
150,000

59,000
30, 000
993, 080
570, 610
70, 000

91,000
127, 55.)
1, 655,170
883, 390
80, 000

Division No, 6.

447

3, 323,418

6,125, 682




34

33, 234,180

9,449,100

5,653,862 | 16,358,488

188

REPORT OF THE COMPTROLLER OF THE CURRENCY.

TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER
OF BANKS IN EACH WITH CAPITAL OF $230,000 AND UNDER, ETC.—Continued.

States, Territories, and reserve cities.

No. of
banks.

$2,451, 850
150,000
2, 970,000
200. 000
1, 795. 000
100, 000

Colorado
Nevada
California
San Francisco.
Oregon
Arizona
Division No. 7 .
Dakota
Idaho
Montana
New Mexico.
Utah
"Washington.
"Wyoming . . .
Division No. 8.
United States




Capital.

Amount of
bonds
United States Amount of
bonds re- that may be
bonds to
secure circu- quired to be withdrawn
upon
lation Oc- held under
the
tober 5,1887. posed pro- adoption of
code. the code.

84 |

7, 666, 850 j

62
6
16
9
7
18
7

3, 720, 000
350, 000
1,475, 000
850, 000
850, 000
1, 280, 000
675, COO

~125~

9,200, 000
264,003,095

$939, 000
37, 500
888, 750
CO, 000
6U, 800
25, 000

2, 585, 050
962, 500
92, 800
380, 600
240, 000
390, 000
405, 000
173, 750

$245,185
15, 000
297, 000
20,000
179, 500
10, 000
766, 685

372, 000
35, 000
147, 500
85, COO
85,000
128, 000
67, 5C0

2, 644,650

920, 000

116,444,250

26,400, 309

$693, 815
22,500
591, 750
30, 000
465, S0O
15. 000
1, 818, 365
590, 500
57, 800
233,100
155, 000
805, 000
277, 000
106, 250
i, 724, c:o
90,043,941

REPORT OF THE COMPTROLLER OF THE CURRENCY.

189

TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER
OF BANKS IN EACH WITH CAPITAL OF OVER $250,000, AND SHOWING THE AMOUNT
OF BONDS DEPOSITED TO SECURE CIRCULATION ON OCTOBER 5, 1887, AMOUNT
OF BONDS REQUIRED BY PROPOSED CODE, AND AMOUNT OF BONDS WHICH MIGHT
BE WITHDRAWN UPON ADOPTION OF CODE.

States, Territories, and reserve cities.

Maine
New Hampshire..
Vermont
Massachusetts ..
Boston
Bhode Island
Connecticut

No. of
banks.

50
49
26
34

Capital.

Amount of
United States bonds rebonds to
quired to be
secure circu- held under
lation, Oct h e protober 5,1867. posed code.

$4, 030, 700
600, 000
2, 900, 000 !
21,390,000 i
49, 850, 000
15, 696, 800
17, 028, 200

$200, 000 $1,172, 000
$1, 372, 000
50, 000
200, 000
250, 000
200, 000
1,175, COO
1, 375, 000
9, 862, 250
11,112,250 1,250,000
9, 658,150 1, 225, 000 8, 4:53,150
J ,975, 000 '
650, 000
2, 625, 000
4,468, 600
850, 000
5, 318, COO

Division No. 1.

~177

111, 495, 700

ork
Now York City.
Albany
New Jersey
Pennsylvania
Philadelphia
Pittsburgh

18
41
3
12
31
15

7, 302, 000
47, 900, 000
1,100,000
4,810,000
10, 569, 970
20, 050, C O
O
8, 550, 000

4, 509, 000
8, 755, 000
800, 000
2, 331, 000
3, 285, 000
2,150,000
955, 000

Division No. 2.

148

100,281,970

22, 785, 000

Delaware
Maryland
Baltimore
District of Columbia .
Washington
Virginia
West Virginia

1
1
1G
1
2
3

500,
251,
11, 483,
252,
600,
1, 300,

Division No. 3.

24

14,38(3, 9(iO

North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
New Orleans .
Texas
Arkansas
Kentucky
Louisville
Tennessee
Division No. 4.
Ohio
Cincinnati .
Cleveland ..
Indiana
Illinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee.
Division No. 5 .
Jowa
Minnesota
Missouri
Saint Louis...
Kansas City .
Saint J oseph .
Kansas
Nebraska
Omaha
Divisior No. 6.




Amount of
bonds
that may bo
withdrawn
upon
adoption of
the code.

31, 711, 000

4, 425, 000 27, 286,000
450, 000
,025,000
75, 000
300, 000
700, 000
775, 000
375, 000

4, 059, 000
7, 730, 000
725, 000
2, 031. 000
2, 585, 000
1, 375, 000
580, 000

3, 700, 000 j 19, 08,"), 000

370, 000
50, 000
2, 000, 000
250, 000
200, 000
200, 000

25, 000
25, 000
400, 000
25, 000
50,000
75, 000

345, 000
25, 000
1, 600, 000
225, 000
150,000
125, 000

3,070,000

600, 000

2,470, 000

300, 000

100, 000

25, 000

75, 000

1,000,000

110, 500

" 50," 000

60, 500

350, Q0()

100, 000

'250,000

2,725, 000
2,125, 000

1,150,000
300, COO

175, 000
150, 000

975, 000
150, 000

2, 350, 000
3, 551, 500
4, 200,000

870, 000
694, 000
300, 000

150, 000
225, 000
150,000

720, 000
469, 000
150, OtO

17, 751, 500

3, 874, 500

1,025,000 I

2,849,500

4,810,000
9, 750, 000
6, 500, 000
2, 850, 000
300, 000
14, 000, 000

2, 136, 350
3,462, 000
555, 000
500,000
50, 000
650, 000
250, OiiO
350, 000

350, 000
300, 000
200, 000
200, 000
25, 000
325, 000
125, GOO
175,000

1,786, 350
3,162, 000
355, 000
300, 000
25, 000
325, 000
125,000
175, 000

44,293,540 i

7,953,350 I 1,700,000

6, 253, 350

COO
700
2C0
000
000
000

"I *5o6,6o6

2, 400, 000
3, 683, 540

900, 000
9, 500, 000

100, 000
735, COO

50, 000
300, 000

50, 000
41)5, 0U0

3, 000, 000
5, 350, 000

710, 000
250, 000

125,000
125, 000

585, 000
125, 000

600, 000
300, 000
1,700,000

100, 000
50,000
200, 000

50, 000
25, 000
1<'0,000

21,35o7o~OO~

2,145, 000

50, 000
25, 000
100, oco
775, 000

1,370, 000

190

REPORT OF THE COMPTROLLER OF THE CURRENCY.

TABLE, BY STATES, TERRITORIES, AND RESERVE CITIES, EXHIBITING THE NUMBER
OF BANKS IN EACH WITH CAPITAL OF OVER $250,000, ETC.—Continued.

No. of
States, Territories, and reserve cities. banks.

Capital.

Amount of
United States Amount of
bonds
bonds rebonds to quired to be that may be
secure circu- held under withdrawn
lation Ocupon
the
tober 5,1887. posed pro- adoption of
code. the code.

1

Division No. 7
Dakota
Idaho
.. .
^Montana
New Mexico
Utah
Washington
"Wyomin'1"

. ....

$300, 000

$50, 000

2$5, 000

$25, 000

3
2

1, 200, 000
2, 500, 000

200, 000
700, 000

75 000
50, 0(J0

125 000
650, 000

6

4, 000, 000

950, 000 ;

150. 000

800, 000

1

California.
.
San Francisco
- . Oregon
... .. ...

500, 000

100 000

1

410, 000

50, 000

...1
25,000 j

25,000

2

900, 0G0

150, 000

50, 000 1

100, 000

497

314,459, G70

.

Division No. 8




V

5 000

72 638 850 12 425 000

75, 000

60, 213, 850

REPORT OF THE COMPTROLLER OF THE CUERENCY.

191

NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PROVISIONS OF SECTIONS 5220 AND 52^1 OF THE REVISED STATUTES OF THE UNITED
STATES, WITH THE DATES OF LIQUIDATION, THE AMOUNT OF THEIR CAPITAL, CIRCULATION ISSUED AND RETIRED, AND CIRCULATION OUTSTANDING OCTOBER 31,1887.
Circulation.
Uame and location of bank.

Date of
liquidation.

CaDital.
Iasned.

First National Bank, Penn Tan, N. T*.. Apr. 6,1864
First National Bank, Norwich, Conn*... May 2,18G4
Second National Bank, Ottumwa, lowat- May 2, 1864
Second National Bank, Canton, Ohiot.... Oct. 3,1864
Pirst National Bank, Lansing, Micht
Doc. 5,1864
Pirst National Bank, Columbia, Mo
Sept. 19,1864 $100, 000
First National Bank, Carondolot. Mo
Mar. 25,1865
30, 000
Pirst National Bank, TTtica, N. T.*
Juno 9,1865
200, 000
Pittston National Bank, Pittston, Pa.... Sept. 16,1865
Fourth National Bank, Indianapolis. Ind. Nov. 30,1865
100, 000
Berkshire National Bank, Adams, Mass. | Deo. 8,1885
100, 000
National Union Bank, Rochester, N. Y.. Apr. 26,1866
400, 000
First National Bank, Loonnrdsvillo. N.Y. July 11,1866
50, 000
Farmers' National Bank, "Richmond, Ya. Oct. 22,1866
loo, ooo
Farmers' National Bank, Wauk^sha. Wis. Nov. 25,1866
100,000 j
National Bank of Metropolis, Washington, D. 0
Nov. 28,1866
200,000
100, 000
First National Bank, Providence, Pa . . . Mar. 1,1867
150, 000
National State Bank, Dubuque, Iowa ... Mar. 9,1867
First National Bank of Newton, New150, 000
tonvillo, Mass
Mar. 11,1867
First National Bank, New Ultn, Minn... Apr. 18,1867
60, 0 JO
National Bank of Crawford County,
300, 000
Meadville, Pa
Apr. 19,1867
Kittaiming National Bank, Kittanning,
200, 000
Pa.J.....
Apr. 29,1867
100, 000
City National Bank, Savannah, Ga. f .... May 28,1867
500, 000
Ohio National Bank, .Cincinnati, Ohio... July 3,1867
200, 000
First National Bank, Kingston, N. Y
Sept. 26,1867
50, 000
First National Bank, Bluffton, Ind
Dec. 5,1867
200, 000
National Exchange Bank, Richmond, Va. Dec. 5,1867
150*000
First National Bank, Skaneateles, N. Y Dec. 21,1867
100, 000
First National Bank, Jackson, Miss
Dec. 26,1867
100, 000
First National Bank, Downingtown, Pa . Jan. 14,1868
100, 000
First National Bank, Titusvillo, Pa
Jan. 35,1868
59, 000
Appletou National Bank, Appleton. Wis. Jan. 21,1868
120, 000
National Bank of Whitest-own, N. Y . . . Feb. 14,1868
First National Bank, New Brunswick,
100,000
N. J-.. T
... Feb. 26,1868
First National Bank, Ouyahoga Falls,
50, 000
Ohio
.'
Mar. 4,1868
100,000
First National Bank, Codarbarg, Wis... Mar. 23,1868
Commercial National Bank, Cincinnati,
500,000
Ohio
Apr. 28,1868
100, 000
Second National Bank, Watertown, N.Y. July 21,1868
First National Bank, South Worcester,
175, 500
N.Y
'Aug. 4,1868
National Mechanics and Farmers' Bank, I
350, 000
Albany, N.Y
j Aug. 4,1868
50, 000
Second National Bank, Des Moines, Iowa, j Aug. 5,1868
150, 000
First National Bank, Steubenville, Ohio.j Aug. 8,1868
First National Bank, Plumer, Pa
I Aug. 25,1868
100, 000
First National Bank, Danville, Ya
Sept, 30,1868
50, 000
150, 000
First National Bank, Dorchester, Mass.. Nov. 23,1868
75, 000
First National Bank, Oskaloosa, Iowa... Dec. 17,1868
Merchants and Mechanics' National
300, 000
Bank, Troy, N. Y
... Dec. 31,1868
National Savings Bank, Wheeling, W.
100, 000
Va
f.
Jan. 7,1869
125, 000
First National Bank, Marion, Ohio
Jan. 12,1869
200, 010
National Insuiance Bank, Detroit, Mich. Fob. 26,1869
150, 000
National Bank of Lansingburg, N. Y.... Mar. 6,1869
National Bank of North America, New
York, N.Y
Apr. 15,1869 1, 000, 000
60, 000
First Nat ional Bank, Hallo well, Me
Apr. 19,1869
50, 000
First National Bank, Clyde, N. Y
Ar>r. 23,1889
422, 700
Pacific National Bank, New York, N. Y. May 10,1869
390, 000
Grocers' National Bank, New York, N.Y. June 7,1869
100, 000
Savannah National Bank, Savannah, Ga. June 22,1869
50, 000
First National Bank, Frostburg, Md
July 30,1869
First National Bank, La Salle, 111....... Aug. 30,1869
50,000

$90, 000
25, 500

Retired.

$89, 875
25, 389

Outstanding.

$125
111

100, 000

09,180

820

192, 500
45, 000
83, 000
90, 000

191, 283
44, 375
8:J, 108
89,495

1,217
625
1, 892
505

180, 000
90, 000
127, 000
130, 000
54, 000

176, 535
88, 620
125, 556

3, 465
1, 380
1,444

128, 584
53,125

1.416
875

450, 000
180, 000
45, 000
180, 000
135, 000
45, 500
90, 000
86, 750
45,000
45, 500

443, 590
177, 509
44, 561
179, 050
133, 566
45, 280
88, 881
85, 669
44, 351
45,178

6,410
2, 491
439
950
1, 4:54
220
1,119
1,081
6 49
322

90,000

88, 579

1,421

45, 000
90, 000

585

345, 950
90,000

44, 415
89, 377
343,115
88, 580

2,835
1,420

157, 400

155,676

1,724

314,950
42, 500
135,00;)
87, 500
45, 000
132, 500
67, 500
184, 750

312, 565
42,122
132, 842
85,977
44,595
130,293
66, 950
182,931

2,385
378
2,158
1, 523
405
2,207
550
1,819

90, 000
109, 850
85,000
135,000

89, 245
108, 832
84, 394
133, 662

755
1,018
606
1, 338

333, 000
53, 350
44, 000
134,990
85, 250
85, 000
45, 000
45, 000

330, 384
52, 857
43, 230
133,912
84,736
84, 385
44, 723
44, 465

2,616
493
770
1,078
514
615
277
535

* New bank with same title, t Never completed organization. J Consolidated with another bank.




192

REPORT OF THE COMPTROLLER OF THE CURRENCY.

NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO-

VISIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued.
Circulation.
Date of
liquidation.

Name and location of bank.

Capital.
Issued.

National Bank of Commerce, Georgetown, D. 0
Miner's National Bank, Salt Lake City,
Utah
First National Bank, VintoD, Iowa.'.
National Exchange Bank, Philadelphia,
Pa
First National Bank, Decatur, 111
National Union Bank, Oswego. N. Y
First National Bank, Berlin, Wis
Central National Bank, Cincinnati, Ohio.
First National Bank, Dayton, Ohio
National Bank of Chemung, Elmira,

Oct. 28,1869
Dec. 2,1869
Dec. 13,1869
Jan. 8,1870
Jan. 10,1870
Jan. 11, 1870
Jan. 25,1870
Mar. 31,1870
Apr. 9,1870

June 10,1870
Merchants' National Bank, Milwaukee,
Wis
June 14,1870
First National Bank, Saint Louis, Mo... J u l y 1G, 1870
Chtmung Canal National Bank, Elinira,
Aug. 3,1870
N.y
Sept.
Central National Bank, Omaha, Nebr* .. Oct. 23,1870
13,1870
First National Bank, Clarksville, Va
Oct. 15,1870
First Nat ional Bank, Burlington, Vt
Oct. 24,1870
First National Bank, Lebanon, Ohio
National Exchange Bank, ljansingburg, Dec. 27,1870
N.Y
.
Muskingum National Bank, Zanesvillo,
Jan. 7,1871
Ohio..
United National Bank, Winona, Minn... Feb. 15,1871
First National Bank, Des Moincs, Iowa. Mar. 25,1871
Saratoga County National Bank, WaterMar. 28,1871
ford, N. Y...1
State National Bank, Saint Joseph, Mo. Mar. 31,1871
May 2,1871
First National Bank, Fenton, Mich
First National Bank, Wellsburg, W, Va. J u n e 24,1871
Clarke National Bank, Rochester, N. Y. Aug. 11,1871
Commercial NationalBank, Oslikosh, Wis Nov. 22,1871
Fort Madison National Bank, Fort MadDec. 26,1871
ison, Iowa
Jan. 6,1872
National Bank of Maysville, Ky
Fourth National Bank, Syracuse, N. Y. Jan. 9,1872
American National Bank, New York,
M a y 10,1872
N. Y
Carroll County National Bank, SandMay 24,1872
wich, N . n . :
J u n e 24,1872
Second National Bank, Portland, Me
Atlantic National Bank, Brooklyn, N.Y. J u l y 15,1872
Merchants and Farmers' National Bank,
Aug. 8,1872
Quincy, 111
First National Bank, Rochester, N. Y... Aug. 9,1872
Sept. 10,1872
Lawrenccburg National Bank, Ind
Jewett City National Bank, Jewett City,
Oct. 4,1872
Conn
First National Bank, Knoxville, Tenn.. Oct. 22,1872
Nov. 7,1872
First National Bank, Goshen, Ind
Kidder National Gold Bank, Boston,
Nov. 8,1872
Mass
Second National Bank, Zanesville, Ohio. Nov. 1G, 1872
Orange County National Bank, Chelsea,
J a n . 14,1873
Vt
Second National Bank, Syracuse, N. Y. Feb. 18,1873
Richmond National Bank, Richmond,
Feb. 28,1873
Ind*
Mar. 7,1873
First National Bank, Adams, N. Y
Mechanics' National Bank, Syracuse N.
Mar. 11,1873
Y
Farmers and Mechanics' National Bank,
Rochester, N. Y
Apr. 15,1873
Montana National Bank, Helena, Mont.. Apr. 15,1873
First National Bank, Havana, N. Y
J u n e 3,1873
Merchants and Farmers' National Bank,
Ithaca, N. Y
J u n e 30,1873
National Bank of Cazenovia, N. Y
July 18,1873
Merchants' National Bank, Memphis,
Tenn
Aug. 30,1873




k

Retired.

Outstanding.

$100, 000

$90, 000

150, 000
50, 00a

135,000
42,500
175, 750
85,250
88, 250
44, 000
425, 000
135, 000

133,842
42,279

1,158
221

173, 330
84,170
87,121
43, 610
420, 615
133, 678

2,420
1,080
1,129
390
4,385
1,322

300,
100,
100,
500,
500,

000
000
000
000
<;oo

$1, 020

150,000

90, 000
100, 000
100, 000
200,000

89,443

557

90, 000
179,990

89,170
178, 463

830
1,527

100,
100,
50,
300,
100,

90, 000

89, 084

916

27, 000
270, 000
85, 000

26, 860
266.103
84, 239

140
3,897
761

000
000
000
000
000

100, 000

90, 000

89, 301

699

100, 000
50, 000
100, 000

90,000
45, 000
90, 000

89,125
44, 525
89, 079

875
475
921

150, 000
100, 000
100, 000
100, 0G0
200, 000
100, 000

135, 000
90, 000
49, 500
90, 0U0
180, 000
90, 000

133, 858
89,439
48, 983
8!?, 148
178, 022
89,168

1,142
581
517
852
1,978
832

75, 000
300, 000
105, 5U0

67, 500
270, 000
91, 700

66,920 i
268,241 !
90,692 '

580
1,759
1,008

500, 000

450, 000

443,131

6,839

50,000
100, 000
200, 000

45, 000
81,000
1G5, 0U0

712
1,381
],6G0

150, 000
400, 000
200, 000

135, 000
206,100
180, 0U0

44,2*8 I
79,619 |
163,340
j
133,500
203,569 i
177, 548 i

60, 000
100,000

48, 750
80,910
103, 500

48, 092
79, 874
102, 071

658
1,036
1,429

300, 000
154, 700

120, 000
138,140

120, 000
136,168

1,972

200, 000
1.00, 000

180,000
90, 000

176, 076
83, 715

3,024
1,285

230, 000
75, 000

207, 000
66, 900

207, 000
65, 870

1,030

140, 000

93, 800

92, 695

1,105

100, 000
100, 0G0
50, 000

83, 250
31, 500
45, 000

82,148
31, 3G5
44, 270

1,102
135
730

50, 000
150, 000

45. 000
116, 770

44,185
115,113

815
1,657

250, 000

225, 000

221, 873

3,127

us, oao

New bank with same title.

1,500
2, 531
2,452

KEPOBT OF THE COMPTROLLER OF THE CURRENCY.

193

NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO-

VISIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued.
Circulation.
Name and location of.bank.

Date of
liquidation.

Capital.
Issued.

Manufacturers' National Bank, Chicago,
111

Sept. 25,1873

Second National Bank, Chicago, 111
Sept. 25,1873
Merchants' National Bank, Dubuque,
Iowa
Sept. 30,1873
Oct. 2,1873
Beloit National Bank, Beloit, Wis
Union National Bank, Saint Louis, Mo.. Oct. 22,1873
Nov. 20,1873
City National Bank, Geen Bay, Wis
J a n . 1,1874
First National Bank, Shelbina, Mo
Second National Bank, Nashville, Tenn J a n . 8,1874
J a n . 13,1874
First Natkmal Bank, Oneida, N. Y
Merchants' National Bank, Hastings,
F e b . 7, 1874
Minn
National Bank of Tecumseh, Mich
Mar. 3,1874
Gallatin National Bank, Shawneetown,
Mar. 7,1874
111
Mar. 26,1874
First National Bank, Brookville, PaCitizens' National Bank, Sioux City.
A p r . 14,1874
Iowa
Citizens' National Bank, Charlottesville,
A p r . 27,1874
Va
Farmers' National Bank, Warren, III... A p r . 28,1874
M a y 6,1874
First National Bank, Medina, Ohio
Croton River National Bank, South East,
May 25,1874
N. Y
Merchants' National Bank of West VirJ u l y 7,1874
ginia, Wheeling, W. Va
Central National Bank, Baltimore, Md.. J u l y 15, 1874
Second National Bank, Leaven worth
J u l y 22,1874
Kan 8
.Teutonia National Bank, New Orleans,
Sept. 2,1874
La
City National Bank, Chattanooga, Tenn. Sept. 10,1874
Oct. 10,1874
First National Bank, Cairo, 111
Nov. 9,1874
First National Baok, Olathe, Ivans
Nov. 10,1874
First National Bauk, Beverly, Ohio
Union National Bank, LaFayette, Ind.. Dec. 4,1874
Ambler National Bank, Jacksonville,
Dec. 7,1874
Fla*
Mechanics' National Bank, Chicago, HI Dee. 30,1874
First National Bank, Evansville, Wis.. Jan. 9,1875
First National Bank, Baxter Sinkings,
Jan. 12,1875
Kans
People's National Bank, Pueblo, Colo... Jan. 12,1875
National Bank of Commerce, Green Bay,
J a n . 12,1875
Wis
First National Bank, Millersburg, Ohio. J a n . 12,1875
J a n . 23, Ih75
First National Bank, Staunton, Va
National City Bank,Milwaukee, Wis... Feb. 24,1875
Iiasburg National Bank of Orleans,
Mar. 17,1875
Irasburg, Vt
Mar. 25,1875
First National Bank, Pekin, 111
Merchants' and Planters' National Bank,
Mar. 30,1875
Augusta, Ga
Monticello National Bank, Monticello,
Mar. 30,1875
Iowa
Iowa City National Bank, Iowa City,
A p r . 14,1875
Apr. 22,1875

$500, 000
100, 000

$450, 000
97, 500

$443, 398
95, 756

$6, 602
1, 744

200, 000
50, 000
500, 000
50, 000
100, 000
125, 000
125, 000

180, 000
45, 000
150, 300
45, 000
90, 000
92, 920
110, 500

175, 265
44, 216
147, 828
43, 990
88, 828
91, 215
108, 589

4, 735
784
2,472
1,010
1,172
1, 705
1,911

100,000
50, 000

90,000
45, 000

88,105
44,210

1, 895
790

250, 000
100, 000

225, 000
90, 000

222, 528
88, 445

2,472
1,555

50, 000

45, 000

44, 705

295

100, 000
50, 000
75, 000

90, 000
45, 000
45, 000

88, 709
44,181
44, 601

1,291
819
399

200, 000

166, 550

163,318

3, 232

500, 000
200, 000

450, 000
180, 000

442, 982
178, 066

7,018
1,934

100, 000

90, 000

87, 526

2,474

300 000
170, 000
100,000
50, 000
102,000

270, 000
148,001
90, 000
45, 000
90, 000

265, 780
146, 003
88, 204
44, 497
88,102

4,220
1,998
1,796
503
1,898

250, 000
42, 500
250, 000

224, 095

219, 453

4,642

125, 900

123, 020

2,*

53, 000
50, 000

45, 000
36, 000

44, 432
35, 535

568
465

50, 000
100, 000
100,000
100, 000
100, 000

27, 000
90, 000
60, 400
90, 000
60, 000

26, 778
88, 860
59, 731
88, 597
58, 675

222
1,140
669
1,403
1,325

75, 000
100, 000

67, 500
90, 000

66,104
88,144

1,396
1,856

200, 000

169, 000

165, 830

3,170

100, 000

45, 000

44, 264

736

125, 000
250, 000

104, 800
225, 000

102, 671
219, 410

2,129
5,590

27, 000
43, 800
45, 000

26, 830
43, 358
44, 342

170
442
658

141, 300
45,000

137, 987
44, 400

3,313
600

First National"Bank,"wheeYingV W.~ Va"
First National Bank, Mount Clemens,
50, 000
May 20,1875
Mich.
50, 000
First National Bank, Knob Noster, Mo. May 29,1875
50, 000
First National Bank, Brodhead, Wis... J u n e 24, 3875
Auburn City National Bank, Auburn,
200, 000
J u n e 26,1875
N¥
50, 000
First National Bank, El Dorado, Kaus.. J u n e 30,1875
First National Bank, Junction City,
50, 000
J u l y 1,1875
Kan a
50, 000
J u l y 19,1875
First National Bank, Chetopa, Kans
50, 200
Aug. 25,1875
First National Bank, Golden, Colo
60, 000
Aug. 26, .1875
National Bank of Jefferson, Wis
Green Lane National Bank, Green Lane,
100, 000
Sept. 9,1875
Pa
60, 500
State National Bank, Topeka, Kans
Sept. 15,1875
Farmers' National Bank, Marshalltown,
50, 000
Sept. 18,1875
Iowa
* Never completed organization.

8770 aun 87




13

Retired. Outstanding.

45,
36,
27,
54,

000
000
000
000

44,
35,
26,
52,

565
567
765
707

435
433
235
1,293

90, 000
30, 600

89, 267
30, 407

733
193

27, 000

26, 765

235

194

REPORT OF THE COMPTROLLER OF THE CURRENCY.

NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDEU THE PHO-

VTSIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued.
Circulation.
and location of bank.

Date of
liquidation.

Capital.

Kichland National Bank, Mansfield,
$150, 000
$130, 300
$126, 549
Sept. 25,1875
Ohio
350, 000
315,000
304, 784
Planters' National Bank, Louisville, Ky. Sept. 30, ] 875
75, 000
44,430
45,000
First National Bank, Gallatin, Tenn.... Oct. 1,1875
88, 790
100, 000
90, 000
First National Bank, Charleston, W. Va. Oct. 2,1875
People's National Bank, Winchester,
66, 217
75, 000
67,500
Oct. 4,1875
111
First National Bank, New Lexington,
44,475
50,000
45, 0.00
Oct. 12,1875
Ohio
50, 000
First National Bank, Ishperning, Mich . Oct. 20,1875
44, 006
45, 000
Fayette County National Bank, Wash100, 000
Oct. 26,1875
ington, Ohio
81,280
80, 033
Merchants' National Bank, Fort Wayne,
100, 000
Nov. 8,1875
Ind
46, 820
45, 955
Kaunas City National Bank, Kansas
100, 000
Nov. 13,1875
65,991
City, Mo
64, 574
50,000
45, 000
First National Bank, Schoolcraft, Mich. Nov. 17,1875
44, 302
100, 000
90.000
First National Bank, Curwensville, Pa.. Dec. 17,1875
87, 308
National Marine Bank, Saint Paul,
57, 705
100,000
59,710
Dec. 28,1875
Minn
42, 895
45,000
50, 000
Jan. 11,187(5
First National Bank, Rochester, Ind
87,407
90, 000
100,000
Jan. 11,1876
First National Bank, Lodi, Ohio
90,000
88, 537
100, 000
Iron National Bank, Portsmouth, Ohio Jan. 19,1870
45,000
44, 464
Jan. 26,1876 . 50,000
First National Bank, Ashland, Nebr
45, 000
43, 809
50, 000
Jan. 28,187G
First National Bank, Pax ton, IJ1
48, 235
49, 500
55, 000
First: National Bank, Blootnrield, Iowa.. Feb. 5,1876
87, 321
150, 000
90, 000
Feb. 16,1876
Marietta National Bank, Marietta, Ohio
Salt Lake City National Bank, Salt
43, 871
45, 000
100, 000
Feb. 21,1876
Lake City, Utah
45, 000
50, 000
Feb. 24,1876
44, 221
First National Bank, La Grange. Mo
50, 000
45, 000
Mar. 7,1876
44, 235
First National Bank, Atlantic, Iowa
70, 000
Mar. 11,1876
63, 000
First National Bank, Spencer, Ind
62,179
National Currency Bank, New York,
43, 500
45, 000
100, 000
Mar. 23,1876
N. Y
44,415
45, 000
50, 000
CavernaNational Bank, Caverna, Ky-. May i;j, 1876
67,025
68, 929
200, 000
< Mty National Bunk, Pittsburgh, Pa . . . May 25,1876
48, 755
50, 795
100, 000
National State Bank, Des Moines, Iowa June 21, 1876
45, 000
44, 296
50,000
J u n e 22,1876
First National Bank, Trenton, Mo
45, 000
44,460
50, 000
July 10,1876
First National Bank, Bristol, Tenn
45, 000
60, 000
43, 546
July 11,1876
First National Bank, Leon, Iowa
Audorson County National Bank, Law44, 480
45, 000
100, 000
July 29,1876
reneeburgh, Ky
43, 478
60, 000
45, 000
Aug. 7,1876
First National Bank, Newport, Ind
31,158
50, 000
31, 500
Aug. 17,1876
First National Bank, De Pere, Wis . . .
66,165
100, 000
67, 500
Second National Bank, Lawrence, Kans Aug. 23,1876
Commercial National Bank, Versailles,
148, 897
153, 000
170, 000
Aug. 26,1876
Ky
200, 000
73, 725
71,160
Aug. 31,1876
State National Bank, Atlanta, Ga.
Syracuse National Bank, Syracuse, N.
117, 961
112, 363
200, 000
Sept, 25,1876
First National Bank, Northumberland,
59,411
62,106
100,000
Oct. 6,1876
Pa
50, 000
Nov. 14,1876
First National Bank, Lancaster, Mo
27, 000 ^ 26,752
First National Bank, Council Grove,
26, 024
50, 000
26, 500
Nov. 28,1876
Kans
69, 311
250, tfOO
71,465
National Bank Commerce, Chicago, 111.. Dec. 2,1876
44,420
100, 000
46,140
Dec. 12,1876
First National Bank, Palmyra, Alo
45, 000
Dec. 16,1876
42, 639
50.000
First National Bank, Newton, Iowa
National Southern Kentucky Bank,
27, 000
26, 593
50, 000
Dec. 23,1876
Bowling Green, Ky
^
35,700
60, 000
Jan. 1,1877
First National Bank, Monroe, Iowa
34, 934
First National Bank, New London,
100,OOC
38, 300
Jan. 9,1877
Conn
35, 981
"Winona Deposit National Bank, Wi100, 00i
63, 285
Jan. 28,1877
nona, Minn
60, 571
First National Bank, South Charleston,
100, OOC
90, 000
Feb. 24,1877
Ohio
86, 975
Lake Ontario National Bank, Oswego,
66,405
275, OOC
61, 59:
Feb. 24,1877
NY
46, 200
52.001
44, 697
Feb. 26,1877
First National Bank, Sidney, Ohio
53, 825
100, OOC
51,185
Apr. 9,1877
Chillicothe National Bank, Ohio
44,200
52, OOC
43, 299
First National Hank, Manhattan, Kans Apr. 13,1877
49,50C
60, OOC
46, 580
Apr. 23,1877
National Bank, ilonticello, Ky
200, 001
173, 09C
166,490
A p r . 25,1877
First National Bank, Ilockville, Ind
100,OOC
45, 000
43,184
M a y 31,1877
Georgia National Bank, Atlanta, Ga
100, OOC
43, 50C
42, 004
J u n e 11,1877
First National Bank, Adrian, Mich.




$3, 751
10,216
570
1,210
1,283
525
994
1,247

1,417
698
2,692
2,005
2,105
2, 593
1, 463
536
1,191
1,265
2,679
1,123
779
765
821
1, 500
585
1, 904
2, 040
704
510
1, 454
520
1, 522
342
1, 335
4,103
2,565
5,598
2,695
248
476
2,154
1,720
2,361
407
706
2,319
2,714
3,025
4,814
1, 503
2,640
901
2,920
6,600
1,816

REPORT OF THE COMPTROLLER OF THE CURRENCY.

195

NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO-

VISIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued.
Circulation.
Name and location of bank.

Date of
liquidation.

Capital.
Issued.

First National Bank, Napoleon, Ohio
First National Bank. Lancaster, Ohio
First National Bank, Minerva, Ohio
Kinney National Bank, Portsmouth,Ohio.
First National Bank, Green Bay, Wis.. National Exchange Bank, Wakefield.R. I.
First National Bank, Union City, Ind...
First National Bank, Negauneo, Mich ..
Tenth National Bank, New York, N. Y .
First National Bank, Paola, Kans
National Exchange Bank, Troy, N . Y . . .
Second National Bank, La Fayetto, Ind .
State National Bank, Minneapolis, Minn.
Second National Bank, Saint Louis, Mo .
First National Bank, Sullivan, Ind
Eockland County National Bank, Nyack,
First National Bank, Wyandotte, Kans.
First National Bank, Boone, Iowa
First National Bank, Pleasant Hill, Mo.
National Bank of Gloversville, N.Y
First National Bank, Independence, Mo.
National State Bank, Lima, Ind
Nirst National Bank, Tell City, Ind
First National Bank, Pomeroy, Ohio
Eleventh Ward National Bank, Boston,
Mass
First National Bank, Prophetstown, 111.
First National Bank, Jackson, Mich
First National Bank, Eau Claire, Wis...
First National Bank, Washington, Ohio.
First National Bank, Middleport, Ohio..
First National Bank, Streator, 111
First National Bank, Muir, Mich
Kane County National Bank, Saint
Charles, 111
Fiist National Bank, Carthage, Mo
Security National Bank, Worcester,
Mass
First National Bank, Lake City, Colo...
People's National Bank, Norfolk, Va
Topeka National Bank, Topoka, Kans ..
First National Bank, Saint Joseph, Mo...
First National Bank, Winchester, Ind ..
Muscatine National Bank, Muscatine,
Iowa
Traders' National Bank, Chicago, 111
Union National Bank, Hah way, N. J
First National Bank, Sparta, Wis
Herkimer County National Bank, Little
Falls, N.Y
Farmers' National Bank, Bangor, Me...
Pacific National Bank, Council Bluffs,
Iowa
First National Bank, Anamosa, Iowa . . .
Smithtield National Bank, Pittsburgh,
Pa
....
First National Bank, Buchanan, Mich ..
First National Bank, Prairie City, III...
Corn Exchange National Bank, Chicago,
Franklin National Bank, Columbus,
Ohio
Traders' National Bank, Bangor, Me
First National Bank, Gonic, N. H
First National Bank, Salem, N. C
First National Bank, Granville, Ohio
Commercial National Bank, Petersbwrgh,
Va
First National Gold Bank, Stockton, Cal.
First National Bank, Sheboygan, Wis...
First National Bank, Boscobel, Wi3
National Marine Bank, Oswego, N. Y...
Central National Bank, Hightstown,
N. J
!?...,




Iietired. Outstanding.

June 30,1877
Aug. 1,1877
Aug. 24,1877
Aug. 28,1877
Oct. 19,1877
Oct. 27,1877
Nov. 10,1877
Nov. 13,1877
Nov. 23,1877
Dec. 3,1877
Dec. 0,1877
Dec. 20,1877
Dec. 31,1877
Jan. 8,1878
Jan. 8,1878

$50, 000
60, 000
50, 000
100, 000
50, 000
70,000
50,00 J
50,000
500, 000
50, 000
100,000
200, 000
100, OlO
200, OoO
50,000

$45, 000
54, 000
45, 000
9U,<Dl)0
45, 000
31, G50
45,000
45, 000
441, 000
44,350
90, 000
52,107
82, 500
53, 055
45, 000

$43, 613
51, 794
43, 924
87, 835
43, 352
32, 647
43, 405
43, 695
412,325
42, 983
86,166
47,117
78,403
47,1C.3
43, 995

$1, 387
2,200
1, 076
2,165
1, 648
2, 003
1,595
1,305
28, 675
1,367
3, 834
5,050
4,097
5,892
1,005

Jan. 10,1878
Jan. 19,1878
Jan. 22,1878
Feb. 7,1878
Feb. 28,1878
Mar. 1,1878
Mar. 2, 1878
Mar. 4,1878
Mar. 5,1878

100, GOO
50,000
50,000
5'J, 000
100, 000
50,0U0
100, 000
50, 000
200, 000

89, 000
45, 000
32,400
45,000
64,750
27, 000
33, 471
44, 500
75, 713

85, 231
43,795
31,110
43, 032
62, 062
24, 651
31, 392
43, 675
70, 481

3,769
1,205
1,290
1, 368
2,688
2,349
2, 079
825
5,232

Mar. 14,1878
Mar. 19,1878
Mar. 20,1878
Mar. 30,1878
Apr. 5,1878
Apr. 20,1878
Apr. 24,1878
Apr. 25,1878

200, 000
50, 000
100, 000
60, 0i)0
200, 000
8 >, 000
50, 000
50,000

89, 400
45, 000
88,400
38, 461
69, 750
31,500
40, 500
44, 200

80, 355
44, 238
84,215
37, 21G
65, 092
30, 825
39, 775
43,109

3,045
762
4,185
1,2-45
4,658
675
725
1,091

May 31,1878
Juno 1,1878

50, 000
50, 000

26, 300
44, 500

25, 288
43,415

1, 012
1,085

June 5,1878
Juno 15,1878
July 31,1878
Aug. 7,1878
Aug. 13,1878
Aug. 24,1878

100,000
50, 000
100, 01)0
.100, 000
100, 000
GO, 000

49, 000
29,300
85, 705
h9, 300
67,110
52, 700

.40,890
28,9u9
79, 205
8-J, 595
61, 826
49, 035

2,110
391
0, 440
6,705
5,284
3, 665

Sept. 2,1878
Sept. 4,1878
Sept. 10,1878
Sept. 14.1878

100, 000
200, 000
100,000
50, 000

44, 200
43, 700
89, 200
45,000

39, 920
38, 695
83,499
42, 797

4,274
5, 005
5,701
2,203

Oct. 11,1878
Nov. 22,1878

200, 000

178, 300
89,100

166,190
82, 952

12,110
6,148

Nov. 30,1878
Dec. 14,1878

100,000
50,000

45, 000
44,500

43, 263
40, 815

1,737
3, G83

Dec. 16,1878
Dec. 21,1878
Dec. 24,1878

200, 000
50, 000
50, 000

78, 750
27,000
27, 000

70,100
26,185
23, 610

8, 650
815
3,390

Jan.

4,1879

500, 000

59,160

51, 613

7,547

Jan.
Jan.
Jan.
Jan.
Jan.

4,1879
14,1879
14,1879
14,1879
14,1879

100, 000
100, 000
60,000
150, 000
50, 0C0

93, 070
76, 400
45, 597
128, 200
34, 365

80,42B
G8} 917
42, 393
117, 470
31, 509

6,647
7,48:;
3, 204
10, 730

Jan.
Jan.
Jan.
Jan.
Jan.

1.4,3879
14,1879
14, 1879
21,1879
25,1879

120, 000
300, 000
50, 000
50, 000
120, 000

99, 800
238, 600
45, 000
43, 900
44, 300

89, 303
212, 841
43, 354
42,132
41, 214

10,497
25,759
1,646
1,768
3, 086

Feb. 15,1879

100,000

32, 400

31, 265

1,135

luo, ooo

2,85J

196

REPORT OF THE COMPTROLLER OF THE CURRENCY.

NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO-

VISIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued.
Circulation.

Name and location of bank.

Date of
liquidation.

Capital.
Issued.

Brookville National Bank, Brookville,
Ind
Feb. 18,1879
Mariners' National Bank, Centreville,
Feb. 27,1879
Iowa
Mar. 1,1879
First National Bank, Claynda, Iowa
Watervillo National Ban*, Watervillo,
Mar. 3,1879
Me
Mar. 4,1879
First National Bank, Tremont, Pa
Apr. 15,1879
First National Bank, Atlanta, 111
Apr. 22,1879
Union National Bank, Aurora, 111
Apr. 26,1879
National Bank of Menasha, Wis
National Exchange Bank, Jefferson City,
Mo
'.. May 8,1879
May 15,1879
First National Bank, Hannibal, Mo
Merchants' National Bank, Winona,
June 16,1879
Mina
Farmers' National Bank,Keithsburg, 111. July 3,1879
July 5,1879
First National Bank, Franklin, Ky
July 8,1879
National Bank of Salem, Salem, Ind
Fourth National Bank, Memphis, Tenn. July 1!), 1879
Bedford National Bank, Bedford, Ind ... July 21,1879
Aug. 15,1879
First National Bank, Afton, Iowa
First National Bank, Deer Lodge, Mont. Aug. 1G, 1879
Aug. 30,1879
First National Bank, Batavia, ill
National Gold Bank and Trust Company,
Sept. 1,1879
San Francisco, Cal
Gainesville National Bank, Gainesville,
Nov. 23,1879
Ala
First National Bank, Hackensack, N. J . Dec. 6,1879
National Bank of Delavan, Delavan, Wis. Jan. 7,1880
Mechanics' National Bank, Nashville,
Jan. 13,1880
Tenu
Manchester NationalJSank, Manchester,
Jan. 13,1880
Ohio
Fiist National Bank, Meyorsdalo, Pa ... Mar. 5,1880
Mar. 8,1880
First National Bank, Miillinburg, Pa
National Bank of Michigan, Marshall,
May 14,1880
Mich...
National Exchange Bank, Houston, Tex. Sept. 10,1880
Asoutney National Bank, Windsor, Vt Oct. 19,1880
First National Bank, Seneca,Flails, N. Y. Nov. 23,1880
Nov. 27,18<*0
First National Bank, Baraboo, Wis
Bundy Nations'] Bank, New Castle, Ind . Dec. 6,1880
Vineland National Bank, Vineland, N. J. Jan. 11,1881
Ocean County National Bank, Tom's
Jan. 11,1881
Riv er, N. J •.
Hungerford, National Bank, Adams, N. Y Jan. 27,1881
Merchants' National Bank, Minneapolis,
Jan. 31,1881
Minn
Farmers' National Bank,Mechanicsburg,
Feb. 18,1881
Ohio
First National Bank, Green Spring, Ohio. Feb. 18,1881
Feb. 21,1881
First National Bank, Cannon Falls, Minn
First National Bank, Coshocton, Ohio .. Feb. 21,1881
Manufacturers' National Bank, Three
Feb. 25,1881
Rivers, Mich
Feb. 25,1881
First National Bank, Lansing, Iowa
First National Bank, Watert>wn, N. Y . May 26,1881
J u n o 17,1881
First National Bank, Americas, Ga
First National Bank, Saint Joseph, Mich. J u n o 30,1881
J u l y 8,1881
First National Bank, Logan, Ohio
A u g . 9,1881
First National Bank, Rochelle, 111
First National Bank, Shakopeo, Minn... A u g . 10,1881
National State Bank, Oskaloosa, Iowa... A u g . 13,1881
A u g . 27,1881
First National Bank, Hobart, N. Y
Aug. 30,1881
Attica National Bank, Attica, N. Y
National Bank of Brighton, Boston, Mass Oct. 4,1881
Clement National Bank, Rutland, Vt*.. A u g . 1,1881
Nov. 1,1881
First National Bank, Lisbon, Iowa
Dec. 1,1881
First National Bank, Warsaw, Ind
Brighton National Bank, Brighton, Iowa. Dec. 15,1881
Merchants'National Bank, Denver, Colo. Dec. 24,1881
Merchants' National Bank, Holly, Mich. Dec. 31,1881




Retired. Outstanding.

$100, 000

$89, 000

$81,170

$7, 830

50, 000
50, 000

41, 500
45, 000

40, 288
43,807

1, 212
1,193

125, 000
75, 000
50, 000
125, 000
50, 000

110, 300
64,600
26, 500
82, 000
44, 500

102, 665
57,174,
24, 230
74,077
42, 844

7,635
7,426
2,270
7,923
1,656

50, 000
100,000

45, 000
88,200

41, 839
79, 990

3,161
8,210

100, 000
50, 000
100, 000
50,000
12,">, 000
100,000
50, 000
50, 000
50, 000

35, 000
27, 000
54, 000
44,400
45, 000
87, 200
26, 500
45, 000
44, 300

33, 662
24,650
49, 970
43,277
40, 610
84,156
24, 989
43, 490
41, 450

1,338
2,350
4,030
1,123
4,390
3,044
1,511
1,510
2,850

750, 000

40, 000

27,510

12,490

100,000
100, 000
50,000

90, 000
90,000
27,000

79,994
83, 063
24,410

10,006
6, 937
2,590

100, 000

90, 000

76, 950

13, 050

50,000
50, 000
100,000

48, 303
90,000

43,738
29,540
79,775

4.563
1,060
10, 225

120, 000
1C0, 00.0
100, 000
60, 000
50, 000
50, 000
50, 000

1C0, 800
31, 500
90, 000
54,000
27, 000
45, 000
45,000

92,197
27, 613
80, 932
51, 778
25, 260
43, 834
43, 508

8,603
3,887
9,068
2,222
1,740
1,16li
1,432

100,000
50, 000

119,405
45,000

105, 620
39,145

13,78,">
5,855

150,000

98,268

94, 580

3, 688

100,000
50, 000
50, 000
50, 000

30,140
45,000
45, 000
53,058

28,525
42,841
42,615
50,453

1, 615
2,159
2, 383
2, 605

50,000
50, 000
100,000
GO, 000
50, 000
50,000
50, 0t)0
50, 000
50,000
100, 000
50, 000
300, 000
100,000
50, 000
50,000
50, 000
120, 000
50, 000

45,000
4f», 000
75,510
45, 000
26, 500
45, 000
45,000
45, 000
81, 665
90,000
45,000
270,000

42, 880
4J, 576
63,14.r>
42,912
24,386
42, 565
42, 283
41, 335
72,895
79, 830
41, 660
242, 294

2,120
2, 424
12, 3t>5
2,058
2,114
2, 435
2,717
3,665
8,770
10,170
3,340
27,706

45, 000
48, 500
45, 000
72,000
45, 000

42,400
45, 310
42, 044
57,140
42,525

2,600
3,190
2,956
14, 860
2,475

* New bank with same title.

;u), coo

REPORT OF THE COMPTROLLER OF THE CURRENCY.

197

NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO-

VISIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued.
Circulation.
Name and location of bank.

First National Bank, Alliance, Ohio.....
National Union Bank, New London, Conn
National Bank of Koyalton, Vt
First National Bank, Whitehall, N.Y ..
National Bank of Pulaski, Tenn
First National Bank, Alton, 111
Havana National Bank, Havana, N. Y ..
First National Bank, Brownsville, Pa...
Second National Bank, Franklin, Ind...
Mercbants' National Bank, Georgetown,
Colo
Commercial National Bank, Toledo, Ohio.
Harmony National Bank, Harmony, Pa
First National Bank, Liberty, Ind
Manufacturers' National Bank, Amsterdam, N.Y
First National Bank, Bay City, Mich....
First National Bank, Eipley, Ohio
National Bank of State of New York,
New York, N. Y
First National Bank, Wellington, Ohio..
Second National Bank, Jefferson, Ohio ..
First National Bank, Painesvnie, Ohio..
Saint Nicholas National Bank, New
York, N . Y
Fifth National Bank, Chicago, 111
First National Bank, Dowagiac, Midi..
First National Bank, Greenville, 111
Merchants' National Bank, East Saginaw, Mich
Logan County National Bank, Russellville, Ky
National Bank of Vandalia, III
Traders' National Bank, Charlotte, N. C.
First National Bank, Norfolk, Nebr...
First National Bank, Midland City,
Mich.*
Citizens' National Bank, New Ulm, Minn
National Bank of Owen, Owenton, Ky....
Merchants' National Bank, Nashville,
Tenn
Indiana National Bank, Bedford, Ind ..
Stockton National Bank, Stockton, Cal..
Wall Street National Bank, Now York,
N.Y
Commercial National Bank, Heading, Pa.
Corn Exchange National Bank, Chicago,
Farmers' National Bank, Sullivan, Ind..
City National Bank, La Salic, 111
Hunt County National Bank, Greenville, Tex
Waldoboro' National Bank, Waldoboro1,
Me
Third National Bank, Nashville, Tenn..
Madison County National Bank, Anderson, Ind
First National Bank, Phoenix, Ariz
Cobbossee National Bank, Gardiner, Me.
Mechanics' and Traders' National Bank,
New York, N. Y
Princeton National Bank, Princeton, N.J\
Kearsarge National Bank, Warner, N. H.
Second National Bank, Lansing, Mich ..
First National Bank, Ellcnsburg, Wash.
German National Bank, Millerstown, Pa.
Exchange National Bank, Cincinnati,
Obio
First National Bank, Paishville, 111
Mechanics' National Bank, Peoria, 111...
First National Bank, Freeport, Pa
Genesee County National Bank, Batavia,
N.Y
Valley National Bank, Red Oak, Iowa..
Merchants' National Bank, Bismarck,
Dak




Date of
liquidation

Capital.
Issued.

Botired.

Outstanding.

Jan.
Jan.
Jan.
Jan.
Jan.
Mar.
Apr.
May
June

3,1882
10,1882
10,1882
18,1882
23,1882
30,1882
15,1882
2,1882
20,1882

$50, 000
300, 000
100, 000
50, 000
70, 0C0
100, 000
50, 000
75, 000
100,000

$45, 000
112, 818
90, 000
45,000
43, 700
90, 000
45, 000
67,500
81, 000

$40,418
95, 986
78, 067
38, 519
37,198
78, 957
41,322
56, 040
G6,075

$4,582
16, 832
11, 933
6, 481
6,502
11, 043
3,678
11,460
14,985

June
July
Julv
July

22,1882
6,1882
7,1882
22,1882

50, 000
100,000
50, 000
GO, 000

45,000
90, 000
45, 000
54, 000

41, 988
81, 700
39, 000
48, 506

3,012
8,300
6,000
5, 494

Aug. 1.1882
Nov. 8,1882
Nov. 10,1882

80, 000
400, 000
100, 000

72,000
156,100
G9, 201

G4,320
135, 479
56, 588

7,680
20, 621
12? S13

Dec.
Dee.
Dec.
Dec.

6,1882
12,1382
2(5,1882
30,1882

800, 000
100, 000
100, 000
200,000

397, 004
90, 000
90, 000
162, 800

354,017
79,011
74, 608
134, 556

42,
10,
15,
28,

Dec.
Dec.
Jan.
Jan.

30,1882
30,1882
3,1883
9,1883

TOO, 000
500,000
50, 000
150, 000

450,000
29, 700
45, 000
59,400

375,168
19, 327
40, 058
47,053

74, 832
10, 373
4,942
12, 347

987
989
332
244

Jan. 9,1883

200,000

101,100

85,703

15, 397

Jan. 9,1883
Jan. 11,1883
Jan. 10,1883
Feb. 3,1883
Feb. 5,1883

50,000
100, 000
50, 000
45, 000
30, 000

40, OHO
90, 000
38, 800
11, 240

36, 370
72, SiO
34, 771
8,930

3,680
17,160
4,029
2, 310

Mar. 3,1883
Mar. 5,1883

50,000
50, 000

27, 000
48, 900

21, 680
40, 530

5, 320
8,370

June 30,1883
Aug. 25,1883
Oct. 1,1883

300, 000
35, 000
100, 000

141,200
11,250
90,000

09, 830
11,250
71, 830

41, 370
None.
18,170

Oct. 15,1883
Oct. 23,1883

500, 000
150,000

102, 800
135,000

82, 244
101,130

20,556
33, 870

Nov. 10,18S3
Dec. 24,1883
Jan. 8,1884

700, 000
50, 000
100,000

32, 710
12, 660

12,290
9,840

Jan. 22,1884

G8,250

45,000
22, 500
17, 300

10,070

7.2C0

Jan. 31,1884
Feb. 20,1884

50, 000
300, 000

44, 000
167,600

33,158
128, 765

10, 842
38, 835

M a r . 25,1884
Apr. 7,1884
Apr. 18,1884

50,000
50, 000
150,000

45,000
11, 240
90,000

35,010
8,230

9,900
3,010
23,908

Apr. 24, "1884
M a y 17,1884
June 30,1884
July 31,1884
A u g . I), 1884
A u g . VI, 1H84
A u g . 27,1884

200,000
100, 000
50, 000
50, 000
50, 000
50, 000
500, 000

85,400
72,500
23, 586
40, 000
13, 500
45, 000
78, 000

62,400
58, 300
19, 241
26, 949
27, 295
46,120

23, 000
14, 200
4,345
18, 051
4,450
17, 705
31, 880

Sept. 30,1884
Oct. 4,1884
Oct. 10,1884

75, 000
100,000
50, 000

G6, 500
72,000
44, 200

38, 394
43,418
26, 630

28,106
28, 582
17, 570

Oct. 11.1884
Oct. 20,1884

50, 000
50, 000

45, 000
22,150

32, 640
14, 000

12, 360
8,150

Oct. 28,1884

73, 000

22,500

12, 990

9,510

9,0J0

198

REPORT OP THE COMPTROLLER OF THE CURRENCY.

NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO-

VISIONS OF SECTIONS 5220 AND 5221 or THE REVISED STATUTES, ETC.—Continued.
Circulation.

Namo and location of bank.

Date of
liquidation.

Capital.
Issued.

Manufacturers' National Bank, Minneapolis, Minn
Nov. 1,1884
$300, 000
Farmers and Merchants' National Bank,
Uhrichsville, Ohio
Nov. 10,1884
no, ooo
Metropolitan National Bank, New York,
N.Y
Nov. 18,1884 3, 000,000
First National Bank, Grand Forks, Dak. Dec. 2, 1884
50, 000
Iron National Bank, G-unnis«n. Colo
Dec. 8, 1884
50, 000
Freehold National Banking Company,
Freehold, N. J
Dec. 10,1884
50, 000
Albia National Bank, Albia, Iowa
Dec. 16. 1884
50,000
First National Bank, CarJinvilb, 111
Dec. 10,1884
50. 000
Freeman's National Bank, Augusta, Me. Dec. 20,1881
100, 000
Jan. 1,188")
First National Bank, Kokomo, Ind
250, 000
Jan. 2,1885
First National Bank, Sabetha, Kans
50. 000
Jan. 13,188.3
First National Bank, Wyoming, 111
£0, 000
Jan. 13, 1885
First National Bank, Tarentum, Pa..
no, ooo
Jan. 21,188.")
First National Bank, Walnut, 111
60,000
Farmers' National Bank, Franklin, Tenn. Jan. 24,188.")
50, 000
Citizens' National Bank, Sabetha, Kans. Jan. 27,188.>
50,000
Jan. 3i, 188.3
First National Bank, Tucson, Ariz
100, 000
Feb. 7, .1885
liipon National Bank, Kipon, Wis
50, 000
Farmers' National Bank, Franklin, Ohio. Apr. 1,1885
50, 000
Apr. 9, 1885
First National Bank, Prescott, Ariz
50, COO
Apr. 28,1885
National Union Bank, Swanton, Vt
50,000
German National Bank. Memphis, Tenn. May 0,1885
175, 300
Merchants and Farmers' National Bank,
Shakopee, Minn
M a y 12,1885
50, 000
First National Bank, Superior, Wis
M a y 1G, 1885
60, 000
Shetucket National Bank, Norwich,
Conn
M a y 18,1885
100r000
Cumberland National Bank, Cumberland, H.I
Juno 5,1885
125, 000
100, 000
First National Bank, Columbia, Tenn -- July 14,1885
Union National Bank, New York, N. Y. July 21,1S85 1, 200,000
Manufacturers' National Bank, AppleOct. 10,1885
no, ooo
ton, Wis
First National Bank, Plankinton, Dak.. Oct. 21,1885
50, 000
First National Bank, Centerville, Ind. Oct. 3,18*3
50, 000
Dec. 4, 1885
Valley National Bank, St. Louis, Mo
250, 000
Jan. 0,188G
First "National Bank, Belton, Tex
50, 000
First National Bank, Granville, Ohio ... Feb. 15,1880
50, 000
Concordia National Bank, Concordia,
Mar. 12,18EG
50, 000
Kans
Mar. 22,188G
50, 000
Citizens' National Bank, Beloit, Wis
50, 000
Mar. 24,1886
First National Bank, Dayton, Wash
100, 000
Apr. 14,1880
First National Bank, Macomb, 111
50,000
Apr. 20,1880
First National Bank, Jesup, Iowa
M a y 8,1880
150, 000
Dallas National Bank, Dallas, Tex
50, 000
First National Bank, Lewistown, III .. M a y 12,1880
First National Bank, Cedar Ilapids,
M a y 28,1886
100, 000
Iowa .
50,000
First National Bank, Socorro, N. Mex .. July 31,1886
Custer County National Bank, Broken
50, 000
Aug. 9,1886
Bow, Nebr
50, 000
Roanoke National B;mk, Roanoke, Va .. Sept. 16,1886
50, 000
First National Bank, Brownville, Nebr. Sept. 16,1?86
Sept. 25,1880
50,000
First National Bank, Leslie, Mich
Mount Vernon National Bank, Mount
51,100
Oct. 11,1880
Vernon, 111
Oct. 14,1^80
National Bank, Piedmont, W. Va
no, ooo
First National Bank, Saint Clair, Mich - Oct. 20,18815
50, 000
First National Bank, Milford, Mich ... Oct. 21,1880
50,000
Oct. 21,1880
National Bank, Kingwood, W. Va
125, 000
Merchants' National Bank, Lima, Ohio . Oct. 22,1886
50, 000
IIubbardNational Bank, Hubbard, Ohio. Oct. 23,1880
50, 000
Commercial National Bank, Marshalltown, Iowa
Oct. 25,1880
100, 000
First National Bank, Indianapolis, Ind . Nov. 11,188G
500,000
First National Bank, Concord, Mich
Nov. 27,1880
50, 000
Jamestown National Bank, Jamestown,
Dak
Nov. 20,1880
50, 000
First National Bank, Berea, Ohio
Dec. 1,1886
50,000
First National Bank, Allerton, Iowa
50, 000
Dec. 6,1886
Second National Bank, Ilillsdalo, Mich. Dec. 38, 1880
50, 000




Retired.

Outstanding.

$45,000

$23, 700

34, 600

20, 510

14, 090

., 447, 000
19, 250
11, 250

966,100
15,080
6,860

480, 900
4,170
4,390

93, 000
11, 240
22, 450
GO, 000
45, OOfl
10,740
11,200
42, 500
30, 000
10, 740
11,240
28,100
16, 200
27, 350
11, 2f;0
43, 800
120,100

65, 360
7,000
16, 301
58, 825
28. 520
0, 610
5.620
24, 420
19, 750
6,100
6,470
20, 670
8,115
16, 540
6,000
25, 390
67, 630

27, 640
4,180
6,149
31,175
16, 480
4,180
5, 580
18,080
16, 250
4,640
4,770
7, 430
8,085
10,810
5, 250
18,410
52,470

10, 240
18, 900

5,160
14, 540

$21, 300

72,000

42,732

5,080
4, 360
29 268

106, 200
66, 800
25,100

63, 759
32, 647
9, 742

42, 441
34,153
15, 358

45, 000
11, 250
27, 350
44, 900
23,490
26, 500

20, 673
4,560
14, 250
16,740
8, 920
10, 510

24,327
6,690
13,100
28, 220
14, 570
15, 990

11,240
11,240
13,400
80, 520
25, 760
33, 750
45, 000

4, 530
4,750
7,820
30,113
12, 280
9,660
13,430

6,710
6,490
5, 670
59, 407
13,480
24, 090
31,570

35,490
15, 500

10, 538
4,320

24, 952
11,180

11,240
11,250
39, 680
13,410

11, 240
3,690
8, 739
3,980

7,560
30, 941
9,430

45, 000
45, 000
39, 310
45, 000
90,140
45, 000
45, 000

10, 745
11,710
10, 248
8,710
20, 230
9,350
10, 599

34,255
33, 290
29, 062
36, 290
75, 910
35,650
34, 401

22, 500
162,325
11, 250

4,200
30, 295
2,700

18, 300
132,030
8,550

11, 250
45,000
11, 250
13, 892

1, 500
9,909
3,380
3,228

9,750
35, 091
7,870
10,664

ftEFOKT OF THE COMPTROLLER OF THE CUBRENCY.

199

NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PROVISIONS OF SECTIONS 5220 AND 5221 OF THE EEVISED STATUTES, ETC.—Continued.
Circulation.
Date of
liquidation.

Name and location of bank.

Topton Rational Bank, Top ton. Pa
Dec. 28,
18?C
First National Bank, Warsaw, 111
Dec. 31,188G
First National Bank. Ilamburgh, Iowa.. Dec. 31,1S8G
Darlington National Bank, Darlington,
Feb. 10,
1887
S.C
Union National Bank, Cincinnati, Ohio . Feb. 14.1887
Roberts National Bank, Tittisvillo, Pa .. Feb. 28,1887
Mar. 9, 1887
National Bank, Railway, N. J
Olnoy National Bank, OIney, 111
; Mar. 11, 1887
Metropolitan National Bank, Leaven- !
!
worth. Kans
Mar. 15,1887
Ontario County National Bank, Cauan- '•
daigua, N. Y
! Mar. 23, 1R87
"Winsted National Bank, Winstcd, Conn. jApr. 12, 1S«7
Couucil Bluifa National Bank, Council i
Bluffs, Iowa
! May 5, 1887
First National Bank, Homer, 111
| June 22, 1887
First National Bank, Beloit, AVin
I June 30, 1887
Mystic National Bank, Mystic, Conn ... i •Tuly 7, 1887
Exchange National Bank, Louisiana, Mo. j July 12, 1887
Exchange National Bank, Downs, Ivans.| Aug. 1. 1887
Total




|

Capital.
Issued.

Retired.

Outstanding-

$50, 000
50, 000
50, COO

$18, 000
38, 250
13, 500

$2,960
3,470
3,425 I

$15, 040
34, 780
10, 075

100, 000
5U0, 000
100,000
100, 000
CO, COO

22, 500
237, 230
75, 010
42, f;00
27, C O
O

5.9-10 i
4*>, 052
12, 300
6,184
4, G30

16, 560
183,178
63. 310
3G, 316
22, 370

1C0, 000

22, 50C

2 500

19, 910

11, 250
11,251) |

1. 100
2, 120
1, 130
5, 130
1,350
•,
'166
1, 130
550

10,150
9,130

no, ooo
50, 000
100, 000
50, 000
50, 000
52, 4f)0
50, 000
50, 000
Cl, 208, 700

22, 500
11,250
11,250
47, 2^5
11,250
11,250

21, 370
6,120
9, 900
41, 039
10,120
10, 700

J3, 585, 367 L, 004, 480

200

REPORT OF THE COMPTROLLER OF THE CURRENCY.

NATIONAL BANKS THAT H A V E GONE INTO VOLUNTARY LIQUIDATION UNDER THE PRO-

V I S I O N S OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES OF THE UNITED
STATES, F O R T H E P U R P O S E O F ORGANIZING N E W ASSOCIATIONS W I T H T H E SAME OR
D I F F E R E N T TITLE, W I T H DATE O F LIQUIDATION, AMOUNT O F CAPITAL, CIRCULATION
ISSUED, RETIRED, AND OUTSTANDING ON OCTOBER 3 1 , 1887.

Circulation.
Name and location of Lank.

Dato of
liquidation.

Capital.
Issued.

$300, 000
First National Bank, Eondout, N. Y . . . . Oct. 30,1880
100,000
First National Bank, lluntmgton, Ind.. Jan. 31,1881
300, 000
First National Bank, Indianapolis, Ind. July 5,1881
50, 000
First National Bank, Valparaiso Ind
Apr. 24, 1882
130, 000
First National Bank, Si ill water, Minn.. Apr. 29,1882
First National Bank, Chicago, 111
Apr. 29,1882 1, 000, 000
50, 000
First National Bank, Woodstock. Ill
Apr. 30,1882
200, COO
Second National Bank, Cincinnati, Ohio. Apr. 28,1882
300,000
Second National Bank, New York, N. Y. Apr. 28,1882
300, 000
First National Bank, Portsmouth, N. 11. Apr. 29, 1882
200, 000
First National Bank, Richmond, Ind
May 5,1882
Second National Bank, Cleveland, Ohio. May G, 1882 1, 000, 000
500, 000
First National Bank, New Haven, Conn. May G, 1882
100, 000
First National Bank, Akron, Ohio
May 2,1882
300,000
First National Bank Worcester, Mass... May 4,1882
150,000
First National Bank, Bane, Mass
, May 9,1882
100,000
First National Bank, Davenport, Iowa.. May 9,1882
150, 000
First National Bank, Kendallville, Ind.. May 12,1882
300, 000
First National Bank, Cleveland, Ohio... May 13,1K82
500, 000
First National Bank, Youngstown, Ohio May 15,1882
500, 000
First National Bank, Evansville, Ind . . . May 15,1882
50, 000
First National Bank, Salem, Ohio
May 15,1882
200, 000
First National Bank, Scranton, Pa
May 18,1882
50, 000
First National Bank, CentroviHo, I n d . . . May 18,1882
300, 000
First National Bank, Fort Wayne, Ind.. May 22,1882
100, 000
First National Bank, Strasburgh, Pa . . . May 22,1882
100, 000
First National Bank, Marietta, Pa
May 27,1882
150, 000
First National Bank, LaFayette, Ind... .May 31,1882
First National Bank, McConnelsville,
May 31, 1882
f>0, 000
Ohio
200, 000
First National Bank, Milwaukee, Wis .. May 31, 1882
100, 000
May 31, 1882
Second National Bank, Akron, Ohio
100, 000
First National Bank, Ann Arbor, Mich. June 1, 1882
10(), 000
June 1, 1882
First National Bank, Geneva, Ohio
Juno 1, 1882
50, 000
First National Bank, Oberlin, Ohio
First National Bank Philadelphia, P a . . . June 10, 1882 1, 000, 000
June 10, 3882
200, 000
First National Bank, Troy, Ohio
800, 000
Third National Bank, Cincinnati, Ohio . Juno 14, 1882
First National Bank, Cambridge City,
50, 000
June 15,1882
Ind
100,000
June 15,1882
First National Bank, Lyons, Iowa
500, 000
June 17,1882
First National Bank, Detroit, Mich
375, 000
First National Bank, Wilkes Barre, Pa June 20,1882
100, 000
First National Bank, Towa City, Iowa .. June 24,1882
100. 000
Juno 24,1882
First National Bank, Nashua, N. II
60, 000
June 24,1882
First National Bank, Johnstown, P a . . .
750, 000
First National Bank, Pittsburgh, P a . . . Juno 29,1882
200,000
Juno 29,1882
First National Bank, Terre Haute, Ind
50, 000
FirstNational Bank, Hollidaysburgh, Pa June 30,1^82
June 30,1882
200, 000
First National Bank, Bath, Me
125,000
First National Bank, Janesville, Wis.. June 30,1882
100, 000
FirstNational Bank, Michigan City, Ind June 30,1882
75, 000
First National Bank, Monmouth, 111... July 3,1882
July 11,1882
50,000
First National Bank, Marion, Iowa
200, 000
First National Bank, Marlborough, Mas: Aug. 3,1882
Oct. 3,1882
150, oOO
National Bank of Stanford, Ky
150, 000
First National Bank, Sandusky, Ohio.. Oct. 6,1882
50, 000
First National Bank, Sandy if ill, N. Y. Dec. 31,1882
100, 000
FirstNational Bank, Lawi encoburgh, Ind Feb. 24,1.683
100,000
First National Bank, Cambridge, Ohio. Feb. 24,1883
Feb. 24,1883
100,000
First National Bank, Oshkosh, Wis
400, 000
First National Bank, Grand Rapids, Feb. 24,1883
Mich
50,000
Feb. 24,1883
First National Bank, Delphos, Ohio
100, 000
Feb. 24,1883
First National Bank, Freeport, 111
100, 000
FirstNational Bank, Elyria, Ohio
, Feb. 24,1883
300, 000
First National Bank, Troy, N. Y
. . . Fob. 24,1883
Second Rational Bank, Detroit. Mich . . Feb. 21,1883 1,000,000
100, 000
Feb. 24,1883
Second National Bank, Peoria, 111
National Fort Plain Bank, Fort Plain,
200, 000
Feb. 24,1883
N. Y




Retired.

Outstanding.

$270, 000
90, 000
279, 248
45,000
83,450
90, 000
45, 000
180, 000
370, 890
28G, 000
87,400
510,800
355,310
114,822
252, 000
135, 000
45, 000
90, 000
2G0. 4G2
441,529
442, 870
110,510
45, 000
G4, 525
45, 000
79, 200
99, 000
175, 0G0

$240, 734
84, 711
241, 009
40,947
77..980
78, 708
40, 810
151,690
323, G70
249,816
72,182
425,445
313, 760
93, 733
225, 083
116,215
36, 830
77, 34G
220, 875
388, 665
376, 040
93, 780
35, 710
57, 271
35, 339
G8, 629
83, 085
154, 378

$29, 266
5,289
38, 239
4,053
5,476
11, 292
4,190
28,310
53, 220
30,184
15, 218
85, 355
41, 550
21, 089
20,917
18,785
8,170
12, 654
45, 587
52, 864
66, 830
16, 760
9, 290
7, 254
9, 661
10, 573
15, 915
20, 682

84. 640
229,170
102, 700
85, 078
90, 000
58, 382
799, 800
180, 000
609, 500

71, 596
194, 632
86, 040
74,092
73, 950
48, 690
657, 750
153, 690
506, 720

13,044
34, 538
16, 6G6
10, 980
16, 050
9,692
142. 050
26, 310
102,780

45, 000
90, 000
336, 345
337, 500
88, 400
90, 000
54, 000
594,000
141, 575
45, 000
180,000
121, 050
45, 000
45, 000
45, 000
180,000
135, 000
90, 000
45, 000
90, 000
80, 800
47, 800
155, 900

36, 638
70, 477
295, 378
285, 385
77, 390
77, 548
45, 345
492, 440
118,208
40, 065
155,232
102,100
42, 838
4L,584
40, 834
156,971
117,891
73,021
37, 888
77, 585
65, 595
42, 840
141, 360

8,362
19, 523
40, 907
52,115
11,010
12,452
8, 655
101, 560
23, 367
4,935
24, 768
18, 950
2,162
3,410
4,166
23, 029
17,109
10, 979
7,112
12,415
15, 205
4,960
14, 540

45, 000
53, 500
90, 000
229, 550
3(33, 700
90, 000

39,479
48, 649
75, 004
198,400
297, 262
65, 385

5,521
4,851
14, 996
31,150
66,438
24,615

174, 300

145, 621

28, 679

REPORT OF THE COMPTROLLER OF THE CURRENCY. 201
NATIONAL BANKS THAT HAVE GONE INTO VOLUNTARY LIQUIDATION UNDER THE PROVISIONS OF SECTIONS 5220 AND 5221 OF THE REVISED STATUTES, ETC.—Continued.
Circulation.
Name and location of bank.

Date of
liquidation.

Logansport National Bank, Logansport,
Dec. 1,1883
Ind
May 14,1884
National Bank of Birmingham, Ala
First National Bank, Westfield, N. Y... J u n e 1,1884
First National Bank, Independence,
Iowa
Oct. 31,1884
Dec. 31,1884
First National Bank, Sturgis, Mich
National Bank of Rutland,' Vt
• J a n . 13,1885
Kent Nationrl Bank, Chestertowu, Md.. Feb. 12,1885
National Fnlton County Bank, Glovcrsville, N. Y
Feb. 20,1885
Feb. 25,1885
First National Bank, Ccntralia, 111
National Exchango Bank, Albion, Mich. Feb. 28,1885
Mar. 31,1885
First National Bank, Paris, Mo
First National Bank, Yakjma, Wash. .. J u n e 20,1885
J u n o 30,1SF5
First National Bank, Flint, Mich
Total




Capital.

Issued.

$100,000
50, 000
•50,000

Retired. Outstanding.

$10, 850
45, 000
42, 800

$12,810
33, 932
29, 345

$4, 040
11, 0G8
13,455

90,
43,
238,
29,

000
850
700
450

59,150
29, 029
159, 953
22,430

30,
14,
78,
7,

150,000
80, 000
75, 000
100, 000
50. 000
200,000

135,000
70, C O
O
30, COO
89,155
1-4, €50
122,500

87,171
38, 900
17, 053
40, 850
7,G60
G7, 049

47, 829
31,700
13,547
42, 305
0,990
55,451

17, 570, 000

12,441,903

10, 387, 944

2, 054, 019

100,
50,
500,
50,

000
CO
O
000
000

850
221
747
020

202

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

NAMES OF BANKS IN LIQUIDATION UNDER SECTION 7, ACT JULY 12, 1882, WITH DATE
OF EXPIRATION OF CHARTER, CIRCULATION ISSUED, RETIRED, AND OUTSTANDING
OCTOBER 31, 1887.
Circulation.
Name and location of bank.

Date of
liquidation.

Capital.
Tssued.

First National Bank, Pontiac, Mich
First National Bank, Washington, Iowa.
First National Bank, Fremont, Ohio
Second National Bank, Dayton, Ohio
First National Bank, Girard, Pa
First National Bank, Xcnia, Ohio
First National Bank, Peru, 111
First National Bank, Elmira, N. Y
First National Bank, Chittenan^o, N. Y.
First National Bank, Eaton, Ohio
First National Bank, Leominster, Mass.
First National Bank, "Winona, Minn
American National Bank, Hallowell, Me.
First National Bank, Attica, Ind
Citizens' National Bank, Indianapolis,
Ind
First National Bank, North East, Pa...
First National Bank, Galva, 111
First Natioral Bank, Thorntown, Ind...
Muncie National Bank, Muncio, Ind
Merchants1 National Bank, Evansville,
Ind
.
Say brook National Bank, Essex, Conn..
Union National Bank, Albany, N. Y
Battenkill National Bank, Manchester,
Vt
.
First National Bank, Owosso, Mich
Coventry National Bank, Anthony, H. I.
State National Bank, Keokuk, Iowa
Tolland County National Bank, Tolland,
Conn
City National Bank, Hartford, Conn
West River National Bank, Jamaica, Vt.
National Bank, Lebanon, Tenn
Total




Retired.

Outstanding.

Dec. 31, 1881
Apr. 11, 1882
May 22, 1882
May 2(5. 1882
June 1, 1882
Feb. 24, 1883
Feb. 24. 1883
Feb. 24, 1883
Feb. 24, 1883
July 4, 1884
July 5, 1884
July 21, 1884
Sept. 10,1884
Oct. 28, 1884

$50, 000
100, 000
100, 0i)0
300, 000
100, 000
120, 000
100, 000
100, 000
150, 000
50, 000
300,000
50,000
75, 000
56. COO

$88, 890
88, 565
90, 000
262, 941
90, 000
108, 000
. 45,000
90, 000
135,000
44, 300
244, 400
44,200
67, 500
50, 400

$75, 225
76,124
75, 311
217, 035
78. 205
87,130
34, 744
75,120
122,125
28, 280
180, 560
31,744
47, 745
36,495

$13, 665
12, 441
14, 689
45, 906
11, 795
20, 870
10, 256
14, 880
12,875
16, 020
63, 840
12,456
19, 755
13, 905

Nov. 11, 18?4
Dec. 23, 1884
Jan. 2,1885
Jan. 13, 1885
Jan. 28, 1585

300, 000
50. 000
GO, 000
50, 000
200, 000

87, 800
24, 550
36, 000
43, 740
.161,000

54, 641
16,117
22, 954
26, 470
94, 472

33,159
8,433
13, 046
17,270
66, 528

Feb. 6, 1885
F(>b.«20, 1885
Mar. 7, 1885

250, 000
100, 000
250, COO

90, 800
61,200
144,400

55, 501
41, 870
102,172

35, 299
19, 330
42,228

Mar. 21, 1885
Apr. 14, 1885
Apr. 17, 1885
May 23, 1S85

75, 000
GO, 000
100,000
150, 000

57, 700
47, 700
89, 000
45, 000

35, 898
29,129
55, 555
21, 780

21, 802
18, 571
33,445
23, 220

100,000
550, 000
60, 000
50, 000

44,100
90, 000
54, 000
24, 550
2, 550, 736

25,281
54, 367
29, 858
5,820
1, 837, 728

18,819
35, 633
24,142
18,730
713, 008

June 6, 1885
Juno 9, 1885
Aug. 17,1885
Aug. 30,1886

x

4, 046, 000

EPORT OF THE COMPTROLLER OF THE CURRENCY.

203

NAMES OF BANKS IN LIQUIDATION UNDER SECTION 7, ACT JULY 12, 1882, WITH
DATE OF EXPIRATION OF CHARTER, CIRCULATION ISSUED, RETIRED, AND OUTSTANDING, SUCCEEDED BY ASSOCIATIONS WITH THE SAME OR DIFFERENT TITLE,
OCTOBER 31. 1887. .
Circulation.
Name and location of bank.

First National Bank, Kittanning, Pa ....
National Bank of Beaver County, New
Brighton, Pa
National Bank, Beaver Dam, Wis
Merchants' National Bank, Cleveland,
Ohio
Union National Bank, Chicago, 111
First National Bank, Le Koy, N. Y
EvansviUe National Bank, Evansville,
Ind
National Albany Exchange Bank, Albany, N. Y
National Bank, Galena, III
National State Bank, Lafayette, Ind
First National Bank, Knoxville, III
Farmers' National Bank, lliplcy,Ohio...
City National Bank, Grand Kapids,
Mich
Leo County National Bank, Dixon, 111...
Fort Wayne National Bank, Fort Wayne,
Ind...'.
National Exchange Bank, Tiffin, Ohio...
National Bank, Malone, N. Y
Jeflerson National Bank, Steubenville,
Ohio
First National Bank, Battle Creek, Mich
Central National Bank, Danville, Ky —
Xnox County National Bank, Mount
Vernon, Ohio
First National Bank, Hough ton, Mich...
National Bank, Fort Edward, N. Y
National Bank, Salem, N. Y
National Exchange Bank, Seneca Falls,
N.Y
Trumbull National Bank, Warren, Ohio.
Attlcborough National Bank, North Attleborough, Mass
American National Bank, Detroit, MichFirst National Bank, Paris, 111
—
First National Bank, Saint John, Mich..
Second National Bank, Pontiao, Mich ...
Raleigh National Bank of North Carolina, Raleigh, N. C
First National Bank, Danville, Ky
Total




Date of
liquidation.

Capital.
Issued.

Retired.

Oat s
ing.

July 2,1882

$200, 000

$199, 500

$167, 550

$31, 950

Nov. 12,1884
Dec. 24,1884:

200,000
50, 000

97, 300
41,100

36, 047
13, 001

Dec. 27,1884
Dec. 29,1884
Jan. 2,1885

800,000
1, 000, 000
150, 000

228,100
02, 800
135, 000

61, 253
27.199
144, 323
32, 610
8J, 274

83, 777
30,190
45, 726

Jan. 3,1885

8:0,000

543, 050

321, 660

221, 381

Jan.
Jan.
Jan.
Jan.
Jan.

10,1885
11,1885
10,1885
16,1865
17,18b5

300, 000
100, 000
30®, 000
60, 0l!0
100,000

243, 900
55,900
615, 000
43, 600
87,400

162, 910
31.200
502, 455
25, 621
449, 920

80, 990
21, 700
52, 5i5
17, 979
37, 480

Jan. 21,1885
Jan. 21,1885

300, 000
100,000

45, 000
41, 500

13, 330
13, 829

Jan. 25,1885
Mar. 1,1885
Mar. 9,1885

350, 000
125,000
200, 000

257, 300
50, 500
65, 600

111, 954
21, 997
25, 496

Mar. 21,1885
Mar. 28,1885
Mar. 28,1885

150, 000
100, 000
200, 000

Apr.
Apr.
Apr.
May

1,1885
18,3885
22,1885
4,1885

75, 000
100,000
100, 000
100, 000

132, 600
89, 200
180, 000
53, 200
45,000
88, 900
86,100

31, 670
27, 071
145, 346
28, 503
40, 404
71,162
43, 090
96, 032
29,161
25, 260
56, 705
51,135

24, 039
19, 740
32,195
34, 965

M a y 6,1885
July 5;1885

100, 000
150,000

88,400
132, 400

35, 048
74, 620

July 17,1885
July 24,1S85
Aug. 12,1885
Aug. 14,1885
Sept. 1,1885

100,000
400, 000
125, 000
50, 000
100, 000

84, 300
251, 500
111, 500
21, 000
43, 000

53, 352
57, 780
46, 965
123,330
49, 070
10,490
23, 397

Sept. 5,1885
Sept. 22,1885

4.00, 000
150, 000

123, 000
130, 500

7, 535, 000 4,474, 350

61,438
45 510
83, 908

37, 335
128,170
62,430
10, 510
19, 603

62,417
61, 483
71,411
59, 089
2, 808, 613 1, 665, 737

204

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

NATIONAL BANKS THAT HAVE BEEN PLACED IN THE HANDS OF RECEIVERS, TOGETHER WITH THEIR CAPITAL, CIRCULATION ISSUED, LAWFUL MONEY DEPOSITED
WITH THE TREASURER TO REDEEM CIRCULATION, THE AMOUNT KEDEEMED, AND
THE AMOUNT OUTSTANDING ON OCTOBER 31, 1887.

Name and location of bank.

First National Bank, Attica, N. Y

Capital

stock.

$50,000

Vcnango National Bank, Franklin, Pa
300, 000
Merchants' National Bank, Washington,
200,000
D.G
50,000
First National Bank, Medina, N. Y
100, 000
Tennessee National Bank, Memphis, Tcnn.
First National Bank, Selma, Ala
100, 000
500,000
First National Bank, New Orleans, La
120, 000
National UnadillaBank, Unadilla, N. Y
Farmers and Citizens' National Bank,
300,000
Brooklyn, N . Y
Croton National Bank, New York, N. Y . . .
200,000
First National Bank, Bethel, Conn
00, 000
First National Bank, Keokuk, Iowa
100, 000
50, 000
National Bank of Vicksburg, Miss
First National Bank. Kocktbrd, 111
50, 000
First National Bank of Nevada, Austin,
250, 000
JS; ev
Ocean National Bank, New York, N. Y
1, 000, 000
Union Square National Bank, New York,
200,000
N.Y
250,000
Eighth National Bank, New York, N. Y ..
200,000
Fourth National Bank, Philadelphia, Pa ..
Waverly National Bank, Waverly, N. Y . .
106,100
50, 000
First National Bank, Fort Smitb," A r k
Scandinavian National Bank, Chicago, 111.
250,000
175, 000
Walkill National Bank, Middletown, N. Y.
Crescent City National Bank, New Or500,000
leans, La
Atlantic National Bank, New York, N. Y . .
300, 000
First National Bank, Washington, D. C . . .
500, 000
National Bank of Commonwealth, New
750, 000
York, N . Y
1
400, 000
Merchants National Bank, Petersburg, Va
200,000
First National Bank, Petersburg, Va
100, 000
First National Bank, Mansfield, Ohio
New Orleans National Banking Associa600, 000
tion, New Orleans, La
50,000
First National Bank, Carlisle, Pa
50,000
First National Bank, Anderson, Ind
100, 000
First National Bank, Topeka, Kans
100,000
Fir st National Bank, Norfolk, Va
Gibson County National Bank, Princeton.
50, 000
Ind
First National Bank of Utah, Salt Lake
350,000
City, Utah
. 500, 000
Cook County National Bank, Chicago, 111
100, 000
First National Bank, Tiffin, Ohio
Charlott esville National Bank, Charlottes200, 000
v4llc, Va
„
150,000
Miners' National Bank, Georgetown, Colo.
200, 000
Fourth National Bank, Chicago, 111
30, 000
First National Bank, Bedford, Iowa
50, 000
First National Bank, Osceola, Iowa
100,000
First National Bank, Duluth, Minn
50,000
First National Bank, La Crosse, Wis
250, 000
City National Bank, Chicago, 111
75, 000
Watkins National Bank, Watkins, N. Y ..
60, 000
First National Bank, Wichita, Kans
First National Bank, Greenfield, Ohio
50, 000
National Bank of Fishkill. N. Y
200, 000
132, 000
First National Bank, Franklin, Ind
Northumberland County National Bank,
67,000
Shamokin, Pa
50, 000
First National Bank, Winchester, 111
National Exchange Bank, Minneapolis,
100, 000
Minn
National Bank of State of Missouri, Saint
2, 500, 000
Louis, Mo
First National Bank, Delphi. Ind
50, 000
75,000
First National Bank, Georgetown, tfolo . . .
Lock Haven National Bank, Lock Haven
120,000
Pa
Third National Bank, Chicago, 111
750, 000
Central National Bank, Chicago, 111
200,000




Lawful
money deposited.

Circulation.
I

Issued.

Kedeemed. Outstanding.

$14, 000
85,000

$44,000
85, 000

$43,752
84,754

$248
246

180,000
40,000
90,000
85, 000
180, 000
100, 000

180, 000
40,010
90,000
85,01)0
180, 000
100,000

179, 294
39, 752
89, 679
84, 557
178, 746
99,770

706
248
321
443
1,254
230

253,COO
180, 000
26, 300
90, 000
25, 500
45,000

253, 900
180, 000
26, 300
90, 000
25,500
45,000

252, 530
179,616
26, 095
69, 604
25,429
44,688

1,370
384
205
396
71
312

129, 700
800, 000

129, 700
800, 000

128, 602
791, 537

1,098
8,463

50,000
243, 393
179, 000
71.0U0
45, 000
135, 000
118, 900

50, 000
243,393
179, 000
71,000
45, 000
135,000
118,900

49, 677
240, 658
177,415
70,012
44, 475
134, 471
117,426

323
2,735
1, 585
988
525
529
1,474

450, 000
100, 000
450, 000

450,000
100,000
450,000

446, 540
98, 609
440, 569

3,460
1,391
9,431

234, 000
3(50, 000
179, 200
90, 000

234, 000
3(10, 000
379, 2U0
90, 000

230,105
354, 385
175, 830
88, 446

3, 895
5,615
3,370
1,554

360,
45,
45,
90,
95,

360,
45,
45,
90,
95,

354, 000
44, 235
44, 045
8S, 531
93,100

6,000
765
955
1,469
1,900

000
000
000
000
000

000
000
000
000
000

43, 800

43, 800

43,315

485

118,191'
285,100
45, 000

318,191
285,100
45, 000

116,439
281, 733
43, 663

1, 752
3, 367
3,337

146, 585
45, 000
85,700
27,000
45, 000
45, 000
45, 000
137, 200
67, 500
43, 200
29, 662
177, 200
92, 092

146, 585
45, 000
85,700
27, 000
45, 000
45, 000
45, 000
137, 209
67, 500
43, 200
29,662
177, 200
92,092

143, 215
44, 370
81,918
25,910
44, 201
44,132
43, 808
132,691
64,992
42, 344
28, 350
171,049
87, 942

3,370
630
3,752
3,090
799
868
1,102
4,518
2,508
856
1,306
6,151
4,150

60, 300
45,000

60, 300
45,000

57, 930
43,502

2,370
1,498

90, 000

90, 000

85,175

4,825

1, 693,660
45, 000
45, 000

1, 693, 660
45, 000
45, 000

1, 665, 371
43,610
43, 405

28,489
3,390
1,595

71, 200
597, 840
45,000

71,200
597, 840
45, 000

66,983
549, 071
43,168

4, 217
48,769
1,832

REPORT OF THE COMPTROLLER OF THE CURRENCY.

205

NATIONAL BANKS THAT HAVE BEEN PLACED IN THE HANDS OF RECEIVERS, ETC.—

Continued.

Name and location of bank.

Capital
stock.

First National Bank, Kansas City, Mo
$500, 000
Commercial National Bank, Kansas City,
1U0,000
Mo
112, 500
First National Bunk, Asbland, Pa
100,000
First National Bank, Tarry town, N. Y . . .
250,000
First National Bank, Allentown, Pa
100,000
First National Bank, Waynesburg, Pa . . .
Washington County National Bank,
200, 000
Greenwich, N. Y
First National Bank, Dallas, Tex
50, 000
People's National Bank, Helena, Mont
100, 000
First National Bank, Bozeman, Mont
50, 000
Merchants' National Bank, Fort Scott,
50, 000
Kans
50, 000
Farmers' National Bank, Platte City, Mo..
First National Bank, Warrensburg, M o . . .
100,000
German American National Bank, Washington, D. 0
130, 003
German National Bank, Chicago, 111
500, 000
Commercial National B a n k , Saratoga
100,000
Springs,N. Y
200,000
Second National Bank, Scranton, Pa
100, 000
National Bank of Poultney, Vt
First National Bank, Monticello, Ind
50, 000
First National Bank, Butler, Pa
50, 000
First National Bank, Meadville, Pa
100, 000
First National Bank, Newark, N. J
200,000
First National Bank, Brattleboro', Vt
300, 000
Mechanics' National Bank, Newark, N. J".
500, 000
First National Bank, Buffalo, N. Y
100,000
001,300
Pacific National Bank, Boston, Mass
First National Bank, Union Mills, Pa
50, 000
Voimont National Bank, Saint Albans, Vt.
200, 000
First National Bank, Leadville, Colo
60,000
City National Bank, Lawrenceburg, Ind ..
100, 000
First National Bank, Saint Albans, Vt
100, 000
First National Bank, Monmouth, 111
75, 000
Marino National Bank, How York, N. Y . .
400, 000
Hot Springs National Bank, Hot Springs,
50, 000
Ark
250,0GO
ltielrmond National Bank, Richmond, Ind.
50, 000
First National Bank, Livingston, Mont
100, 000
First Nat tonal Bank, A lbion, N. Y
50, 000
First National Bank, JaiflestowD, Dak
50,000
Lojran National Bank, West Liberty,Ohio.
Middletowii National Bank, Middletown,
200, 000
N. Y
50, 000
Farmers' National Bank, Bushnell, 111
Schohario County National Bank, Scholiaric, N. Y
50, 000
Exchange National Bank, Norfolk, Va
300, 000
First National Bank, Lake City, Minn
50, 000
Lancaster National Bank, Clinton, Mass..
100, 000
First National Bank, Sioux Falls, Dak
50, 000
First N ational Ban k, Wa h peton, Dak
50, 000
First National Bank, Angelica, N. Y
100, 000
City National Bank, William sport, Pa
100, 000
Abington National Bank, Abington, Mass*
150, 000
First National Bank, Blair, Nebr
50, 000
First National Bank, Pine Bluff, Ark
50, 000
Palatka National Bank, Palatka, Fla
50, 000
Fidelity National Bank, Cincinnati,Ohio.. 1,000,000
Henrietta National Bank, Henrietta, Tex.
50, 000
National Bank, Sumter, S. C
50,000
First National Bank, Dausville, N. Y
50, 000
Fi rst National Bank, Cony, Pa
100,000
Stafford National Bank, Stafford Springs,
Conn
200,000
Total




Lawful
money deposited.

Circulation.
Issued.

lledeemed. Outstanding.

$44,940

$44, 940

$39, 970

$4, 970

44, 500
75, 554
SO, 200
78, 641
G9, 345

44, 500
75, 554
89, 200
78, 641
69, 345

41, 968
69, 089
84,234
72,966
08,285

2, 532
6,46f>
4, 966
5, 675
1,060

114,220
29, 800
89, 300
44, 400

114,220
29,800
89j 300
44,400

108,577
28, 895
83, 681
43, 205

5, 643
905
3,619
1,195

35,328
27, 000
45,000

35,328
27,000
45,000

34, 031
26,260
43, 488

1,207
740
3,512

02, 500
42, 795

62, 500
42,795

61,470
35,700

86, 900
91, 'lift
90, 000
27, 000
71,165
89, 500
320,613
90, 000
450, COO
99, 500
450, 000
4r?, ooo
65, 200
53, 000
77, 000
89, 9£0
27, 000
260,100
40, 850
158, 900
11, 240
90, 000
18, 650
23,400

86, 900
91,465
90, 000
27, COO
71,165
89, 500
326, 643
90, 000
450, 000
99, 500
450, 000
43, 000
65, 200
53,000
77, 000
89, 980
27, 000
260,100

83,334
83, 513
85, 687
25,910
52, 505
80, 667
299, 577
77,033
391,143
88,265
426,452
37,480
52, 333
42, 955
54,200
06,428
15,770
207, 676

1,030
7, 095
3, 566
7,952
4,313
1, 090
18, 600
8, 833
27, 066
12, 967
58, 857
11,235
23, 548
5, 520
12, 867
10,045
22, 800
23, 552
11,230
52, 424

40, 850
158, 900
11,240
90, 000
18, 650
23,400

21, 870
105, 641
7, 345
62,356
14,027
13,450

.18,980
53, 259
3. fe95
27, 644
4, 623
9, 950

149, 000
44, 000
38, 350
228, 200
44,420
72, 360
10, 740
8,120
89,000
43,140
108, 870
26,180
15, 030
19, 210
10, 000

123,786
28,211

52, 214
15, 789

22, 430
137, 688
17, 577
3J, 430
4, 815
6, 205
32,126
15, 050
47, 925
6, 350
7,305
1,595
2, 235

4,480
29, 379

176, 000
44, 000
38, 350
228, 200
44,420
72, 360
11,250
17,320
89, 000
43,140
131, 370
20,180
26, 280
19,210
90, 000
11, 250
11,250
11, 250
44,450

15, 920
90, 512
26,843
41,930
6,435
10,915
56,874
28,090
83, 445
19, 830
18,975
17,615
87,765
11,250
11,250
11,250
44,450

94, 048

94, 048

94, 048

24, 058, 900 14, 623, 675 I 14 H38,276 13, 392,311 1,425, 965

206

REPORT-OF THE COMPTROLLER OF THE CURRENCY.

INSOLVENT NATIONAL BANKS, WITH NUMBER OF BANK, DATE OF APPOINTMENT OF
RECEIVERS, AMOUNT OF CAPITAL STOCK AND CLAIMS PROVED, AND RATE OF
DIVIDENDS PAID TO CREDITORS.
No. of
bank.

Name and location of bank.

199 First National*'Bank of Attica,
N. Y .
117G Yen an go National B a n k of
Franklin, Pa.
627 Merchants' National Bank of
Washington, D. C.
229 First National Bank of Medina,
N.Y.
1225 Tennessee National B a n k of
Memphis, Tenn.
1537 First national Bank of Sclma,
Ala.
162 First National Bank of New Orleans, La.
1463 National TJnadilla Bank, Unadilla, N. T.
1223 Farmers and Citizens' National
Bank of Brooklyn, N. Y.
1556 Croton National Bank of New
York, N. Y.
1141 First National Bank of Bethel,
Conn.
80 First National Bank of Keokuk,
Iowa.
803 National Bank of |Vicksburg,
Miss.
429 First National Bank of Rockford, 111.
1331 First National Bank of Nevada,
Austin, Nev.
1232 Ocean National Bank of New
York, N. Y.

Receiver ap- Capital
pointed.
stock.

Proved
claims.

Apr. 14, 1865

$50,000 $122, 089

May 1, 1866

300, 000

434,531

May 8, 1866

200, 000

6G9, 513

Mar. 13,1867

50, 000

82,338

Mai. 21,18G7

100, 000

376, 932

Apr. 30,1867

100, 000

289.467

May 20,1867

500, 000 1,119, 313

Aug. 20,1867

120, 000

Sept, 6,1867
Oct. 1,1867

127, 801
300, 000 1,191, 500
200, 01)0 170, 752

60, 000
Feb. 2S,18G8
68, 986
Mar. 3,1868 . 100, 000 205, 256
Apr. 24,1868

50, 000

33, 562

Mar. 15,1869

50, 000

69, 874

Oct. 14,1809

250, 000

Dividends
paid.

Pr. ct.
Finally closed.
58
Do.
23.37
Do.
24.7
Do.
39.15
Do.
171
Do.
46.6
Do.
79
Do.
45.9
Do.
96
Do.
88.5
Do.
100
Do.
m
s

49.2

Do.

41.9

Do.

170, 012

92.7
Dec. 13,1871 1, 000, 0C0 1, 28 \ 254 100

1691 Union Square National Bank of Dec. 15,1871
New York, N. Y.

200, 000

157,120 100

384 Eighth National Bank of New Dec. 35,1871
York, N. Y.
286 Fourth National Bank of Phila- Dec. 20, 1S71
delphia, Pa.
1192 "Waverly National Bank of Wav- Apr. 23,1872
erly, N. Y.

230, 000
200, 000
io;;, ico

378,772 100
645, 558 100
79, 864 100

50, 000

15,142 100

1631 First National Bank of Fort May 2,1872
Smith, Ark.
1978 Scandinavian National Bank of
Chicago, 111.
1473 Wallkill National Bank of Middletown, N. Y.
1937 Crescent City National Bank of
New Orleans, La.
1388 Atlantic National Bank of New
York, N. Y.




57.46

Dec. 12,1872

250, 000

249,174

Dec. 31,1872

175, 000

Mar. 18,1873

500, 000

657, 020

Apr. 28,1873

300, 000

574, 513 100

Do.
Finally closed;
4d per cent, of
interest paid.
Finally closed;
10 p e r cent,
paid to stockholders.
Finally closed.
Do.
Finally closed;
32.5 per cent,
paid to stockholders.
Finally closed ;
13 p e r cent,
paid to stockholders,
Finally closed.

171.468 100

26 First National Bank of Wash- Sept. 19,1873
ington, D. C.
1372 National Bank of the Common- Sept, 22, 1873
wealth, New York, N. Y.
1548 Merchants' National Bank of
Petersburg!*, Va.
1378 First National Bank of Petersburgh, Va.
436 First National Bank of Mansfield, Ohio.
1825 New Orleans National Banking
Association, New Orleans, La.
21 First National Bank of Carlisle,
Pa.

Remarks.

Finally closed;
30 per cent, of
interest paid.
84.83 Finally closed.

500, 000 1, 619, 965 100
750, 000

796, 995 100

Finally closed ;
50 per cent, of
interest paid.
Finally closed.
Finally closed;
35.8 per cent,
paid to stockholders.
Finally closed.

Sept. 25,1873

400, 000

992, 636

34

Sept. 25,1873

200, 000

167, 285

76

Do.

Oct. 18,1873

100, 000

175, 068

57.5

Do.

Oct. 23,1873

600, 000 1, 429, 595 62

Oct. 24,1873

50, 000

67,292

73.5

Do.
Do.

REPORT OF THE COMPTROLLER OF THE CURRENCY.

207

AN SOLVENT NATIONAL BANKS, WITH NUMBER OF BANK, DATE OF APPOINTMENT OF

RECEIVERS, ETC.—Continued.
No. of
Lank.

44
1660
271
2066
1695
1845
900
1468
2199
276
2298
1776
1954
1313
818
456

1913
101
971

50

1991

236
2047
1612
1995

403
362

Proved
claims.

Dividends
paid.

Receiver appointed.

First National Bank of Anderson, Ind.
First National Bank of Topeka,
Kaiis.
Fi rat National Bank of Norfolk,
Va.
Gibson County National Bank
cf Princeton, Ind.
First National Bank of Utah,
Salt Lake City, Utah.
Cook County National Bank of
Chicago, ill.
First National Bank of Tiffin,
Obio.
Charlottesville National Bank
of Charlottesville, Va.
Miners' National B a n k of
Georgetown, Colo.
Fourtli National Bank of Chicago, 111.*
First National Bank of Bedford,
Iowa.
First National Bank of Oseeola,
Iowa.
First National Bank of Dninth,
Minn.

Nov. 28,1873

$50,000 $143, 765

Dec. 16, 1873

100, 000

55,372

J u n e 3,1874

100, 000

176, 330

Nov. 28,1874

50, 000

62,646

Dec. 10, 1874

150, 000

93, 021

24. 331

Feb.

500, 000 1, 795, 992

14.941

1,1875

Pr. ct.
39.5
58.3
57.5
100

Oct. 22, 1875

100, 000

237, 824

66

Oct

28,1875

200, 000

376, 756

62.56

Jan. 21,1876

150, 000

177, 512

76.5

Feb.

1.1S7G

200,000

35, 801

Feb.

1,1870

30, 000

56,457

Feb. 25,187G

50, 000

34, 535

100
100

51
22. 5

Remarks.

Finally closed.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Do.
Finally closed;
interest paid in
full.
Finally closed.
Do.

Mar. 13,1876

100,000

87, 786

First National Bank of La Apr. 11,1876
Crosse, Wis.
City National Bank of Chicago. May 17,1876
111.
'
"Watkins National Bank of Wat- J u l y 12,1870
kins, N. Y.

50, 000

135, 952

250, 000

703, 658

75, 000

59, 226

100

60, 000

97,464

70

50, 000

35, 023

27

200, 000

352, 062

100

132, 000

185, 760

100

Mar. 12,1877

67, 000

175, 952

81.59

Mar. 16,1877

50, 000

140, 735

63.6

Do.

May 24,1877

100, 000

227, 355

89.179

Do.

First National Bank of Wich- Sept. 23,1876
ita, Kans.
First National Bank of Green- Dec. 12,1876
field, Ohio.*
National Bank of Fishkill, N. Y. Jan. 27,1877

First National Bank of Frank- Feb. 13,1877
lin, Ind.

(.89 Northumberland County National Bankof Shamokin. Pa.
1484 First National Bank of AVinchester, 111.
719 National Exchange Bank of
Minneapolis, Minn.
1G65 National Bank of the State of
Missouri, Saint Louis, Mo.
1949 First National Bank of Delphi,
Ind.

1273

Capital
stock.

Name and location of bank.

J u n e 23,1877 2,500, 000 I, 935, 721

48.4:
77. 512

Finally closed;
13 per cent,
paid to stockholders.
Finally closed.
Do.
Finally closed;
38.5 per cent.
of i n t e r e s t
paid.
Finally closed;
interest paid in
full.
Finally closed.

July 20,1877

50, 000

First National Bank of George- Aug. 18,1877
town, Colo.
Lock Haven National Bank of Aug. 20,1877
Lock Haven, Pa.
Third 2s ational Bank of Chicago, Nov. 24,1877

75, 000

19d, 356

Interest paid in
full.
100
Finally closed;
interest paid in
full.
37. G4S Finally closed.

120,000

254,647

100

750, 000 1, 061, 598

100

Central National Bank of Chi- Dec. 1,1877
cago, 111.
First National Bank of Kansas Feb. 11,1878
City, Mo.
Commercial National Bank ,of Feb. 11,1878
Kansas City, Mo.

133,112

100

Do.
Interest paid in
full.

200, 000

298, 324

500, 000

392, 394

100

Finally closed.

100, COO

75,175

100

First National Bank of Ashland, Feb. 28,1878 112, 500
29, 204
Pa.*
First National Bank of Tarry- Mar. 23,1878 100, 000 118, 371
town. N. Y.
* Formerly in voluntary liquidation.

100

Finally closed;
87,165 per cent,
paid to stockholders.
Finally closed.




60

90.5

Do.

208

REPORT OF THE COMPTROLLER OF THE CURRENCY.

INSOLVENT NATIONAL BANKS, WITH NUMBER OF BANK, DATE OF APPOINTMENT OF
RECEIVERS, AMOUNT OF CAPITAL STOCK, ETC,—Continued.

No. of
bank.

1C1
305
1260
2157
2105
2027
1927
.2356

Dividends
paid.

Name and location of bank.

Receiver appointed.

First National Bank of Allentown, Pa.*
First National Bank of Waynesburg, Pa.
"Washington County National
Bank of Greenwich, N. Y.
First National Bank of Dmlas,
Tex.
People's National Bank of Helena, Mont.
First National Bank of Bozeman, Mont.
Merchants' National Bank of
Fort Scott, Kana.*
Farmers' National Bank of
Platte City, Mo.

Apr. 15,1878

$250,000

$90,424

May 15,1878

100,000

30,159

June 8,1878

200, OOl1

262,887

Juno 8,1878

50, 000

77,104

Sept. 13,1878

100, 0(10

168, 048

Sept. 14,1878

50, 000

70,191

Sept. 2.", 1878

50, 000

27, 801

50, 000

32, 449

Oct.

3,1878

Capital
stock.

Proved
claims.

Reinarka.

Pr. ct.
88
60
100
3?.l
40
98.35

Finally closed.

Do.
Do.
Do.
Do.
Do.

60

Finally closed;
100

First National Bank of Warrens Nov. 1,1878
burg, Mo.

100,000

156, 260 100

German American National Nov. 1,1878
Bank of Washington, D. C.
1734 German National Bank of Chi- Dec. 20,1878
cago, 111.*

130, 00:

282, 370

500, 000

197,353 100

Feb. 11,1879

100, 000

128, 832 100

49

Mar. 15,1879

200, 000

132,461 100

1200
2208

Apr. 7,1879
July 18,1879

100, O D
O
50, 000

81, 801 100
21,182

July 23,1879

50, 000

r

First National Bank of Mead- Juno 9,1880
ville, Pa.

100, 000

100

First National Bank of Newark,
N.J.
First National Bank of Brattleboro', Vt.
Mechanics' National Bank of
Newark, N. J.
First National Bank of Buffalo,
N.Y.
Pacific National Bank of Boaton, Mass.
First National Bank of Union
Mills, Union City, Pa.
Vermont National Bairn of
Saint Albans, Vt.
First National Bank of Leadville, Colo.
City National Bank of LawrencobiiT'gh, Ind.*
First National Bank of Saint
AlbatiM, Vt,
First Natioual Bank of Monmouth, 111.
Marino National Bank of New
York, N. Y.
Hot Springs National Bank of
Hot Springs, Ark.
Uicbmoud National Bank of
Richmond, Ind.
First National Bank of Livingston, Mont.
First National Bank of Albion,
N.Y.
First National Bank of James-

June 14,18£0

300, 000

5£0, 592 100

June 19,1880

300, 00i

104, 749 100

Nov. 2,1881

500, 00C 2,7C0,17

Apr. 22,1882

100, 00(

894, 73c

38

961, 30C 2, 4G5, 39J

50

holders.
Finally closed;

61.25

May 22,1882

18 p e r cent,
paid to stock-

1856
2358

1227

Commercial National Bunk of
Saratoga Springs, N. Y.

Second National Bank of Scranton, Pa.*
National Bank of Poultney, Vt.
First National Bank of Monticello, Ind.
First National Bank of Butler,
Pa.
300

115

470
1251
235
2373
110
1583
2420
2889
269
2751
1215
2887
2090
3006

166
2578

town, Dak.




Mar. 24,1883
Aug. 9,1883

50, OOi
200, 00

interest paid in
full.

50

108, 38,

186, 99:

Finally closed;
42.3percent.of
interest paid.
Finally closed ;
interest paid in
full.
Do.
Do.
Finally closed.
Finally closed;
11 per cent,
since last report.
Finally closed;
interest paid in
full.
Do.
Do.

30 per cent, since
last report.

65

401,49:

42.5

Jan. 24,1884

00, 00C

200, 85'

40

Mar. 11,1884

100, 001

46,44

Apr. 22,1884

100,

Apr. 22,1884
May 13,1884

75, 001
400, 00

81.10

294, OH

25

237, 52^

95

4,474,19'

10 per cent, since
last report.
Finally closed.

50

June 2,1884

50, 000

July 23,1884

250, OOi)

365, 93

56

Aug. 25,1884

50,000

28,35"

75

Aug. 26,1884

100, 000

158, 60

Sept. 13,1884

50, 000

8,13

36, 521 100

* Formerly in voluntary liquidation.

100

20 per cent, since
last report.
Since last report.

Finally closed;
interest paid in
full.

REPORT OF THE COMPTROLLER OF THE CURRENCY.

209

INSOLVENT .NATIONAL BANKS, WITH NITMKER OF BANK, DATE OF APPOINTMENT OF
RECEIVERS, AMOUNT OF CAPITAL STOCK, ETC.—Continued.

No. of
bank.

2942
1276
1791
1510
1137
1740
583
2465
2624
564
2139
1386
2724
2776
3266

Dividends
paid.

Name and location-of bank.

Receiver appointed.

Logan National B a n k of W e s t
Liberty, Ohio.
Middletown National B a n k of
Middletown. N. Y.
F a r n u r s ' National B a n k of
Buslmell, 111.
Scholiario Conntv
National
BankofSeholmiie, N . Y.
Exchange National B a n k of
Norfolk, Va.
F i i s t National Bank of L a k e
City, Minn.

Oct. 18,1884

$50,000

$80, 665

Nov. 29,1884

200, 000

649, 863

70
40

Lancaster National B a n k of
Clinton, Mass.
F i i s t National Bank of Sioux
Falls. Dak.
F i r s t National Bank of "Walipe-.
ton, Dak.
F i r s t National Bank of Angelica, N . Y .
City National B a n k of Wilhamsport, Pa.

Capital
stock.

Proved
claims.

Pr. ct.
50

Dec. 17,1884

50, 000

86, 258

Mar. 23,1885

(50, 000

140, 333

40

300, 000 2, 894, 709

40

Apr.

9,1885

Jan.

4,1886

50, 000

J a n . 20,1886

100, 000

170, 384

70

Mar. 11,1886,

50, 000

51, 041

20

Apr.

8,1886

50, 000

110,122

10

A p r . 19,1886

100, 000

63, 669

85

May

4,1880

100, 000

130, 772 100

127, 524 100

A u g . 2,1886

150, 000

116, 626 100

Sept. 8,1886

50, 000

80, 452 100

F i r s t National B a n k of Pino Nov. 20,1886
Bluff. Ark.
P a l a t k a National B a n k of Pa- J u n e 3,18.87
latka, Fla.

50, 000

64, 961

Abington National B a n k of
Abington, Mass.
F i r s t National Bank of Blair,

50, 000

25

64, 784

50

J u n e 27,18S7

3022

Aug. 17,1887

50, 000

Ausr.24,1887
Sept. 8,1887

50, 000
50, 000

Oct. 11,1887

100, 000

Oct. 17,1887

200, 000

Fidelity National Bank of Cincinnati, Ohio.
H e n r i e t t a National B a n k of
Henrietta, Tex.
30S2 National Bank of Sumter, S. C .
Fif'sh National B a n k of Dansville, N , Y .
605 F i i s t National B a n k of Corry,
Pa.
686 Stafford National B a n k of Stafford Springs, Conn.

Total

8770 CUR 87




24, 058, 900 46, 955, 215

14

10 percent, since
last report.
15 per cent, since
Ia3t report.
10 per cent, since
last; report.
Do.
Finally closed;
interest paid in
full.
20 per cent, since
last report.
Since last report.
10 per cent, since
last report.
Finally closed;
interest paid in
full
Do.

Do.

25

9,379 100

1, 000, 000 2, 386, 569

3461

Remarks.

Finally closed;
interest paid in
full

INSOLVENT NATIONAL BANKS, WITH DATES OF FAILURE, CAUSES OF FAILURE, NOMINAL ASSETS, AMOUNTS COLLECTED, CLAIMS PROVED,
DIVIDENDS PAID, AND DATES OF CLOSING.

Title of bank.

Date of
organization.

Receiver
appointed.

Cause of failure.

Nominal
assets.

Amount
collected.

$76, 373. 02
Jan. 14, 1864 Apr. 14,1865
First National Bank, Attica, N.Y
122, 239. 37
Venansio National Bank, .Franklin, Pa.. May 20, 1H6, Mav 1, 18<i6
$986, 637. 00
Merchants' National Bank, Washington, | Dec. 14,18(54 May 8,186G
D.C.
I Feb. 3,1864 Mar. 13,18f»7
First National Bank, Medina, N. Y
Tennessee National Bank, Memphis, ! Juno 5, 1865 Mar. 21,18G7
Ten n.
I
First National Bank, Seliua, Ala
I Aug. 24,1865 Apr. 30,1867
First National Hank, New Orleans, La.. I Dec. 18.1HG3 May 20,18G7
1, 987, 238. 90
942, 509. 63
National U mid ilia Bank, Unadilla, N. Y. J u l y 17,180"> Aug. 20,1807
Fanners and Citizens' National Bank, J u n e 5,18G5 Sept. 6, 18G7
Brooklyn, N. Y.
Orotun National Bank, New York, N. Y. Sept, 9,1865 Oct. 1,18G7
First National Bank, Bethel, Conn
May 15,1865 Feb. 28, 18(i8
First National Bank, Keoknk, Iowa
Sept. 9,1803 Mar. 3,1F08
National Bank, Vicksburg, Miss
Feb. 14,18G5 Apr. 24,18(58
First National Bank, llockibrd, 111
May 20, 18(54 Mar. 15,18G9
First National Bank of Nevada, Austin, J u n e 23,1863 Oct. 14,1809
New
Ocean National Bank, New York, N. Y. J u n e 6,1865 Dec. 13,1871
2, 935, 921. 00 1, 730, 845. 00
Union Square National Bank, New York, Mar. 30,1809 Dec. 15,1871
NY.
Eighth National Bank, New York, N.Y. Apr. 6,1864 Dec. 15,1871
Fourth National Bank. Philadelphia, Pa. Feb. 26, 1804 I D e c 20, 1871
Waverly National Bank, Waverly, N. Y. May 29, 1805 Apr. 23, 1872
139, 617. 00
C7, 827. 00
First National Bank, Fort Smith, Ark.. Feb. 6,i 18601 May 2,1872
Scandinavian National Bank,Chicago, 111. May 7,1872 ! Dec. 12,1872
"400,574.00
"ico.'eei.'oo
"Wallkill National Bank, Middletown, J u l y 21, 1805 I Dec. 31,1872
227.871.00
218,204.00
N. Y.
Crescent City National Bank, New Or- Feb. 15,1872 Mar. 18,1873
806, 993. 00
612, 027. 00
leans, La.
Atlantic National Bank, New York, N.Y. J u l y 1,1865 Apr. 28,1873
742,419.00
786, 360. 00
First National Bank, Washington, D. C. J u l y 16,1863 Sept. 19,187 J
National Bank of the Commonwealth, J u l y 1,1865 Sept, 22,1873 Injudicious banking and depreciation 3,509,000.00 2, 04-2, 000. 00
New York, N. Y.
of securities.
Merchants' National Bank. Petersburg, Sept. 1,1865 Sept, 25,1873 Defalcation by officers; fraudulent 1, 019, 841. 00
299, 358. 00
Va.
management and depreciation of
t
securities.
First National Bank, Petersburg, Va ... J u l y 1,1865 Sept. 25,1873
142, 321. 00
272, 634. 00
do
First National Bank, Mansfield, Ohio . . . May 24,18G4 Oct. 18,1873




Claims
proved.

Dividends.

Finally
closed.

Per cent.
Jan. 2,1867
58
$122,089
Feb. 2,1885
23. 37
4-U, r/.',l
July 29,1878
609, 513 24.7
82, 338
376, 932
280,4(57
1,119,313
127,8^1
1,191, 500
170, 752
68, 9H0
205, 250
33, f;62

69. 874
170,012

39.15
17.33
46.6
79
45. 9
96

July 28,1870
Feb. 4,1870
Nov. 25.1882
Sept. 28, 1882
Dec. li), 1874
Nov. 18,1874

88.5
100
68.33
49.2
41.9
92.7

Ang.
Apr.
Nov.
Nov.
Dec.
May

100
100

15,1872
7,1881
30, 1872
25,18*2
4, 1875
16,1884

378, 772
645, 558
79, 864
15, 142
249,174
171, 468

100
100
100
100
57.46
100

Apr. 20,1882
Nov. 10,1874
Sept. 1,1875
Feb. 13,1872
Oct. 2,1877
Jan. 3,1876
Feb. 15,1886
Jan. 8,1880

657, 020

84.83

June 1,1881

1, 282, 254
157, 120

574,513 100
1, 619, 965 100
796, 995 100

T3
O

S
w
o
•3

o
tr1

W
o

Apr. 29,1884
July 24, 1876
Mai1. 31, 1883

992, 636

34

May 1,1876

167, 285
175, 068

76
57.5

May 15,1876
Nov. 30,1883

O

INSOLVENT NATIONAL BANKS, WITH DATES OF FAILURE, CAUSES OF FAILURE, NOMINAL ASSETS, ETC.—Continued

Title of bank.

Date of
organization.

Receiver
appointed.

New Orleans National Banking Associa- May 27,1871 Oct. 23,1873
tion, New Orleans, La.
F i r s t National Bank, Carlisle, P a
J u l y 7,1863 Oct. 24,1873
F i r s t National Bank, Anderson, Ind
J u l y 31,1863 Nov. 23,1873

Cause of failure.

Nominal
assets.




Claims
proved.

$1, 429, 595

Investments in real estate and mortgages and failuro of large debtors.
$115, 304. 00

Injudicious banking and depreciation
of iSecurities.
Aug. 23,1SGG Dec. 10,1873 Fraudulent management aud depreci205, 348. 00
ation of securities.
Feb. 23,1864 J u n e 3,1874 Excessive loans to officers and directF i r s t National Bank, Norfolk, Va
217, 913. 00
ors, and depreciation of securities.
Gibson County National Bank, Prince- Nov. 30,1872 Nov. 28,1874 Investments in real estate and mort124, 833. 00
ton, Ind.
gages and depreciation of securities.
F i r s t National Bank of Utah, Salt Lake Nov. 15,18G9 Dec. 10,1874 Injudicious banking and depreciation
229, 433. 00
City, Utah.
of securities.
Cook County National Bank, Chicago, 111. J u l y 8,1871 Fob. 1,1875
do
3, 266, 323. 00
First National Bank, Tiffin, Ohio
Mar. 10,18G.> Oct. 22,1875 Depreciation of securities
342, 0.VJ. 00
Charlottesville National Bank, Char- J u l y 19,1805 Oct. 28,1875 .Fraudulent management and injudi563, 089. 00
lottesville, Va.
cious banking.
Miners' National Bank, Georgetown, Colo. Oct. 30, 1874 J a n . 24,1876 Injudicious banking and depreciation
232, 357. 00
of securities.
Fourth National Bank, Chicago, 111
Feb. 24,1804 Feb. 1,1876
do
227, 230. 00
F i r s t National Bank, Bedford, Iowa
Sept. 18, 1875 Feb. 1,1870 Fraudulent management
F i r s t National Bank, Osceola, Iowa
J a n . 20,1871 Feb. 25,1870 Injudicious hanking and depreciation
of securities.
First National Bank, Duluth, Minn
Apr. 6,1872 Mar. 13,1S7G Fraudulent management and deprecia231, 064. 00
tion of securities.
First National Bank, La Crosse, TVis
J u n e 20,1805 Apr. 11,1876
169,912.00
do
Feb. 18,1805 May 17,1876 Injudicious banking and depreciation 1,104, 000. 00
City National Bank, Chicago, 111
of securities.
J u n e 2,1864 J u l y 12,1870 Excessive loans to officers and directW a t k i n s National Bank, Watkins, N . T . .
ors, and depreciation of securities.
208, 825. 00
J a n . 2,1872 Sept. 23,1876 Defalcation by officers and fraudulent
First National Bank, Wichita, Kans
management.
21, 522. 00
Oct. 7,1863 Dec. 12,1876
First National Bank, Greenfield, O h i o . . .
First National Bank, Topeka, Kans

Amount
collected.

Dividends.

Finally
closed.

Per cent.
Mar. 21,1887
62
Dec.

d
O

w

6,1882

67, 202
143, 705

73. 5
39.5

60,314.00

55, 372

58.3

Sept, 11,1878

109, 769. 00

176, 330

57.5

June

$56,941.00

100

2,1883

Sept. 18,1876

67, 252. 00

62, 046

30, 332. 00

93, 021

24. 391

May 14,1879

365, 274. 00
190. 903. 00
281, 754. 00

1, 795, 902
237, 824
370, 750

14. 941
66
62. 56

Nov. 20,1883
Mar. li>, 1879
Apr. 5,188o
Juno

2,1884

193, 775. 00

177,512

76.5

33, 349. 00

35, 801
50, 457
34, 535

51
22.5
100

Mar. 4,1880
Mar. 28,1883
Feb. 28,1878

575, 664. 00

87, 786

100

Jan. 31,1881

85,107. 00
642, 749. 00

135, 952
703, 058

48.4
77. 512

J u l y 20,1882
Feb. 28,1885

59, 226

100

79, 594. 00

97,464

70

J u l y 14,18S0

9,175. 00

35, 023

27

w
O

o
W
O
F
F

W

O
*j

H
H

Nov. 25,1882

O

a
o
KJ

212

REPORT OF THE COMPTROLLER OF THE CURRENCY.

INSOLVENT NATIONAL BANKS, DATE OF ORGANIZATION, FAILURE, AND CLOSING,
SETS, AMOUNTS COLLECTED FROM ALL SOURCES, LOANS AND DISBURSEMENTS,
PAID, AND REMAINING ASSETS RETURNED TO STOCKHOLDERS.
Bate of
organization.

Name and location of bank.
Nation al Bank, Fishkill, 1 T Y . . .
S.
First National Bank, Franklin, Tnd
Northumberland County National Bank, Shamokin, Pa
First National Bank, Winchester, III
National Exchange Bunk, Minneapolis, Minn
National Bank of the State of Missouri, Saint Louis, Mo
First National Bank, Delphi, Ind
First National Bank, Georgetown, Colo
Lock Haven National Bank, Lock Haven, Pa
Third National Bank, Chicago, 111
Central National Bank, Chicago, 111
First National Bank, Kansas City, Mo
Commercial National Bank, Kansas City, Mo
First National Bank, Ashland, Pa
First National Bank, Tarry town, N. Y
First National Bank, A Hen to w n, Pa
First National Bank, Waynesburgh, Pa
Washington County National Bank, Greenwich, N". Y
First National Bank, Dallas, Tex
People's National Bank, Helena, Mont
First National Bank, Bozeman, Mont
Merchants' National Bank, Fort Scott, Kans
,
Farmers' National Bank, Platte City, Mo
First National Bank, Warrensburgh, Mo
German American National Bank, Washington, D. C
German National Bank, Chicago, 111
Commercial National Bank, Saratoga Springs, N. Y
Second National Bank, Scranton, Pa
National Bank, Poult noy, Vt
First National Bank, Monticello, Ind
First National Bank, Butler, Pa
First National Bank, Meadville, Pa
First National Bank, Newark, N. J
First National Bank, Brat tleborough, Yt
Mechanics' National Bank, Newark, N. J
First National Bank, Buffalo. N. Y
Pacific National Bank, Boston, Mass
First National Bank Union Mills, Union City, Pa
Vermont National Bank, Saint Albans, Vt
First National Bank, Leadville, Colo
City National Bank, Lawrenceburgh, Ind
First National Bank, Saint Albans, Vt
\
First National Bank, Monmouth, 111
Marine National Bank, New York, N. Y
Hot Springs National Bank, Hot Springs, Ark
Richmond National Bank, Richmond, Ind.
First National Bank, Livingston, Mont
First National Bank, Albion, N. Y
First National Bank, Jamestown,Dak
Logan National Bank, West Liberty, Ohio
Middletown National Bank, MIddietown, N. Y
Farmers' National Bank, Bushnell, III
Schoharie County National Bank, Schoharie, N. Y
Exchange National Bank, Norfolk, Va
First National Bank, Lake City,Minn
Lancaster National Bank, Clinton, Mass
First National Bank, Sioux Falls, Dak
First National Bank, Wahpeton, Dak
First National Bank, Angelica, N. Y
City National Bank, WLlliamsport, Pa . . . :
Abington National Bank, Abington, Mass
First National Bank, Blair, Nebr
First National Bank, Pine Bluff, Ark
Palatka National Bank, Palatka, Fla...
Fidelity National Bank, Cincinnati, Ohio
Henrietta National Bank, Henrietta, Tex
National Bank, Sainter, S. C
First National Bank, Dansville, N. Y
First National Bank, Corry, Pa
Stafford National Bank, Stafford Springs, Conn
Total.—




.".

(&)_. Apr. 1,1865
(&).. Aug. 5,1863
(m).. Jan. 9, 18G5
(w).. July 25,1865
(m)-- Jan. 16,1865
(o).. Oct. 30,1866
(w).. Mar. 25,1872
(u).. May 31,1872
(v).. June 14,1865
(y).. Feb. 5,1864
(v).. Sept. 18, 1872
(x).. Nov. 23, 1865
(v).. June 3,1872
(v).. Apr. 27, 1864
(v).. Apr. 5, 1864
{n).. Dec. 16, 1865
(«).. Mar. 5,1861
(p).. June 30,1865
(v).. July 16,1874
(q).. May 13, 1873
(q).. Aug. 14, 1872
(x).. Jan. 20, 187a
(n).. May 5,1877
(x).. July 31,1871
(p).. May 14,1877
(b).. Nov. 15,1870
(x).. June 6.1865
(x).. Aug. 5, 1803
(x).. May 31,180r>
(n).. Dec. 3, 1874
(e).. Mar. 11,1864
(r).. Oct. 27, 1863
(f).. Aug. 7,1863
(n).. June 30, 1864
(c).. Juno 9, 1865
(p).. Feb. 5, 1864
(*).. Nov. 9, 1877
(s).. Oct. 23,1863
(v).. Oct. 11,1865
(b).. Mar. 19,1879
(g).. Feb. 24, 1883
(p).. Feb. 20, 1864
(b).. July 7, 1882
.(£).. Jun'e 3, 1865
{<>').. Feb. 17, 1883
(h).. Mar. 5, 1873
(x).. July 16, 1883
(6).. Dec. 22,1863
(e).. Oct. 25, 1881
(p).. May 7, 1883
(?).. June 14, 1865
{1).. Feb. 18,1871
(b).. Aug. 9, 1865
(o).. May 13, 1865
(e).. Nov. 29,1870
(&).. Nov. 22, ] 864
(j).. Mar. 15,1880
(j)
Feb 2,1882
(a)
Nov. 3, 1864
(d) Mar. 17,1874
(I) July 1,1865
(u) June 7,1882
(?;) Sept. 18, 1882
(v) Nov. 20,1884
(&)
Feb. 27,188fi
(k) Aug. 8, 1883
(a) Nov. 26, 1883
(&) Sept. 4,1863
(v) Deo. 6,1864
(&) Jan. 7,1865

REPORT OF THE COMPTROLLER OF THE CURRENCY.

213

FOR THE PAST ELEVEN YEARS, WITH AMOUNTS OF NOMINAL AND ADDITIONAL ASLOSSES ON ASSETS, EXPENSES OF RECEIVERSHIP, CLAIMS PROVED. DIVIDENDS

Capital
stock.
$200,000
132. 000
67, 000
50, 000
100. 000
2, 500, OUO

50, 000
75, 000
120, 000
750. 000
200, 000
50(1 000
100, 000
112, 500
100. 000
250 000
100 000
200, 0 0
50, 000
100, 000
50, 000
50, 000
50, 000
100, 000
330, 000
500, 000
100, 000
200, 000
100, 000
50, 000
50, 000
100, 000
300, 000
300, 000
500.0(.()
100,000
901,800
50, 0')0
200, 0u0
(iO, 000
100, 000
100,000
75, 000
400, 000
50, 000
250, O u
O
50, 000
100, 000
50, 000

no. ooo

200, 000
50, 000
50,COO
300, 000
50,000
100,000
50, 000
50, 000
100, 000
100, 000
150, 000
50, liOO
50, 000
50, 0(10
1, 000, 000
50, 000
50, 000
50, 000
100, 000
200, 000

Receiver
appointed.

Cause of failure.

Tan. 27,1877 a Defalcation of officers.
Fob. 13, 1877
Mar. 12,1877
Mar. 1 6, 1877 b Defalcation of officers and fraudulent management.
May 24,1877
June 23, 1877 c Defalcation of officers and excessive loans to others.
July 20, 1877
Aug. 18,1877 d Defalcation of officers and depreciation of securities.
An-j. 20, 1877
Nov.-24, 1877
Dec. 1, 1877 e Depreciation of securities.
Feb. 11,1878
Feb. 11, 1878 /Excessive loans to others, injudicious banking, and depreciation of
Feb. 28,1878
securities.
Mar. 23, 1878
Apr. 15. 1878 g Excessive loans to officers and directors, and depreciation of secuMay 15, 1«78
rities.
June 8, 1878
June 8, 1878
Sept. 33, 1878 h Excessive loans to officers and directors, and investments in real
Sept, 14, 1878
estate and mortgages.
Sept. 25,1878
Oct. 1,1*78
Nov. 1,1878 i Excessive loans to others and depreciation of securities.
Nor. 3, 1878
Dec. 20, 1878
Feb. 1!, 1879 j Excessive loans to others and investments in real estate and mortgages.
Nov. 15, 187!)
Apr. 7,187!)
July 18,1870 k Excessive loans and failure of large debtors.
July L'3,187!)
June 0, 1880
June 34, 38H0 I Excessive loans to officers and directors,
June 19, 1880
Nov. 2,1881
Apr. 2:1, 1882 m Failure of large debtors.
Ma v 22.1882
Alar. 24, 1883 n Fraudulent management.
Aug. 9, 1883
Jan. 21, 18X4
Mar. 11,1884 o Fraudulent management, excessive loans to officers and directors,
and depreciation of securities.
Apr. 2?, 18H4
Apr. 22,1884
Msiy 13, 1884
Juno 2, 1884 p Fraudulent management and depreciation of securities.
July 23,1881
Ao-. 25,1884 q Fraudulent management and injudicious banking.
j ; . 20, 18S4
Sept. 13,1884
Oct. 18, 1881 r Fraudulent management, defalcation of officers, and depreciation of
Nov. 29,1884
securities.
Dee. 17,1884
Mar. 23, 1885 6 Fraudulent management, injudicious banking, investments in real
*
Apr. 9,188")
estate and mortgages, and depreciation of securities.
Jan. 4,1880
Jan. 20.1880
Mar. 11,188(3 t Fraudulent management, excessive loans to officers and directors,
Apr. 8, 1886
and excessive loans to others.
Apr. 19,1880
May 4,1886
Aus. 2, 18SG u Injudicious banking.
Sept. 8,1880
Nov. 20, 1886
June 3,1887 v Injudicious banking and depreciation of securities.

June 27,1887
Aug. 17,1887
Am;. 24,1887 w Injudicious banking and failure of large debtors.
Sept. 8,1887
Oct. 11,1887 x Investments in real estate and mortgages, and depreciation of securOct. 17,1887
ities.

13,732,800




10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70

214

REPORT OF THE COMPTROLLER OP THE CURRENCY.
INSOLVENT NATIONAL BANKS, DATE OF ORGANIZATION, FAILURE,

Nominal assets at date of suspension.

Additional
assets received since
date of
Estimated Estimated Estimated suspension.
good.
doubtful. worthless.
$194,665
8G, 492
67, 246
67, 541
135, 231
935, 999
175, 254
34, 368
220, 481
1, 330, 215
157, 438
1,118,118
52, 349
107, 318
100, 994
19,879
311, 324
48,149
32, 559
39, 010
21, 225
9,561
90, 953
256, 286
104, 966
133,169
264, 908
68. 078
23, 646
12, 647
115, 012
4.18, 951
51, 574
1,114, 503
648,710
16t,ti99
124,114
72, 197
13,993
217, 314
172, 940
2, 776, 636
3L.058
367,109
33, 543
55, 76?.
7,519
60, 096
600,810
13, 170
96, 891
1,273,711
57, 487
144, 850
48, 510
21,410
59, 810
154, 879
122, 551
235, 474
50, 793
15, 646
2,464, 079
74,171
66, 081
17, 449
156, 586
208, 243
19,034,293

$262, 909
58,188
112, 026
66, 025
90, 704
2,818,966
6,250
52. 627
150, 650
631, 797
161, 441
313, 726
74, 724
41, 584
132, 445
15, 869
27, 894
36, 245
95, 251
76, 046
15, 543
18, 691
194, 457
139, 514
101, 971
167, 503
101, 178
97, 257
6, 734
134, 716
22, 545
64,041
185,002
65, 526
1,416,793
40, 829
520,917
56,042
14,500
96, 873
90,543
1, 736,106
27, 774
72, 350
15, 304
44, 446
29, 826
22, (395
53, 692
3,874
39, 593
1,441,378
91, 996
138, 707
137, 859
66, 085
28, 459
26, 825
168,164
8, 000
82, 612
32, 092
915,577
35,999

$51, 403
200, 909
25, 941
79, 101
124, 371
633, 744
6,596
629,113
24, 990
330,704
170,712
405, 000
51, 175
19, 070
153, 407
185, 220
42, 284
236,971
67, 423
166,151
333
46, 588
42, 296
11, 578
37, 923
475, 052
28, 969
104, 858
18, 384
4, 374
34, 737
12, 863
55, 81)5
302, 654
78, 286
696,1)87
1, 307, 334
10,309
118, 018
102, 112
2, 554
49, 951
9,688
1, 508, (.09
27, 190
171, 319
22, 255
113, 329
29, 352

"""i67,'075

8,397
20, 239
119, 809

62, 229
28, 010
938, 816
7, 29 L
8, 094
3,821
44, 884
70, 458
24, 398
5,462
6,834
4, 909
8,791
2,494,511
12, 995
159
37, 572
66,710
60, 869

14,156,456

13,178, 640




Total
assets.

Loss on
Nominal
assets com- value of
Offsets
pounded
assets
allowed
by returned
and settled. or soldof
order
to stockcourt.
holders.

$13,192
60, 311
8,487
6,537
21, 498
166, 831
62, 774
36, 598
41,324
310, 813
7, 245
1, 856, 661 1,482, 725
184, 971
22, 962
16, 072
176, 831
274, 750
164, 949
20, 608
339, 715
60,014
714
589, 938
18, 541
30, 088
150.122
12, 492
301, 903
7,700
136, 479
178
85, 248
10, 947
72, 492
55, 255
330, 3G3
165, 846
494, 870
6,170
711,870
346, 726
17,475
36, 737
518, 535
203, 271)
3, 353
8,411
49, 771
209, 603
11, 920
169, 618
3,345
580, 000
154, 945
398.123
4,902
73, 925
1,483, 5G0
172, 003
1, 285, 925
164, 843
3,843,717
4, 376
248, 515
19,141
783, 22L
7,069
262, 273
52
32, G46
9,888
431, 070
4,410
305,662
442, 937
6, 845, 076
5, 381
92, 321
32, 233
730, 271
71, 637
4,146
214, 667
5
70, 009
11, 099
122, 201
20, 997
931, 181
638
91,0i8
508
169, 209
150, 070
3, 764, 688
584
214, 768
17, 856
348,160
37,157
192, 770
1,168
134, 233
1,284
105, 842
4,104
241,304
3,721
317,810
5,645
255, 747
122
139, 202
58,319
4, 881, 044
124, 535
3,454
66, 240
63, 418
243, 535
388, 981

$49, 441
24, 217
14, 770
14, 270
18, 411
433, 400
13,478
30, 398
34, 350
295, 650
16, 073
19, 817
6,723
8, 859
20, 289
2,171
1,801
13, 749
4, 305
67, 942
21, 090
1,892
1,944
33, 375
61,147
29, 881
17, 085
47, 591
19, 560
15, 017
27, 503
19,198
41,173
43, 895
105, 769
34, 520
380,880
23, 678
19, 572
31, 922
1, 509
66, 032
26, 491
823, 725
6, 299
119, 487
535
1,129
3,312
39,410
109, 607
11, 775
4,715
110, 783
57, 994
56, 509
2,580
1,854
7,115
35,202
21, 633
5,439
888
1,790
6, 877
1,370

$558, 418
369, 806
219, 983
226, 937
368, 717
4, 822,109
201, 578
746, 506
430, 471
2, 588, 366
505, 664

3,591, 916

49,961,305

4,190,827

$223, 375
203, 792
99, 5^8
117,173
139, 309
1, 771,699
1,310
606, 580
143, 664
59, 322
79, 038
22, 559
67, 396

$34, 259

112, 818
268, 000
47, 239
6,972
106, 292
32, 372
20,141
65, 804
8, 207
118, 507
42, 883
521, 783
101, 810
203,1)82
25, 729
64
106, 562
26, 043
4,000
801
48,113
55, 264
464, 691
14,013
5,541
11,380
16, 017
18,356

"279," 987*

69,659
72, 754
77, 592
26,439
"302*654'

3,019
29, 096
184, 046
6, 333
6,541
49,155
2,936
3,123
30, 182
143,150
65, 573
4,897
3,493
3,007
816
76, 659
2,358

70, 715
38, 917
43, 697
44,068

6,424,182

., 239,132

REPORT OF THE COMPTROLLER

OF THE CURRENCY.

A.ND CLOSING, FOR THE PAST ELEVEN YEARS, ETC.—Continued.

Nominal
value of
remaining
assets.

Collected
from
assets.

Total
Loans paid,
Collected
from assess- collections and other j Dividends |
disbursement upon
fiora all
ments.
shareholders. sources.

$321, 851
105, 703
111, 908
103, 227
207, 910
2, 840, 622
103, 235
103, 3-J8

$122,127
91, 930
43, 232
8,044
9, 540
245,108

24M83
1, 325,125
144, 916
351, 377
94, 613
47, 941
100, 801
51,107
12, 001
284,438
10. 742
252, 644
04, 305
30, 5C4
78,134
19,266
20, 819
32, 519
150,001
125,603
" 160,'448'
18,3, 017
157, 782
205, 002
90, 605
20,419
11, 877
91,121
113, 701
327, 684
3,431
80, 700
127, 031
1, 234, 401
614, 741
443,857
2, 278, 756
935,427
86, 059
144,067
5?3, 640
204, 800
129, 781
114,043
10, 577
294,611
108,215
56. 607
244, 6:iS)
3, 563, 559
2, 835. 501
22, 061
35, 783
298, 688
215, 304
44,100
21,144
146, 765
57, 215
20, 849
79,258
31, 844.
413, 160
494, 085
45, 298
41, 980
66,107
72, 412
2, 222, 255
1, 240, 213
148, Oil
145, 876
179, 531
125, 494
20, 026
111,557
18, 501
98, 015
66, 543
165, 009
108, 513
204. 047
94, 804
44, 27*?
14, 251
4, 681, 734
1,100, 310
61,060
60, 021

47, 949

$36, 957

893,106
274, 465

66, 240
63,418
243, 535
388, 981

18,909, 208 19,197, 956




65,'i32

$443, 978
107, 033
155,140
111, 271
217, 450
3, 091, 730
103, 235
103, r™

215

216

REPORT OF THE COMPTROLLER OF THE CURRENCY.

INSOLVENT NATIONAL BANKS, DATE OF ORGANIZATION, FAILURE, AND CLOSING FOR
THE PAST ELEVEN YEARS, ETC.—Continued.
Balar.ce in Amount rehands of
turned to
Comptroller shareholders
in cash.
or receiver.

Amount of
assessment
upon shareholders.
$140,000
132, 000
67, 000
50, 000
53, 000
510,025

$32,963

3,626

200
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
£7
68
69
70

72, 000

43,398
6,588

" 200,'000
36, 871
5,849

50, 000
125, 000
36, 000

i<;o, ooo

15 682

50, (100
100, 000
21, T,00
17,000

86
108

3 4'20
12, 679

"no, ooo

7,135

130,000
121,750
100,000

884
859

10, 000
50, 000

240 |

1, 357 I

7, C51
2"), li>3
40, 769

300,00 )
73, 000
500, i.'OO
100,000

56, 858 j
44, 080 |
65,965 i
10,812 I
19,125
13,241

50,
200,
(iO,
f>n!
300,
75,
400,
25,
250,
152,
100,

40,965
197,204
52
4,262
4,320
33, 046
2,882 I
7,368 '
13,021 j
5,169 i
27,468 '

000
000
000
000
000
000
Oi:O
000
000
500
000

50, 000
50, 000
50, 000
300;000
14,850

50, 758
8,143
794

1

5,172
75, 229
10, 074
24, 716

3,329
590, 524
26, 606

271, 615




6,034,075

Interest
Dividends, dividends,
per cent.
X>er cent.

$35?, 062
183, 7(50
175, 952
140, 735
227, 353
1, 933, 721
13:5, 112
196, 3")6
254, (547
1,001,598
208, H24
392, 304
75,175
29, '204
n«,:t7l
90, 424 i
3ii, 109 I
202.887 j
77, 104 !
16*, 048
70, 191
27, 801
32, 419
150/200
282, 370
197, \)5'i
128, S:i2
332, 46 L
81, KU
21,182
308,,'i^o
9:5, C25
f>8(), 592
104,749
2, 7;!0,179
894, 7,'!5
2, 045,::!):}
3 83,f/9:{
401,402
200, 851
40.441
291, 0.10
237, 524
4,474,197
:»?, 526
3G5, 9:51
2S, 350
158, 608
8,131
80, 605
64!), 8(13
KG, 258
140, H-J3
2, 804, 709
127,524
170, 384
51,041
6s!
130.
IK).
8i»,
64,
9,
2, 386.
64,

7, 579

1, 363, 268

Amount of
claims
proved.

609
772
626
452
956
379
5G9
784

28,137,949

Finally
closed.

100
100
H.50
61 60
80.179
100
100
37. (MS3
100
100

38.50 Aug. 11,1884
100
Sept. 14,1881
Jan. 18, 1883
J u l y 23, 1881
J u n e 10,1880
100
100
Oct. 15,1881
. ! O c t . 5,1885
.: Mar. 3,1882

CO
100
300
300
90. 50

100
100

100

88

co
300

38.10
40
98. 35
00
100
300
50
100
300
100
100
98
8L
100
100

mo

300
100
42. 30
100
100
300

100
100
100

G1.25
38
50
05
42. 50
40
8k 10

J u l y 6,1881
Mar. 9,1882
An<r. 5, 1879
J u n o 20,1882
Mar. 9, 1885
Sept. 7,1885
J u l y 5,1879
Mar. 24,1885
Apr. 8,1881
Oct. 10,1879
Mar. 15, 1881
Mar. 1, 1884
J a n . 17, 1881
Apr. 24, 1886
Autr. 1, 1881
Feb. 6, 1883
Au.<r. 6, 1887
Feb. 4, 1882
Feb. 18, 1885
Oct. 12, 1885

.: Oct. 25, 1S86

95
50
300
5(5
100
50
70
40
40
40
100
70
20
10
85 '
300
300
100
25
100
25
50

100

i Oct. 29,1885

100

June 1,1886

100
100
100
300

rA u g . 18,1887

Feb. 17, 18.«7
Apr. 30,1867

I Oct. 17,1887

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

21'

L I A B I L I T I E S O F THE NATIONAL BANKS, AND THE R E S E R V E R E Q U I R E D AND H E L D AT
T H R E E D A T E S I N THE YEARS 1884, '85, '80, '87.
STATES AND TERRITORIES EXCLUSIVE OF RESERVE CITIES.
Reserve held.
Date.

No. of
banks.

Net de- Reserve
posits. required. Amount. Ratio to
deposits.

Classification of reserve.
Specie.

Other
lawful
money.

RedempDue
from
tion
agents. fund.

Millions. Per cent. Millions. Millions. Millions. Millions,
83. 7
10.9
31. 5
162. 5
28.2
36.4
66.8
10.7
32. 0
146. 0
26.8
36 4
79.7
10.5
30.9
156. 3
29.2
35.2

Apr. 24,1884
J u n e 20,1884
Sept. 30,1884

2,340
2,376
2, 417

Millions.
576. 0
544.7
535.8

Millions.
86.4
81.7
80.4

Mav
July
Oct.

6,1885
1,1885
1,1885

2,432
2, 442
2, 467

540. 3
552. 2
570.8

81.1
82.8
85.6

17L0
170. 3
177. 5

31.0
30.8
31.1

40.7
40.1
41.5

30.2
28.1
29.9

90.0
92.1
9"). 9

10.1
10.0
10.2

Mar. 1,1886
J u n e 3,1886
Oct. 7,1886

2, 518
2, 552
2, 5<J0

596.1
611.7
637. 6

89.4
91.8
95.6

181. 6
181.6
186. 2

30.4
29.7
29.2

45 1
49.1
47.8

27.7
29. 7
30.1

98.9
93. 5
99. 5

9.8
9.3
8.7

2,676
May 13,1887
Aii»'. 1, 1887 2, 724
2, 756
Oct. 5,1887

682. 8
683. 0
61)0. 6

102.4
102. 4
103.6

198.9
189. 5
190.9

29.1
27.7
27.6

51.1
48.9
50.8

32. 9
31.3
32.6

107. 8
102. 6
100.9

6.8
6.6
6.6

NEW YORK CITY.
•
47
45
44

282. 2
231. 8 |
254 9 |

70. 5
57. 9
63.7

75. 2
69.1
90.8

26.6
29. 8
35.6

49.5
43. 5
63.1

24.9
24.9
27.0

0.8
0.7
0.7

6,1885
1, 18H5
1,1885

44
45
4i

297. 7
312. 7
312.9

74.4
78.2
78.2

123. 5
132. 8
115.7

41. 5
42.5
37.0

96.5
96.5
91.5

26.4
37.5
23.7

0.6
0.6
0.5

Mar. 1,1886
June 3, 1886
Oct. 7, 18&6

45
4.5
45

323.6
290. 8
282.8

80.9
74. 2
70.7

101. 2
89.9
77.0

31.3
30 3
27.2

77.2
57. 9
64.1

23.5
31.5
12.5

0.5
04
0.4

Mav 13,1887
Aug. 1,1887
Oct. 5, 1887

46
46
47

299.7
2!»4. 0
284. 3

74.9
73. 5
71.1

82.8
82.6
\ 80.1

27.6
28.1
28.2

63.0

18.8
17.2
16.1

0.4
0.4
0.4

30.4
33.1
30.5

13 0
14.6
12.9

76
7.2
6.7

0.05
0 05
0.05

1.5
1.6
1.3

1.8
1.8
1.3

0.03
0.03
0.03

Mi

Apr. 24,1884
J u n e 20,1884
Sept. 30,1884

(h>. 0

63.6

CHICAGO.
May 13,1887
Aug. 1,1887
Oct. 5,1887

18
18
18

68- 0
66.3
64.'6

17.0
16. 6
16.2

20.7
22. 0
19.7

SAINT LOUIS.
May 13,] 887
Aug. 1,1887
Oct. 5,188

5
5
5




9.1
10.8
10.3

2.2
2.7
2.6

3.3
3.4
2.7

36.4
31.9
26.4

218

REPORT OF THE COMPTROLLER OF THE CURRENCY.

LIABILITIES OF THE NATIONAL BANKS, AND THE RESERVE REQUIRED AND HELD AT
THREE DATES, ETC.—Continued.

OTHEE RESERVE CITIES. *

Date.

Reserve held.
Classification of reserve.
Xo. of Net de- Reserve
Other
Due Redempbanks. posits. required. Amount. Ratio to Specie. lawful
from
tion
deposits.
money. agents. fund.
Millions. Millions. Millions. Per cent. Millions. Millions. Millions. Millions.
104.1
30.8
338.0
28.8
33.3
38.8
3.2
84.5
91.1
302. 8
30.1
29.7
29.9
28.4
3.1
75.7
99.0
308.0
32.2
30.3
33.3
32.3
3.1
77.0

Apr. 24,1884
J u n e 20, 1884
Sept. 30,1884

202
204
203

May 6,1885
July L, 1885
Oct. 1, 1885

202
202
203

346.5
350. 5
364.5

86.6
89.1
91.1

124.0
123. 4
122.2

35. 8
34. 6
33.5

40.2
41.0
41.9

39.9
38.8
35.0

40.9
40.7
42.4

3.0
2.9
2.9

Mar. 1,1886
J u n e 3,1886
Oct. 7,1886

205
2.12
217

378! 0
387.2
381.5

94.5
96,8
95.4

124.0
122. 8
113.9

32.8
31.7
29.9

49.3
50.5
44.5

28.2
30.2
26.0

43.9
39.6
41.3

2.7
2.5
2.2

Mar. 4,1887
Aug. 1,3 887
Oct. 5,1887

210
221.
223

345.1
335. 5
338.5

86.3
8;i.9
84.6

106.1
98.4
100.7

30.7
29. 3
29.7

38.0
34.8
36.3

26.4
24.2
23.2

40.2
37.7
40.0

1.4
1.2
1.2

SUMMARY.*
2, 5Sf
2, 625
2,664

1,196.2
1,07!). 3
1, 098. 7

241.4
215. 3
221.1

341. 8
306.2
346.1

28.6
2S.4
31.6

114.7
109.6
128.6

89.7
86.8
91.2

122.5
95.2
112.0

14.9
14.5

Mav 6, 1885 2, 678
JulV 1, 1885 2, 689
OcL 1, 1885 2,714

1,184.5
1,221.4
1, 248.2

242.1
250.1
254.9

418.5
4^26. 5
415.4

35.3
34.9
33.3

177.4
177.6
174.9

96.5
102.6
88.6

130.9
132.8
138.3

13.7
13.5
13.6

Mar. 1,1886 2,768
J u n e 3, 1886 2,809
Oct. 7, 1886 2, 852

1, 297. G
1, 295. 7
1,301.8

264.8
262.8
201. 7

406.8
394. 2
377.2

31.3
30.4
28.9

171.6
157. 5
156.4

79.4
91.6
68.7

142.8
133.0
140.8

T2.9
12.2
11.4

May 13, 1887
Aug. 1, 1887
Oct. 5,1887

1,404.7
1, 389. 7
1,388.4

282.9
279.1
278.0

411.9
396. 0
394.2

29.3
28.5
28.4

167.3
165.1
165.1

87.6
82.3
79.9

148.1
140.3
140.9

8.8
8.3

Apr. 24,1884
June 20, 1*84
Sept. 30,1884

2,955
3,014
3,049




* Includes Chicago and Saint Louis up to 1887.

14.3

8.3

REPORT OF THE COMPTROLLER OF THE CURRENCY.

219

TABLE SHOWING, BY GEOGRAPHICAL DIVISIONS, THE RESERVE CITIES AND CENTRAL
RESERVE CITIES, THE NUMBER OF BANKS IN OPERATION AT EVERY DATE ON WHICH
REPORTS OF CONDITION HAVE BEEN MADE, FROM MARCH 11, 1882, TO OCTOBER 5,
1887, INCLUSIVE, TOGETHER WITH THE AMOUNT OF RESERVE REQUIRED AND THE
AMOUNT HELD AT EACH O F THOSE DATES, AND T H E CLASSIFICATION OF T H E R E SERVE HELD, SHOWING AMOUNTS AND PERCENTAGES IN EACH CASE.
[Division No. 1.—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut,
excluding reserve cities.]
Classification of reserve held.

Reserve held.
Amount of
No. of reserve reDates. banks. quired, 15
per cent, of
net deposits.

Lawful money (6
"With reserve
per cent.).
agents (9 per cent.).
Amount.

Ratio.
Amount.

1882.
Mar. 11..
May 19..
Julyl...
Oct. 3 . . .
Dec. 30..

502
503
504
505
507

Per ct.
$14, 962, 709 $29,478, 618 29.55
15, 068, 764 31,457,478 31.31
15, 5D5, 375 29, 835, 966 28.86
16, 296, 302 29, 332, 584 27.00
16,254, 969
33,151, 031 30.59

Ratio.

$7,223, 511
7, 495,171
7, 585, 373
7, 916, 022
8,197, 588

Per ct.
Per ct
7.24 $17,716,653 17.76
7.46
19,488,807 19.40
7.34
17, 833. 751 17.23
7.29
16, 949,161 15.96
7.56
20, 509,426 18.93

Amount.

Ratio.

Five
per cent,
redemption fund.

$4, 538,454
4, 473, 500
4.416,842
4,467,401
4,444, 017

1883.
Mar. 13..
May 1...
Jime 22
Oct. 2....
Dec. 31 . .

507
509
510
5H
512

15, 342, 235
15, 309. 783
15, 369, 906
16,161, 030
10, 426, 477

28, 288. 564
27, 968, 728
28, 844, 230
31,164, 435
34, 548, 821

27.66
27.40
28.15
28.93
31.55

7, 552, 020
7,495, 846
7,685,718
7, 650, 678
8,144, 345

7.38
7.34
7.50
7.10
7.44

16, 299,167
16, 040, 299
16, 722, 029
19, 099, 067
21, 965,101

15.94
15. 72
16.32
17.73
20.06

4,437, 377
4, 432, 583
4,436,483
4,414, 690
4, 439,375

514
514
514
514
515

15, 959, 007
16, 081, 733
15,103, 686
15,614,046
15, 216,181

32, 510, 901
31,256,427
27,470, 663
32,199,345
31, 576, 643

30.56
27.15
27.28
30.93
31.13

7, 875, 750
8,138, 314
8, 231, 410
8,199, 770
8, 273,291

7.40
7.59
8.17
7.88
8.16

20, 374, 517
18, 787,103
14, 972, 792
19, 833, 278
19, 211,124

19.15
17.52
14.8/
19.05
18.94

4, 260, 634
4, 331, 010
4, 266, 461
4,160, 297
4,092, 228

514
511
512
f>06
506

15,553,913
16, 093, 617
16, 58!), 066
17,218,577
17,150, 864

33, 563, 396
34, 886, 706
34, 597, 448
34,416,314
32, 831, 670

32.37
32. 52
31.31
29. 98
28. 71

8,416, 689
8, 641,121
8,951,595
9, 549, 345
9, 562, 800

8.12
8.05
8.10
8.32
8.36

21,146,721
22,184,176
21,637,813
20, 832, 605
19, 311, 376

20.39
20.68
19.58
18.15
16.89

3, 999, 986
4, 061, 4694, 008, 040
4, 034, 3(54
3, 957, 494

507
510
509
510
511

17,185,207
16, 473. 718
17,388,516
18, 295, 909
17, 815, 957

32, 588,870
32, 509, 786
31,345,788
35, 762, 441
33, 229, 398

28.44
27.91
27.04
29.32
27.98

9, 772, 588
10, 304, 208
10,316,239
10,335,491
10, 888, 902

8.53
8.85
8.90
8.47
9.17

18, 969,
18, 555,
17, 449,
21, 995,
19, 338,

980
748
280
854
260

16.56
15.93
15.05
18.03
.16.28

3, 846, 302
3, 649, 830
3, 580,249
3,4.U,096
3, 002, 236

511
513
512
512

17,464,118
17,918,113
17, 228, 499
17, 758, 954

34,081, 099
33, 354, 311
28, 645,1)14
32, 079,549

29.27
27.92
24.94
27.10

10,261, 663
10, 470, 249
10, 202, 657
10, 081, 047

8.81
8.77
8.88
8.51

21,137,117
20, 384.444
16,106, 385
19, 698,402

18.15
17.06
14.02
16.64

2,682,319
2,499,618
2, 335,972
2,300,100

1884.
Mar. 7...
Apr. 24..
June 20..
Sept. 30 .
Dec. 20 . .
1885.
Mar. 10..
May 6 . . .
July 1...
Oct. 1 . . .
Dec. 24..
1886.
Mar. 1 . .
June 3..
Aii£. 27
Oct. 7...
Dec. 28 .
1887.
Mar. 4...I
May 13..
Aug. 1...
Oct?5....




220

REPORT OF THE COMPTROLLER OF THE CURRENCY.

T A B L E SHOWING, B Y GEOGRAPHICAL D I V I S I O N S , T H E R E S E R V E C I T I E S AND C E N T R A L
R E S E R V E C I T I E S , T H E N U M B E R O F BANKS I N OPERATION, ETC.—Continued.

[Division Xo. 2.—£Tcw York, New Jersey, and Pennsylvania, excluding reserve cities.]
Reserve held.

Dates.

A m o u n t of
No. of reserve required, 15
b a n k s . p e r cent, of
not deposits.

Classification of reserve held.
Lawful money (6
per cent.).'

Amount.

'Ratio.
Amount.

1882.
Mar. 1 1 . .
May 19..
July 1...
Oct. 3 . . .
Dec. 30..

507
514
515
515
521

$24, 513, 805 $47,919,202
24, 8-J5, €09 49, 0:i8J 8!)7
25, 243, 576 47,501,012
25, 702, 599 47,834,8(18
2(3, 50U, 579 4^,071,228

With reserve
agents (9 per cent.).

Ratio.

Amount.

Ratio.

Per ct.
\Per ct.
Per ct.
8.90 $30, 249, 865 18.51
29. 32 $14, 546, 614
30,100, 831 18.19
15,827.208
9. 56
29. 63
29,217,784 17.36
9.05
28. 23 15, 228,446
28, 868, 395 16.85
15, 881, 906
9.27
27.92
28, 338, 020 16.04.
10, 667, 008
9.43
27.21

per cent,
redemption fund.

$3,122, 723
3,110,858
3,054,782
3,084, 567
3, 066,200

1883.
Mar. 13..
May 1 . . .
J une 22..
Oct. 2 . . .
Dec. 3 1 . .

026, 506
905, 781
528, 884
011, 331
840,086

17.22
14. 63
17.91
16.19
16.58

3,048,327
3, 055, 692
3,048,327
3, 055, 293
3,003,052

9.43
10.38
11.06
11.11
11.03

33, 924,115
31, 556,1C0
23, 558, 015
27,634, 801
29, 977, 889

18.84
17.38
13. 86
16.42
18.33

2,921,877
2, 947, 990
2,881,974
2, 860,460
2, 785, 386

18, 925,754
20, 044,604
19,178, 305
20, 055, 448
18, 913,441

11.24
11.93
11. 23
11.44
10.57

33,
30,
30,
33,
36,

999
857
212
308
591

20.05
18.01
17.59
19.00
20.48

2, 770, 785
2, 763, 578
2, 734,330
2,818,202
2, 778, 548

30.61
29.75
30.21
28.53
27.79

18,960,011
20, 795, 357
20,185, 336
20,192, 341
20, 360,434

10.36
11.33
10.71
10.51
10.61

34, 334,359
31, 241, 898
34,176, 300
32, 249,120
30, 849, 802

18.76
17.02
18.14
16.78
16.07

2, 732, 575
2, 581,136
2, 554, 572
2, 394, 628
2,131,559

28.36
28.48
25.82
26.44

19, 405, 628
20,193,151
19, 291,157
19, 775, 576

10.03
10.20
9.70
9.87

33,449, 631
34,160,474
30, 226,408
31,370,441

17. 29
17.26
15.20
15.65

2,
1,
1,
1,

525
532
537
545
549

26,151,831
26,557,410
20, 409, 027
26, 885, 132
26, 992, 446

48,307,519 I 27.71
45, 564, 935 | 25. 74
50,817,552 28.86
48, 979, 043 27. 33
50, 577, 804 28.11

15, 222, 686
10, 603,462
16, 240, 341
16, 912,419
17,734, 066

8.74
9.38
9. 22
9.44
9.86

550
554
56.1
563
560

27, 003,470
27, 240, 954
25, 502, 692
25, 245,939
24, 531, 549

53. 829,445
53, 358, 232
45,241,638
4i), 189, 650
50, 799, 720

29.90
29.38
20. 61
29. 23
31.06

16,983,453
18,854,082
18, 801, 649
IS, 694, 389
18, 036, 445

559
559
561
557
567

25, 258, 857
25, 204, 559
25, 615, 062
26, 291, 732
26,843, 401

55,463, 538
53, 071, 039
51, 945, 847
56,170, 958
58, 345, 580

32.94
31. 58
30.42
32. 05
32.60

570
571
572
572
575

27, 453,354
27, 533, 873
28, 253, 322
28, 830, 549
28, 792,675

56, 026, 945
54, 618, 391
56,916,208
54, 836, 089
53,341,795

576
580
586
587

29, 020,465
29, 685, 015
29, 837, 428
30, 064,960

54, 867, 767
56, 268, 209
51, 361,676
52,990,784

30,
25,
31,
29,
29,

1884.
Mar. 7 . . .
Apr. 24..
J u n e 20..
Sept. 30 .
Dec. 20..
1885.
Mar. 10..
May 6 . .
July 1 - . .
Oct. 1 . . .
Dec. 24..

766,
262,
033,
297,
653,

1886.
Mar. 1 . . .
June 3 . .
Aug. 27 .
Oct. 7 . . .
Dec, 28..
1887.
Mar. 4 . . .
May IB..
Auaj. 1 . .

Oct:5 . . .




012,
914,
844,
844,

508
584
111
767

REPORT OF THE COMPTROLLER OF THE CURRENCY. 221
TABLE SHOWING, B Y GEOGRAPHICAL DIVISIONS, T H E R E S E R V E CITIES AND CENTRAL
R E S E R V E C I T I E S , T H E NUMBER O F BANKS I N OPERATION', ETC.—Continued.
[Division Xo. 3.—Delaware, Maryland, Virginia, West Virginia, and tho District of Columbia, excluding reserve cities.]
Reserve held.
Amount of
No. of reserve reDates. banks. quired, 15
per cent, of
net deposits.

1882.

Amount.

Ratio.

Per ct
$3, 326, 580 $6, 300, 888 28.41
3, 229, 343 5, 846, 228 27.16
3, 293, 618 6, 330, 795 28. 83
7, 027, 363 29.28
3, 600,294
3, 559, 250 6, 432, 974 27.11

Classification of reserve held.
Lawful money (6
Witb reserve
Five
per cent.).
agents (9 per cent.). per cent,
redemption fund.
Amount. Ratio. Amount. Ratio.

$2, 702,126
2, 867, 270
2, 951, 218
2, 883, 425
2, 943, 333

Per ct
12.18
13. 32
13. 44
12.01
12.40

$3, 212, 987
2, 597, 775
3, 000. 277
3, 752, 436
3,098,400

24. 38
24.61
26. 54
26. 67
24.82

2, 337, 863
2,713,896
2,774,761
3, 088. 038
3,018,5o6

9.94
11.54
1L.49
11.15
11.33

6, 822,590
6,446, 814
5, 375,113
6,837,101
6,467, 992

26.36
25. 37
22. 93
27.70
28.82

2, 873, 867
3, 045, 651
2, 975, 931
% 2-20, 417
2, 942, 926

3, 361, 044
2,8.)*, 130
2,919, 436
3, 286, 346
3,162,147

6, 282, 532
5, 624, 698
5, 311, 397
7, 338, 927
7, 070, 981

28. 04
29. 56
27. 29
33. 50
33. 54

89
90
91
89
91

3,163, 328
3, 259,103
3, 490, 359
3, 525, 434
3, 459, 845

6,579,113
6, 761, 881
7, 337, 721
7,125, 856
6, 826,991

91
92
93
94

3, 541, 988
3,434, 211
3, 681, 532
3, 789, 907

Per ct
14.49 $1,
12. 07
13.66
15.63
13.06

385, 775
381,183
379,300
391, 502
391, 241

3,008, 054
2, 691, 467
3, 243, 785
3, 901,193
3,210, 691

12.79
11.44
13. 44
14.09
12.05

387, 871
384, 8«l
387, 949
394, 569
391, 760

11.12
11.98
12. 71
13.05
13.12

3, 582, 688
3, 027, 832
2, 025, 960
3, 246, 528
3,164,161

13.86
11.91
8.65
13.15
14.10

366,0-35
373, 331
373, 222
370,156
360, 905

3, 043, 637
2, 985, 242
2, 758, 277
3,134, 687
2, 887, 760

13.58
15.69
14.17
14. 31
13.70

2, 895,186
2, 289, 321
2,199, 965
3, 850, 486
3, 825, 340

12. 92
12. 03
11.30
17.57
18.15

343, 709
350,135
353,155
353, 754
357, 881

31.20
31.12
31.53
30. 32
29.60

3, 079, 948
3,414, 420
3, 313,468
3,405,443
3,124,102

14.60
15.71
14.24
14.49
13.54

3,153, 202
3,034,136
3, 714, 380
3,414,134
3,414, 702

14.95
13. 97
15.96
14.53
14.80

345, 963
313,325
309, 873
306, 279
288,187

6, 685, 225 28. 31
6, 233, 763 , 27.16
6, 591, 665 26. 86
6,641,421 26.29

3, 061,122
3, 351,755
3, 397, 925
3,402,471

12. 96
14.64
13.84
13.47

3, 370. 568
2, 640, 664
2,952, 617
3, 004,141

14.27
11.53
12. 03
11.89

253, 535
241, 344
241,123
234, 809

Mar. 11.
May 19..
July 1 . . .
Oct. 3 . . . .
Dec. 30..

73
74
74
76
77

Mar. 13..
Mayl...
J u n e 22..
Oct. 2 . . . .
Dec. 3 1 . .

77
77
78
82
82

3, 527, 516
3, 528, 471
3, 621, 398
4,152, 516
3, 998, 036

5, 733, 788
5, 790,2_'4
6,406,495
7, 383, POO
6,620, 987

83
83
83
88
88

3, 877, 353
3,812,038
3, 513,153
3,702, 825
3, 365, 834

88
87
87
88
80

1884.
Mar. 7 . . .
Apr. 24..
J u n e 20..
Sept. 30 .
Dec. 'ZO...
1885.
Mar. 10..
May 6 . . .
July 1 . . .
Oct. 1 . . .
Dec. 24..
1886.
Mar. 1 . . .
June 3 . . .
Aug. 27..
Oct. 7 . . . .
Dec. 28..
1887.
Mar. 4 . . .
M a \ 13..
Aug. 1 . .
Oct. 5....




222

REPORT OF THE COMPTROLLER OF THE CURRENCY.

TABLE SIIOWING, BY GEOGRAPHICAL DIVISIONS, THE RESERVE CITIES AND CENTRAL
RESERVE CITIES, THE NUMBER OF BANKS IN OPERATION, ETC.—Continued.
[Division No. 4.—North Carolina, South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana,
Texas, Arkansas, Kentucky, and Tennessee, excluding reserve cities.]
Reserve held.
Dates.

Amount of
No. of reserve re*
quired, 15
banks. percent, of
net deposits.

Classification of reserve held.
Lawful money (6
per cent.).

Amount.

Amount.
1882.
Mar. 11..
May 19..
Julyl-..
Oct. 3 . . .
Dec. 30..

141
144
148
154
159

With reserve
gents (9 per cent.).

Satio.
Ratio.

*er ct.
>er ct.
$5,185,281 $10, 013, 832 28.97 $5,466, 058 15.81
5,419, 385 16.54
4, 915. 899 10,118,504 30.87
5, 227,153 15.33
5,115, 956 10, 326, 820 30.28
9, 392, 645 26.75
4, 771, 326 13. 59
5,266, 274
6, 340,182 15.91
5, 978,914 12, 718, 655 31.91

Amount.

Hatio.

$3,758,544
3,906,752
4, 313, 224
3, 827,425
5, 584, 656

Five
per cent,
rederupion fund.

*er ct.
10.87 $789,230
11.92
792, 367
12.65
786,443
10.90
793, 894
14.01
793,817

1883.
Mar. 13..
May 1...
June 22
Oct. 2 ...
Dec. 31.

164
169
175
391
197

6,116,981
6,190, 892
6,143, 331
6, 267, 968
6, 761, 077

13, 254,160
12, 890, 743
12, 353, 975
10,275,182
12, 940,873

32.50
31.23
30.16
24.59
28.71

6, 396, 960
6, 543, 434
6,475, 724
6, 589, 276
6, 968,159

15.69
15.85
15. 81
15. 77
15.46

6, 086,199
5, 555,724
5, 075, 892
3, 887, 690
5,170, 209

14,92
13.46
12.39
9.30
11.48

771,001
791,585
802, 359
798,216
802, 505

201
204
208
i:16
220

6, 816,062
6,874,431
6,449, 163
6, 042,864
6, 491, 216

13,644,672
12, 348, 517
11, 364,136
13,168,565
14, 560,732

30.03
26.95
26.43
27.72
33.67

6, 883, 358
6,803,162
6, 826, 409
fi,334,635
7,007,016

15.15
14.84
15.88
15.72
16.19

5, 979, 687
4, 762,025
3, 782, 006
4,087,448
6, 806, 367

13.16
10.39
10.15
15.73

781, 627
783, 330
755, 721
740, 482
747,349

Mar. 10.
May6..
Julyl..
Oct.l...
Dec. 24.

226
229
232
232
235

6, 669, 784
6,483, 495
6,442, 590
6, 388, 330
7,142,914

15, 098,820
13,065,477
12,404, 357
11,874,404
15, 834, 011

33.96
30.23
28.88
27.88
33.25

7,964, 807
7, 563, 398
7,159, 393
6, 526, 279
8, 001,784

17.91
17.50
16.67
16.03
16.80

6, 385,184
4, 765, 739
4, 532, 187
4, 322, 638
7,141, 940

14.36
11.03
30. 55
10.15
15.00

748,829
736, 340
712,777
725,487
690,287

Mar.l...
June 3 ..
Aug. 27.
Oct. 7 . . .
Dec. 28--

240
245
251
251
253

7, 583,952
7, 493, 063
7,301,499
7, 520, 093
744

16,308, 788
15, 598, 452
13, 956, 929
13, 597, 692
21,096,851

32.26
31.23
28.67
27.12
35.70

8, 523, 863
8,108, 413
7,650,399
7, 565,181
0, 659, 357

16.86
16.23
15.72
15. C9
16.35

7,114,169
6, 863,196
5, 699, 062
5,474, 973
10, 914, 071

14.07
13.74
11.71
10.92
18.47

670,756
626, 843
607,468
557, 538
523,423

265
279
290
296

9, 951, 682 22, 483, 366
9,403,413 18,093, 369
9,227,123 15, 981, 04C
9,183, 326 16, 341,034

33.89
28.86
25.98
26.69

10,365, 065
9, 623,458
8, 924, 833
9,728,521

15.62
15.35
14.51
15.89

11, 607, 039 17.50
7, 965, 043 12.71
6, 555, 611 10.66
6,100,154 9.96

511,262
504, 868
500,602
512, 359

1884.
Mar. 7..
Apr. 24.
June20.
Sept. 30
Dec. 20.
1885.

1887.
Mar. 4...
May 13..
Aug. 1 . .
Oct. 5 , . .




REPORT OF THE COMPTROLLER OF THE CURRENCY.

223

T A B L E SHOWING, B Y GEOGRAPHICAL DIVISIONS, T H E R E S E R V E CTTIES AND CENTRAL
R E S E R V E C I T I E S , THE N U M B E R OF BANKS, ETC.—Continued.
[Division I T . 5.—Ohio, Indiana, Illinois, Michigan, and Wisconsin, excluding reserve cities.]
So
Rsserve held.
Amount of
reserve reDates. Xo. of quired, 15
banks- percent, of
net deposits

Classification of reserve held.
Lawful money (6
per cent.).

Amount.

Eatio.
Amount.

1882.
Mar. 11.
May 19.
J uly 1..
Oct. 3 . .
Dec. 30.

503
512
514
519
523

"With reserve
agents (9 per cent.)

Ratio.

Amount.

Ratio.

Five
per cent,
redemption fund.

Per ct.
Per ct.
Per ct.
$19,032,152 $27, 890,100 29.78 $17, 235,102 13.58 $18,689, 973 14. 73 $1, 965, 025
18,358,481 14.67 1, 888, 355
18, 777, 697 37, 819, 405 30. 22 17, 572, 569 14.04
37, 703, 899 29.82
16, 982, 358 13.43
18. 910, 821 14. 96 1, 810, 720
18,063,931
] 7, 205, 670 13.39
16, 87.5,972 13.13 1,888,206
19, 272, 709 35, 969, 848 27.09
16, 905, 680 13.46 1,863,871
18,845, 485 35, 817, 290 28.51
17, 047, 739 13.57

1883.
Mar. 13.
May 1 .
June 22
Oct. 2 . .
Dec. 31.

530
536
544
554
554

19,081,060
18,892,570
18, 680, 838
18,563,099
17,961. 597

36, 507, 835
34, 009, 157
32, 831, 223
34, 705, 552
34, 790, 630

27.17
27.00
25.14
28.04
29.05

16, 401, 301
17, 003, 342
15, 616, 973
16, 503, 659
16, 853, 215

12.89
13. 50
12. 54
13. 34
14.07

18, 281, 364
15, 146, 61U
15, 394, 648
16, 347, 350
16,142, 536

14. 38
12. 03
12. 36
13. 21
13.48

1, 825,170
1,859,202
1,819,607
1, 854, 543
1, 794, 879

558
5G0
569
574
572

17, 808, 933
17,392,601
16, 640, 340.
15, 784, 480
15, 040, 275

34, 832, 320
32, 294, 594
30, 968, 073
31,545,494
33,478,235

29.34
27.81
29. 15
29. 98
33.39

16, 461, 984
16, 913, 978
16, 186,847
16, 127, 236
15, 563, 364

13.87
14. 59
14.59
15. 33
15.52

16,636, 811
13,623,182
13,081,876
13, 764,179
16, 332, 719

14.01
11.75
11.79
13.08
16.29

1, 733, 525
1, 7.37, 434
1. 699, 350
1, 6.34, 079
1, 582,152

567
568
567
570
570

15, 800, 692
15,054,519
16,118 869
10,501,187
16, 497,191

36,876,186
35,903,163
36, 162, 987
37, 477, 345
36, 226, 910

35.07
33. 81
33. 65
34. 07
32. 93

16, 882, 609
17,117,106
15, 936, 895
17,019,462
16,050, 698

16.03
16.09
14.83
15. 47
14. 59

18, 475, 898
17, 336, 757
18,738,134
18, 934, 890
18, 653, 616

17.54 1, 517,679
16. 30 1,509, 305
17. 45 1,487,958
17.21 1, 522, 993
16.96 1, 522, 596

571
575
582
580
576

17,184, 663
17, 452, 850
18,315,951
18,438, 101
18, 828,474

38, 467, 958
36, 682, 622
41,364,412
39,891,410
40, 251, 058

33.57
31.53
33.88
32. 45
32. 07

16, 692, 494
17, 849, 509
17, 118,272
17,974,624
18, 082, 937

14.57
15.34
14.02
14.62
14.41

20,284, 810
17, 426, 446
22,867,315
20, 594, 220
20, 974,170

17.78 1,490, 654
14.98 1. 406, 667
1.8. 73 1, 378, 825
16. 75 1, 322, 566
16.71 1,193, 951

582
584
594
598

19, 446, 236
20, 082, 778
20,814,218
20, 576, 959

42,186, 629
41,866,938
44, 475, 533
40, 983, 916

32.54
31.27
32. 05
29. 88

18, 037, 638
19,111,576
18, 401, 230
19,171, 016

13.91
14.27
13.26
13.98

23, 012, 354
21,673,404
25, 021, 687
20, 771, 852

17.75
16.19
18.03
15.14

1884.
Mar. 7 ..
Apr, 24..
June 20.
Sept. 30 .
Dee. 20..
1885.
Mar. 10..
May 6 ...
Julyl...
Oct. 1 ...
Dec. 24..
1886.
Mar. 1 ..
June 3 ..
Aug. 27 .
Oct. 7 ...
Dec. 28 ..
1887.
Mar. 4 ..
May 13..
Au'g.l ..
Oct. 5 . . .




1,136,637
1, 081, 958
1,052,616
1, 041, 048

224

REPORT OF THE COMPTROLLER OF THE CURRENCY.

TABLE SHOWING, BY GEOGRAPHICAL DIVISIONS, THE RESERVE CITIES AND CENTRAL
RESEUVE CITIES, THE NUMBER OF HANKS IN OPERATION, ETC.—Continued.

[Division No. 6.—Towa, Minnesota, Missouri, Kansas, and Nebraska (Omaha transferred to division
No. 9, October 5, 1887; Kansas City and Saiut Joseph transferred to division No. 9, May 13, 1887,
excluding reserve cities.]
Reserve held.
Amount of
No. of reserve reDates. banks. quired, 15
per cent, of
net deposits.

Amount.

1882.
Mar. 11..
May 19..
July 1 . . .
Oct.3
Dec. 30 ..

157
1G5
171
184
197

$6, 541,424 $11, 849, 967
6, 707, 0:i4
12, 348, 739
12,192, 356
6, 945, 887
11,806,093
7,211,774
12,985,540
7, 314, 811

Ratio.

Classification of reserve held.
Lawful money (6
With reserve
Five
per cent.).
agents (9 percent.). per cent,
redemption fund.
Amount. Ratio. Amount. Ratio.

Per ct.

Per ct.

Per ct

27.17
27. 62
20. 33
24.68
26.63

$5, 719,125
5, 557,107
5, 865,877
5,934,099
6, 513, 480

13.11
12. 43
12. 67
12.34
13.35

$.', 665, 681
6, 323, 635
5, 866,168
5,440,789
5, 975,158

12. 99
14.14
12. 68
11. 32
12.25

$465,161

467, 997
460,311
491,205
496,908

1883.
Mar. 13..
Mayl...
June 22 .
Oct. 2 . . . .
Dec. 3 1 . .

207
210
2:7
277
270

7, 692,
8, 007,
8, 669,
9, 087,
9, 269,

300
308
016
854
439

13, 786, 065
13, 928, 636
16,331,528
15, 692, 927
16,008,106

26.88
26. 09
28. 26
25. 90
26.00

6, 048, 070
6,926, 476
6, 739, 738
7, 240, 980
7, 756, 806

11.79
12. 98
11.66
11. 95
12.55

7, 237,137
6, 496, 862
9, l'>0, 816
7, 922, 362
7, 788, 201

14.11
12.17
15. 75
13.08
12. 60

500, 858
505,298
490, 974
529, 585
523,099

Mar. 7 . . .
Apr. 24..
June 20 .
Sept. 30..
Dec. 20 ..
1885.

287
298
309
329
329

9, 365, 609
9,712,119
9, 546, 763
9,158, 231
8, 043,147

16,334,768
17, 385,106
16, 682, 585
K>, 31)5,178
15, 874,452

26.10
2tt. H5
2«. 21
20. 70
27,55

7, 207,414
8, 463, 096
9, 366,090
8, 130, 878
7, 734, 9L7

11.69
13.07
14.72
13.32
13.42

8, 526,486
8, 406,680
6,806,014
7,677, 976
7, 642, 884

13.66
12.98
10.69
12.58
13.26

510,868
515, 330
510,451
494, 324
496, 651

Mar. 10..
MayG...
July 1 . . .
Oct.l....
Dec. 24 ..

336
340
346
359
363

9, 202,146
9, 643, 675
10, 105,532
10, 526, 279
10, 511, 542

18, 001,151
19, 11 2, 996
20, 186,373
19,159,727
19,128,184

29.45
20. 73
29. 96
27. 30
27.30

8, 442, 274
8,803,813
8, 868,049
8, 890,805
9,309,286

13.70
13.69
l.i. 16
12.68
U. 28

9,131, 647
9, 80(>, 853
10, H27,681
9, 768, 829
9, 315,121

14.89
15.25
16.07
13. 92
13. 29

490,230
502, 330
490, 643
494, 093
503. 777

377
391
404
400
418

10,872,988
12,203,016
12,34!), 300
12, 377, 7:s3
12, 811, 418

19,373, 302
23, 020,432
24, 464, 927
21,931,867
23, 053,002

26. 73
28. 30
29. 72
26.58
26. 99

8, 838,140
11, 204, 906
10,229,545
11,019,342
11,752,951

12.19
13. 77
12.43
13.35
13. 76

10, 043, 854
11,339,220
13,747, 424
10,42.', 0(36
10, 848,107

13.86
13 94
16.70
12.63
12.70

491, 308
476, 306
487,953
490, 459
451, 944

427
428
438
455

14,184, 873
13, 368,183
12,435,313
12,258,402

27,
26,
25,
22,

29.35
29.99
30.22
27.37

11, 860, 366
12, 010,369
10, 458, 690
10,275,484

12.54
13.48
12.62

15, 441,590
14,290,849
14,175, 769
11, 660, 633

16.33
16.04

450, 387
422,619
422, 236
431,193

1884.

1886.
Mar.l...
Juno 3 ..
Aug. 27..
Oct. 7....
Dec. 28 ..
1887.

Mar. 4...
May 13..
Ang.l...
Oct. 5....




752, 343
723, 8,'}7
056,695
367, 310

12.57

17. 10
14.27

REPORT OF THE COMPTROLLER OF THE CURRENCY. 225
T A B L E SHOWING, B Y GEOGRAPHICAL D I V I S I O N S , T H E R E S E R V E C I T I E S AND CENTRAL
R E S E R V E CITIES, THE N U M B E R OF BANKS I N OPERATION, ETC.—Continued.

[Division Ho. 7.—Colorado, Nevada, California, and Oregon, excluding reserve cities.]
Reserve held.
Amount of
^"o.of reserves reDates. banks. quired, 15
per cent, of
net deposits.

Classification of reserve held.
Lawful money (6
With reserve
per cent.).
agents (9 per cent.).
Amount.

Amount.

Ratio.

Amount.

Five
per cent.
redrmpRatio. tiou fund.

Ratio.

1882.
Mar. H . May 19..
July 1 . . .
Oct. 3 . . .
Dec. 30..

30
31
32
32
33

$2, 576, 675
2, 696, 322
2, 693, 926
2, 868, 124
2, 871, 064

$5, 408, 452
5, K72, 661
5, 682, 235
6,241,813
6, 379, 306

Per ct.
31.53
32.1L
31.69
32. 69
33.37

$2, 542, 858
2, 637, 314
2, 460, 625
2, 794 278
3,166. 266

Per ct.
14. 83
14. 69
13.72
14. 63
16.56

$2, 758, 864
3, 122,481
3, 109,475
3, 330, 785
3, 096,131

Per ct.
16.08
17.40
17. 34
17.44
16. 20

$106, 730
112,806
112,135
116,750
1L6,9O9

33
34
38
43
42

2, 866, F67
2,890, 642
2, 984, 656
3, 206, 008
3, 241,147

6, 081, 382
5, 487, 840
6, 35o, 648
5, 839, 540
6,447, 703

31.86
28.51
31.97
27. 35
29.88

3, 594, 598
3,133, 202
3, 203, 157
3, 098, 370
3, 558, 027

18,83
16.28
16.11
14.51
16.50

2, 374, 534
2, 240, 755
3, 033, 366
2. 619, 307
2, 763,101

12.44
11.64
15. 26
12. 27
12.80

112, 250
113,883
119,125
121,863
126, 575

43
43
45
46
47

3, 009, 761
3,028,531
2, 748, 621
2, 660, 548
2, 560, 777

5, 626, 902
5,791,614
5,492, 659
5, 798, 359
5, 524, 939

28.08
28.68
29.97
32.69
32.36

3, 217, 309
3, 207, 032
3, 604, 908
3,346,017
3,180, 260

16. 05
15. 88
20. 00
18.86
18.63

2, 287, 585
2, 462, 898
1,717,837
2, 341,155
2, 239,427

11.46
12. 20
9.37
13. 20
13.12

122, 008
121,634
109, 914
111.187
105, 252

47
49
50
51
54

2, 663, 353
2, 683,438
2, 721, 004
2,920, 866
3,189, 900

5, 978, 551
5, 699, 692
5, 697, 478
6, 635, 005
7, 038, 522

33.67
31.86
31.41
34.07
33.10

3,450, 529
3, 336, 534
2, (J66, 876
3, 260, 554
3, 732, 709

19.43
IS. 65
16.36
16.74
17.55

2, 419, 586
2, 256,198
2,626,141
3,264,417
3,192, 688

13. 63
12.61
14.48
16.76
15.01

108, 436
106, 960
104.461
110, 034
113,125

57
61
67
68
71

3, 329, 624
3, 598, 749
3, 8Gtf, 2 6
3,971,589
4, 329, 961

7, 529, 982
7, 672, 897
8, 288, 012
7, 896, 910
9, 221, 771

33. 92
31. 98
32.18
29. 83
31.95

3,947,515
4, 034, 927
4, 006, 387
4,104,213
5,276,940

17.78
16.82
15.91
15. 50
18.28

3, 465. 653
3,ft27j877
4, 075, 587
3,672,731
3, 828, 979

15. 61
14.70
15. 82
13. 87
13. 26

110,814
110, 093
116,038
119,966
115, 853

71
75
83
86

4, 674,444
5, 276,435
5,719,220
6, 330, 097

10, 289,333
11, 540, 554
11,799,916
13,784, 605

33.02
32. 81
30. 95
32.66

5,672,302
5,990, 889
6,134, 729
7, 276, 703

18.20
17.03
16.09
17.24

4, 504, 028
5, 438, 612
5, 543,590
6,385, 396

14.45
15.46
14.55
15.13

113, 003
111, 053
116, 507
122, 506

1883.
Mar. 13 .
May 1 . . .
J u n e 22 .
Oct. 2 . . .
Dec. 3 1 . .
1884.
Mar. 7 . .
Apr. 24..
J u n e 20 .
Sept. 30 .
Dec. 20..
1885.
Mar. 10..
May 6 . . .
Julyl...
Oct. 1 . . .
Dec. 24..
1886.
Mar. 1-..
June 3 ..
Aug. 27 .
Oct. 7 . . .
Dec. 28..
1887.
Mar. 4 ..
May 12..
Aug. 1 . .
Oct. 5 . . .

8770 CUR 87




15

226

REPORT OF THE COMPTROLLER OF THE CURRENCY.

TABLE SHOWING, BY GEOGRAPHICAL DIVISIONS, THE RESERVE CITIES AND CENTRAL
RESERVE CITIES, THE NUMBER OF BANKS IN OPERATION, ETC.—Continued.
I Division Xo. 8.—Arizona, Dakota, Idaho, Montana, Xew Mexico, Utah, Washington, and "Wyoming. ]
Reserve held.
Amount of
reserve reDates. banks. quired, 15
Amount.

Ratio.

Classification of reserve held.
Lawful money (6
With reserve
Five
percent.).
agents (9 per cent.). per cent,
redemption fund.
Amount. Ratio. Amount. Ratio.

1882.
Mar. 11 .
May 19..
Julyl...
Oct. 3 . . .
Dec. 30..

32
38
38
41
48

$1,144,970
1, 340, 349
1, 379, 900
1,662,285
1, 815,318

$1, 864, 032
2. 242, 753
2, 335, 024
'2, C86, 299
3, 276, 376

Per ct.
24.42
25.10
25.38
24.24
27.07

$1, 234, 034
1, 346, 771
1,265,644
1, 566, 209
1, 893, 011

Per ct.
16.17
15.07
13.76
14.13
15.64

Per ct
7.17
$547,357
803, 072 8.99
970, 470 10.55
1, 019, 233 9.20
1, 276, 416 10.55

$82, 641
92, 910
98, 920
100,857
106,919

54
55
60
70
74

1,857,414
2, 072, 505
2, 234, 510
2, 362, 081
2, 280, 534

3,171, 854
3,196, 343
3, 787, 433
3,453,105
3, 746, 766

25.62
23.13
25.42
21.93
24.64

1, 944, 893
1,946,749
1, 946, 924
2,000, 374
2,450, 974

15.71
14.09
13.07
12.70
16.12

1,118,433 9.03
1,13P, 293
8.25
1, 726,181 11. 59
I, 33!, 438 8.46
1,177,518 7.75

108, 528
110,301
114,328
121, 293
118, 244

78
84
87
87
86

2,206, 520
2, 256, 846
2,194,632
2,162,177
2,193, 537

3,406,474
3, 584, 7G0
3, 402, 695
3, 263, 041
3, 581, 574

23.16
23.83
23.26
22. 61
24.49

2, 332,136
2, 421,783
2, 377, 061
2, 077, 673
2,357,403

15. 85
16,10
16.25
14,41
16.12

955, 815
1, 038, 881
899, 284
1, 060, 754
1,114, 624

6.50
6.90
6.15
7.40
7.62

118, 523
124, 096
126, 350
118,014
109,547

88
89
94
107

2,132,223
2,124, 749
2, 317, 930
2, 492, 432
2, G33, 914

3,703, 384
3, 587, 997
3, 939, 596
4, 420, 239
4, 881, 391

26.05
25. S3
25.48
26.60
27.80

2, 525. 590
2, 387, 887
2, 354, 579
2, 600, 691
3,166, 234

17.77
16.86
15.24
15. 65
18.03

1, 068, 609 7.52
1, 089,153
7.69
1, 473, 460 9.53
1,704,733 10.26
1, 594, 293 9.08

109,185
110, 957
111,557
114, 815
120, 864

107
109
113
114
111

2, 643, 604
2, 745, 657
2, 615,777
2,675,213
2,852, 550

4, 716, 817
4, 688,187
5,173, 789
5,149, 624
5,258,108

26.86
25.61
29.67
28.87
27.65

3, 057, 426
3,091,659
3,135, 269
3, 360.609
3, 560, 333

17.41
16.89
17.98
18.79
18.70

l t 535,412
8.74
1, 47* 191 8,04
1,913,185 10.97
1,669, 970
9,36
1, 577, 946 8.25

123, 977
125,339
125,335
119, 045
119, 829

121
125
128
128

3, 019, 568
3, 258,730
3, 501, 233
3,630, C96

4,961,765
4, 782, 756
5, 626, 017
5, 730,545

•24.65
22.02
24.13
23.68

3,418,756
3, 357, 718
3, 492, 525
3, 715,196

16.98
15.46
14.96
15.35

1,421, 601
1, 303, 545
2, 010,740
1, 888, 860

7.06
6.00
8.57
7.80

121,408
121,493
122, 752
126,489

1883.
Mar. 13..
May 1 . . .
June 22..
Oct.2 . . .
Dec. 3 1 . .
1884.
Mar. 7 . . .
Apr. 24..
June 20 .
Sept. 30..
Dec. 20 . .
1885.
Mar. 10..
May 6 . . .
July 1...
Oct 1 . . .
Dec. 24..
1886.
Mar. 1 . . .
June 3 ..
Aug. 27..
Oct. 7
Dec. 2 8 . .
1887
Mar.4...
May 13..
Aug.l...
Oct. 5....




REPORT OF THE COMPTROLLER OF THE CURRENCY.

227

TABLE SHOWING, BY GEOGRAPHICAL DIVISIONS, THE RESERVE CITIES AND CENTRAL
RESERVE CITIES, THE NUMBER OF BANKS IN OPERATION, ETC.—Coutinued.

[Division No. 9.—Reserve cities—Boston, Albany, Philadelphia, Pittsburgh, Baltimore, Washington,
New Orleans, Louisville, Cincinnati, Cleveland. Chicago, Detroit, Milwaukee, Saint Louis, and
San Francisco. ]
Classification of reserve held.

Reserve held.
j Amount of
"NTn otnf! reserve reNo
Dates. y a u\k s\ quired, 15
b
'!percent.of
net deposits.

Lawful money (6
With reserve
per cent.).
agents (9 per cent.).
Amount. ! Ratio.
Amount.

1882.
Mar.U..
May 19..
July 1...
Oct* a ...
Dec. 3J..|

\Per ct.
]92 $77, 032, 003 $03, 401, 093 30. 31
192 80, 294, 028 102, 352, 999 31.87
193 81, 760, 651 95, 874, 953 29.32
193 79, 094, 509 89,143, 583 27. 90
195 77, 095, 806 95, 051, 887 30.82

1883. I
Mar. 13..!
May 1...I
June 22 .
Oct. 2 ...|
Dec. 31..!

198
199
200
200
202

77, 419, 867 89, 796, 888
78, 644, 546 91, 787, 852
83, 005, 153 103, 900, 990
80,961,109 100, 638, 235
S3, 646,150 105, 535, 835

1884.
Mar. 7...
Apr. 24 .
June 2 0 .
Sept. 30 .
Dec. 20..

202
202
204
203
203

85, 297, 591 111, 255, 031 32, 61
84,514,593 104,165, 958 80. 81
75, 708, 561 91,103,676 30. 08
76, 984, 342 99, 022, 475 32. W
78, 739, 375 I 103, 685,153 32. 92

1885.
Mar. 1 O.May 6...
Julyl...
Oct. 1 . . .
Dec. 24..

202
202
202
203
202

83, 462, 537
86, 628, 766
89,118, 594
91,118,039
91,151,185

1*8,522,306.
123, 96% 577
123,423,045
122,186, 751
117, 043, 008

1886.
Mar. 1...
Juno 3 ..
Aug. 27.
Oct. 7 ...
Dec. 28..

205
212
215
217
218

94, 506, 304
96, 810, 23.7
93, 802, 95"9
95, 363, 719
94, 305,102

1887.
Mar. 4...
May 13*.
Aug. I t .
Oct.'5

220
210
221
2°3

$54,818,246
59,318,593
57, 206, 564
52,413,066
54, 211, 536

Ratio.

Amount.

Per ct.
17.79 $34, 852, 796
18.47
39, 467, 976
17. 49
35. 233, 042
16.44
33, 213, 032
17.58
37, 282,190

Ratio.

Five
per cent,
redemption fund.

Per ct.
11. 31 $3, 730, 051
12. 29 3, 506, 430
10. 77 3, 435, 347
10.42 3,517,465
12.09 3, 558,161

16.04
17.21
17. 93
17. 42
18.91

36, 592, 761
34, 090, 027
40, 821, 353
40, 798, 990
38, 942,133

11.82
10.84
12.29
12. 60
11.64

3, 542, 326
3, 568, 243
3, 564. 354
3, 413, 838
3, 320, 311

61,503,512
•62,160, 250
59, 623, 045
63, 578, 992
66, 011, 790

18.04
18.39
19.69
20. 65
20.96

46, 437, 308
38,827,197
28, 403, 338
32, 340, 900
34, 072, 781

13. 61
11.49
9. 38
10.50
11.01

3, 254, 811
3,178, 511
3, 077, 293
3,102, 583
3, 000, 582

35. 50
35.77
34.62
33. 52
32.11

74, 383,404
80,109,098
79, 828, 139
76, 907, 632
74, 674, 927

22.28
23.12
22. 39
21.10
20.48

41,172, 443
40, 912, 049
40. 661, 8(19
42, 402, 600
39, 551, 479

11.81
11.41
11.63
10.88

2, 906, 459
2, 941,430
2, 933, 097
2,876,510
2, 817, 202

124, 034, 337
122, 784,157
110,584,450
113, 951, 757
112, 821, 235

32. 81
31. 71
29. 42
29.88
29. 91

77, 440, 733
80, 738, 933
68, 232, 506
70, 489,135
70, 633,785

20.49
20.85
18.19
18.48
18. 72

43,
39,
40,
41,
40,

11.61
10.22
10.68
10. 82
10. 70

2, 683, 357
2, 477, 801
2, 279, 261
2, 191,113
1, 815. 508

99, 518, 660 124, 447,510
86, 270, 869 106,121, 301
83, 889,166 98, 389. 974
84.621,164 100. 714,633

31. 26
30. 75
29. 32
29. 75

73,631,556
64, 496, 954"
59, 504, 534
59, 524, 848

18. 50
18.69
17. 73
17. 59

49,217 253 12. 36
40,210,839 11. 65
37, 672 349 11. 23
39, 993 709 11. 82

1,598,701
1,413,508
1,213,090
1,196, 076

29 00
29.18
31.29 ;
31. 08 I

49, 661, 801
54,129, 582
59,515.283
56, 425,407

31. 54 | 63: 273, 391

!

I
904, 247
567, 423
072, 689
271, 509
371, 942

* Kansas City and Saint Joseph included from May 13,1887, and Chicago and Saint Louis transferred
to Division No. 10.
t Omaha included from August 1, 1887.




228

REPORT OF THE COMPTROLLER OF THE CURRENCY.

TABLE SHOWING, BY GEOGRAPHICAL DIVISIONS, THE RESERVE CITIES AND CENTRAL
RESERVE CITIES, THE NUMBER OF BANKS IN OPERATION, ETC.—Continued.
[Division Xo. 10.]

Dates.

Saint Louis.

Chicago.

l^ew York City.

Amount
Amount
of reserve Ratio
of reserve Ratio
No. of
No. of required =
of
No. of required =
of
banks. 25 per cent, reserve banks. 25 pei-cent, reserve banks.
of net de- held.
of net de- held.
posits.
posits.

1882.
Mar. 11
May 19
July 1
Oct 3
Dec. 30

50
50
50
50
48

$63, 982, 629
66,708,718
69, 337, 260
63 503 245
64,391,245

Per at.
25 16
26.14
25. 99
25. 36
26.14

1883.
Mar. 13
May 1
Juno 22..-.
Oct 2
Dec. 31

48
48
48
48
47

62,437, 901
63, 422, 340
69. 809, 640
66, 735, 374
6 J, 509, 209

23.59
25. 48
28. 81
26. 53
27.58

1884.
Mar. 7
Apr. 24
Juno 20
Sept. 30
Dec. 20

47
47
45
44
44

75, 373, 069
70, 540, 863
57, 948, 702
63, 737, 684
68, 335; 552

28. 94
26. 65
29. 82
35.63
38.29

1885.
Mar. 10
MayG
July 1
Oct 1
Dec. 24

44
44
45
44
45

73,191,705
74, 436,136
78,181,211
78, 214, 626
75, 516, 839

40.12
41.48
42. 47
36 98
32. 70

1886.
Mar. 1
June 3
Aug. 27
Oct. 7
Dec. 28

45
45
45
45
45

80,887, 727
74,187, 977
70, 386, 879
70, 697, 561
73, 607, 025

31.28
30. 28
27. 46
27.24
29. 89

1887.
Mar.4
May 13
Auf 1 Oct. 5

45 78, 607,422
46 74, 921, 637
46 73,497, 514
47 71,084,776

28.70
27.64
28.11
28.18

Amount
of i eserve Ratio
required =
of
25 per cent, reserve
of net de- held.
posits.




Perct.

Perct.

1
i

\t
18

$16,993, 940
16, 579, 934
16, lbl, 735

30.41
33.14
30.53

5
5
5

2, 280,864
2, 710, 600
2,574, 297

36.40
31.89
26.44

REPORT OF THE COMPTROLLER OF THE CURRENCY.

229

AVERAGE WEEKLY DEPOSITS, CIRCULATION, AND RESERVE OF THE NATIONAL
BANKS OF NEW YORK CITY, AS REPORTED TO THE NEW YORK CLEARING-HOUSE,
FOR THE MONTHS GIVEN, IN THE YEARS 1881, 1862, 1883, 1884, 1885, 1886, 1887.

Liabilities.

Reserve.

Week eliding—
Circulation. Net deposits.

Total.

Specie.

Legal tend
era.

Ratio to
Total. liabilities.
Per cant.

Sept. 3,1881 ;$ IP, 669,400 $278, 241, 700
Sept. 10,1881 19,764,500 277,011,700
Sept. 17,1881 19,768,100 279,404,900
Sept. 24, 1881 19,747,500 277,268,600
Oct. 1.1881 19,841,400 270,727,400
Oct. 8.1881 19,849,400 263,081,600
Oct. 15,1881 19.878,400 2-4, 224, 700
Oct. 22.1881 19,901,400 250,299,000
Oct. 29,1881 19,930,400 ; 231.480,300
Sept, 2.1882
Sept. 9,18h2
Sept. 16, 1882
Sept- 23, 1882
Sept. 30, 1882
Oct. 7.1882
Oct. 14, 18>2
Oct. 21,1882
Oct. 28.1882

I

18,278,400
18, 307,000
18, 357, 5s 0
18, 623, 700
18,768,100
18, 894, 800
18,732,01)0
18,749.400
18, 764, 500

271.999,
265, 566,
263, 736,
260, 205,
251, 858,
249,136,
249, 629,
247, 974,
247, 575,

$297,911,100
200, 776, 200
299,173, 000
297,016,100
290. 568, 800
282, 931, 000
274,103,100
270, 200, 400
271,410,700

$57,816,100 $13,226, 600 $71, 042, 700
55), 991, 600 12,591,300 72, 582, 900
61,224,100 11, 979, 000 73,203.100
60,476, 000 12.451,300 72, 927', 300
54, 954, 61 0 12.150,400 67,105, 000
53, 2*7, 900 12,153,800 65,441,700
51,008,300 12, 4."2. 700 63,461,000
54,016,200 12,496, 500 66 512, 700
55, 961, 200 12, 947, 900 68, 9b9,100

23.85
24.46
24.47
24.55
23.09
23.13
23.15
24.61
25.61

19,953,100
19, 448, 800
18,6!>1,5OO
17, 993, 7i!0
18, 389, 000
18, 384, 500
18,002,700
17,023,900
17, 204, 700

69, 728, 500
66, 597, 300
67, 263, 000
65,107, 700
63, 314, 500
65,400, 500
66, 283, 700
66,542,100
65, 578, 900

24.02
23.46
23.84
23.35
23.25
24.03
24.70
24.97
24.77

53, 529, 000 21, 729, 000
52,601,400 21,074,500
53, • 97, 400 20, 662, 7liO
'

75, 258, 000
73, 675, 9U0
74, 0(50,100
71, 803, 900
70, 634, 700
71, 7(.'9,200
72, 0o9, 800
67, 9S2, 600
66, 090,400

26.35
25.91
25. 73
25.01
24.90
25.51
25.36
24.47
24.46

89, 960,700
80,480,000
90,677,500
81), 677, 700
93,287,900
96, 576,600
95,454, 900
94, 992, 200

33 85
33. (17
33. 81
33. (51
34. 52
35.16
34.80
34. 63

290, 277, 800 49, 775, 400
283, 873, 900 47,148, 500
282, 094, 200 48, 571, 500
278, 829, fiflO47,114,000
270, €44. 200 44, 925, 500
268,031,600 47,016,000
265, 361, 7uO 48,281,OUO
266, 723, 800 49,518.200
266, 339, 900 48, 374J 200

Sept. 1,1883 15,622,600 269,961,900
Sept, 8.1883 15, 527, 000 268. 805, 500
Sept, 15, 1883 15,519,700 272,325,100
Sept, 22,1*83 15, 394, GOO 271, 72•*, 2-1)0
Sept. 29, 1883 15,184,800 268, 496, 600
Oct. (3,1883 15,069,100 265, 592, 500
Oct. 13,1883 15,164,200 2 6 ^ 942, 000
Oct. 20,1883 15,252.900 202. 535, 700
Oct. 27.1883 15, 336, 200 258, 589, 600

2S5, 584, 500
2-4,332, 500
287, 844, F(H)
287, 122,80!)
283,681,400
2X0, 601, (500
284,106,200
277, 8^8, 600
27:5, 925, 800

49, 360, 6i 0
50, 067, 000
51,5F6, 700
50, 894, QtiO
47, 202, 900
46, 372, 800

64, 899,900 25, 060, 800
64, 288, 2')0 25,191, S00
65,409, 500 25, 208, 000
04, 302, 000 25, 375, 700
67, 470,600 1 25, 817, 300
68, 922, 500 27, 654,100
67, 579, 400 27, 875, 500
67, 638, 000 27, 354, 200

22, 443. 300
2), 566. 800
20,122,500
21,145,800
20, 719, 700
20, 617, 600

Sept.
Sept.
Sept.
Sept,
Oct.
Oct.
Oct.
Oct.

6,1884
13,1884
20,1884
27,1884
4,1884
11,1884
18,1884
25,1884

14, 221, 000
14,132, 300
14, 081, 400
14J083,300
13, 578, 400
12, 884, 700
12,752, 700
12, 91.0, 900

251,527, 200
251, 654, 700
254,141, 2i:0
252, 705, odO
251,696,800
261, 801,600
261,527,700
261,405,400

265, 748, 200
265, 787, 000
268,222,600
266,8-18,800
270, 275, 200
274, 686, 300
274.280,400
274J 316, 300

Sept.
Sopt.
Sept,
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.

5,1885
12, 3885
10,1885
116, 1885
3,1885
10,1885
17,1885
24,1885
31, 1885

9, 704, 700
9, 753, 300
9, 735, 800
9, 808, 000
9,1)02, 900
9, 921, 200
9, 954, 000
10, 000, 000
9, 989,800

321,859, Ono
320, 910, i;00
319, 0t30, 800
316, 767, 000
315, 002, 600
315, 596, 200
317, 296, 7dO
313, 767, 200
313, 309, 700

331, 563,700 102,921,100
330, 603, 300 100, 255,300
328, 796, 600 97, 333, 200
326, 575, 000 95, 037, 900
324,905, 500 92, 351, 6uO
325,517,400 93, 642, 500
327, 250, 700 91, 945, 300
323, 773, 200 87, 309,100
323,389,500 84,954,600

28, 701,900 131, 623, 000
28, 842, 300 129,097, COO
27, 662, 8<iO 124,996, (00
26, 014, 800 121, 052, 000
24, 516, 600 110, 808,200
23, 002, 000 116, 644, 500
22, 221,100 114,166, 400
21, 059, 800 108, 368, 900
21,874, 900 106, 829, 500

39.70
39.04
38. 01
37.07
35. 97
35. 83
34. 89
33.47
33. 03

Sept. 4.1886
Sept, 11,1886
Sept, 18,1886
Sept. 25,1886
Oct. 2,1886
Oct. -9,1886
Oct. 16,1886
Oct. 23,1886
Oct. 30.1886

8, 059, 200
8, 058, 000
8,104, 800
8,136,100
8,161,800
8,110, 700
8, 215, 900
8, 246,400
8, 234, 900

283, 366, 700
282,417,800
281,4.60, 500
283,170, 900
282, 295, 800
281,170, 758
2U5, 713, 900
283, 693, 500
284, 522, 500

291, 425, 900 SI, 371, 000
290, 475, 800 63,403,70;»
289, 571, 300 63, 823, 900
291. 307, 000 66, 714, 600
290, 457, 600 64, 111, 700
289, 281, 4.J8 65,090,9110
303,929, 800 65,028, 600
291, 939,900 65, 668, 400
292,757,400 66,188,100

19,071,400
16, 920, 300
15, 876, 700
15, 252, 200
14, 6i)7,700
13,069, 500
13,133,100
12, 803,8uO
13,177,200

80,443,000
80, 333, 000
79, 700,600
81,966,800
78, 719,400
78,160,400
78,161, 700
78, 472,200
79,365,300

27. 60
27. 66
27. 52
28.14
27.10
27.02
25.72
26.88
27.11

Sept.
Sept.
Sept.
Sept,
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.

8,112,000
8,115, 6i)0
8,126,000
8, 235,30C
8, 202,500
8,183,800
8,199,100
8, 216,200
8,115,100
8,046,100
8, 033,700

281, 345,100
279,915,600
279, 288, 500
278, 573, 000
281, 647, 300
285,703,700
289, 861, 5 0
289, 542, 800
289, 6 il, 900
289, 954,700
288, 289, 700

289,
288,
287,
288,
2S!>,
293,
298,
297,
297,
298,
296,

18, 786,100
17,769, 000
16, 389,600
16, 259, 600
15, 767, 500
16, 269, 700
16,885,400
16, 735, 800
17, 542, 400
17, 810,700
18, 070, 800

77, 961,800
76,620, 300
75,442, 500
76, 8i)o, 500
80, 386, 700
80. 587, 200
81,518,500
81,654, 500
83, 548, 200
82,450, 500
81, 862,400

26.93
26.60
26.25
26.81
27.73
27.42
27.36
27.42
28.06
27.67
27.63

3.1887
10.1887
17,1887
24,1887
1,1887
8,18R7
15,1887
22, 1887
29.18*7
5,1887
12,1887




457,100
031, 200
414, mo
808, 300
849, 800
890, 500
060,600
759, C'OO
717,000
O 0,800
f
323,400

59,175, 700
58, 851, 300
59,052, 900
60, 635,900
64, 619, 200
C4, 317, 500
64,66;*, 100
64, 918, 700
66, 005,800
64, 039, 800
63,791, 600

230

REPORT OF THE COMPTROLLER OF THE CURRENCY.
STATE OF THE LAWFUL-MONEY RESERVE OF THE NATIONAL BANKS AS
STATES AND

Dates.

Oct. 1 1881
Dec. 31, 1881
Mar. 11 1882
4 May 19 1882
5 July
1 1882
6 Oct. 3, 1882
7 Dec. 30, 1882 .
8 Mar 13 1883
q Mav 1 1883
10 June 22 1883
11
Oct. 2 1883
Dec. 31, 1883
13 Mar
7 1884
14 Apr. 24, 1884
15
Juno 20 1J-S4
16 Sept. 30, 1SH
17
Dec. 20, 1^84
18 Mar. 10, 1885
19 M a y
6, 1885
July 1, 1885
?^ Oct.
1, 1885
Dec. 24, 1885
73 Mar. I 1886
74 June 3, 1886
75 Auj;. 27, 1886
Oct. 7, 18K6
9,7 Dec. 28, 1886
*>8 Mar
4 18S7
29 May 13, 1P87
1 1887
SO Auff
31 Oct.
5, 1887
1
2

..

No. of
banks. Net deposits.

1,895
1,926
1,945
1,081
1,996
2,026
2, 005
2, 097
2, r>8
2,160
2, 253
2,280
2 314
2,340
2,376
2,417
2,417
2, 425
2, 432
2,442
2,467
2,485
2,518
2, 552
2,580
2, 500
2, 612
2, 644
2,676
2 7°4
2.756

$507, 247,143
518, 701, 965
515,108,159
510,247,650
527, 588, 049
545, 842, 600
554, 245, 520
550, 892, 283
550, 309,-464
500, 731,879
577, 880, 812
570,512,711
573 610, 5^4
575, 905, 025
544, 660, 331
535, 807, 406
520, 283, 576
537,613,418
540, 281, 214
552,196, 593
570, 838, 327
580,879,155
596, 051, 483
611,733,799
623,886, 736
637,564,136
651,607,492
675 355, 824
682, 845, 855
68'> 963 777
690, 622, 007

Reserve required.

$76,196,945
77, 809, 257
77, 283, 686
77,891,110
79,142,169
81,880,361
83,140,390
S-\ 637,104
83, 449, 581
84,112,683
86, 6?5, 688
86, 930, 753
86, 046, 715
86,399,253
81,699,049
80,371,110
78, 042, 536
80, 642, 012
81,042,182
82, 829,4fa9
85, 625, 749
87,131, 873
89, 407,722
91, 760, 069
93,583,010
95, 634, 620
97, 754,624
101, 303, 374
102, 426, 878
102 444 566
103, 593,301

RESERVE

Oct.

Dec.
Mar.
May
July
Oct.
Dec.
Mar.
May
June
Oct.
Dec.
Mar.
Apr.
June
Sept.
Dec.
Mar.
May
July
Oct.
Dec.
Mar.
June
Aug.
Oct.
Dec.
Mar.
May
Aug.
Oct.

1, 1881..
31, 1881..
11, 1882..
19, 1882..
], 1882..
3, 1882,.
30, 1882..
13, 1883..
1, 1883..
22, 1883..
2, 1883..
31, 1883..
7, 1884..
24, 1884..
20, 1884..
30, 1884..
20, 1884..
10, 1885..
6, 1885..
1, 1885..
1, 1885.,
24, 1885.
1, 1886..
3, 1886.
27, 1886..
7, 1F86.
28, 1886.
4, 1887.,
13, 1887.
1, 1887.
5, 1887.




237
238
242
242
243
243
243
246
247
248
248
249
249
249
249
247
247
246
246
247
247
247
250
2r>7
260
262
263
265
279
290
293

604, 438, 599
577,163, 351
564, 058, 531
590, 883, 075
604, 391, 647
572, 791,257
505. 948, 445
5"9,431, 070
5(58, 267, 546
611,259,171
590, 785, 030
612,621,435
642, 682, 644
620, 221, 832
534, 629, 056
562, 888,1 (-5
588, 2(19, 710
626,616,071
644, 259, 607
669,109, 214
677, 333, 000
666, 672, 097
701,576,125
683, 992, 858
656, 759, 355
664,245,121
671,648,508
712,504,320
721,809,242
706, 708, 847
697, 767, 889

151,109, 650
144,290, 838
141, 014, 632
147,720,769
151,097,911
143,197, 814
141,487,111
139, 857, 768
142,066, 886
152,814,703
147,696,483
153,155,359
160, 670, 660
155, 055, 456
133, 657, 263
140, 722,026
147,H)74,927
156, 654,242
161,064,902
167,299,805
169, 333, 265
166,668,024
175, 394,031
170, 998,214
164,189,838
166,061,280
167,912,127
178,126,082
180,467, 310
176,677,212
174,441,972

REPORT OF THE COMPTROLLER OF THE CURRENCY.

231

SHOWN BY THEIR REPORTS FROM OCTOBER 1, 1881, TO OCTOBER 5, 1887.
TERRITORIES.
Reserve held.

Amount.
$158, 299, 042
159,000.717
150, 725. 091
154, 776, 359
151,908,107
150, 351, 513
158, 832, 406
155,131, 167
148, 836, 600
157, 72S, 089
157, 493, 584
167, 741, 690
167, 008, 072
162, 460, 064
145, 997, 562
150, 304. 733
161, 80-1, 287
175, 0:10, 558
171, 011, 833
170, 245, 483
177, 470, 804
181, 357, 249
18.1, 591, 775
181, 552, 648
188, 847, 786
186,191. 889
192, 278, 974
203. 307, 527
198, 863, 737
189, 537, 562
190, 919,164

Ratio
to liabilities.

Classification of reserve held.
Specie.

Legal
tenders.

RedempUnited States
Due
certificates of from reserve tion fund with
deposit.
agents.
Treasurer.

31.2
3u.7
29.3
29.8
28.8
27. 5
28.7
28.2
26.7
28. 1
27. 2
28. 6
29.1
28. 2
20. 8
29.2
31.1
32.6
31. 6
30. 8
31.1
31. 2
30. 4
29. 6
30. 2
29.2
29. 5
30.1
29.1
27.7
27.6

$27, 509, 821
30, 283, 767
29, 161,734
30,036,477
30, 089, 064
30, 024, 289
31, 095, 496
30, U72, 360
31,414,155
31,055,220
31,253,194
33,178, 829
33,471, 053
3(5. 352, 684
36, 407, 051
35, 238,175
34, 587, 231
38, 852, 692
40, 736, 669
40, 065, 640
41, 467, 335
42,195, 802
45,138, 994
49, 082, 209
47, 370, 313
47, 824, 967
50. 326, 819
50, 884,172
51,145, 531
48, 955, 455
50, 821, 078

$26, 473, 002
28,905,001
26, 897, 694
28,160, 627
26, 857, 620
28,318,646
31,038,111
28, 871, 031
30, 367, 252
29,053,116
30, 245, 600
32, 695, 299
29, 859, 218
30, 944,464
31, 448, 254
30,392,840
29, 943, 391
30,134,197
29, 508, 030
27, 473, 329
29, 375, 936
28, 898, 910
27, 257, 991
29, 256,191
28, 214,619
29, 672, 277
31, 879,137
30, 643, 368
32, 418, 634
30, 878, 291
32,129, 930

$620,000
595, 000
610, 000
535, 000
620, 000
610, 000
635, 000
565, 000
585, 000
575,000
585, 000
610, 000
595, 000
550, 000
575, 000
500, 000
565, 000
663, 000
635, 000
635, 000
500, 000
530, 000
475, 000
465, 000
460, 000
460, 000
500, 000
555, 000
545, 000
470, 000
475, 000

$92, 335, 036
87, 745, 656
82, 599, 924
84, 721, 969
83, 221, 970
80, 064,196
84, 783, 917
84,431,394
75, 216, 795
65, 825. 601
84,119, 738
88, 057,473
92, 207, 704
83, 664, 761
60, 843, 814
79, 652,119
80, 489,195
95, 289, 830
89, 991, 054
92, 008, 593
95, 954, 541
99, 687, 965
98, 901, 439
93, 459, 713
103,612,532
99, 493, 068
101,746,037
113, 943, 928
107, 857, 035
102, 597, 807
100, 879, 879

$11, 361,183
11, 531,293
11,455,739
11, 322, 286
11,119,453
11,334,382
11,279,882
11,191,382
11,253,404
11,219,153
11, 290, 052
11, 200, 089
10,815, 097
10, 954,1.55
10, 723, 443
10, 521, 599
10, 279,470
1(>, 088, 839
10,141, 074
10, 002, 921
10,172, 992
10,044,572
9, 818, 351
9, 289, 535
9,160,322
8, 741, 577
7, 826, 981
7, 281, 059
6, 897, 537
6, 636, 009
6, 613, 271

1
2
3
4
5
G
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

27.0
28.0
28.0
29. 2
27.8
26.8
28.7
26.6
27.5
30.2
?9. 0
29. 7
30. 9
28. 9
30. 0
33. 7
35.4
37.7
38.4
38. 3
35.1
32 4
32.1
31. 0
28.6
28. 7
29.9
30.1
29.5
29.2
29.1

85,162, 735
82, 253, 632
79, 620, 297
81,177, 310
80, 751,158
72, 883, 489
75, 331, 663
67, 89< > 006
,
72, 19'*, 111
84, 299,176
76, 564, 789
81, 097, 329
88, 609, 073
78, 392, 023
73, 254, 631
93, 371, 299
105,159, 848
128, 263,181
136, 678, 750
137, 546, 852
133, 405, 237
123,158,550
126, 476, 925
108, 377, 660
101, 630,179
108, 562, 730
116, 656, 737
120, 794, 734
116,170,136
116,148,755
114, 264, 376

26, 677, C02
31,188,493
29, 725, 298
37, 797, 247
37,153,139
34, 994, 871
37, 4 H), 310
31, 977, 037
37, 889, 216
44, 779, 342
40,437, 397
47,864,497
45, 987, 877
46, 768,164
45,468, 958
46, 651, 819
46, 426,164
40, 883,125
47, 828, 963
52,228, 023
40, 362,183
38, 686, 556
39, 756, 895
50,400, 597
35, 825,132
33,140,045
35, 860, 691
35, 584, 700
47,176,454
43,599,051
41, 621,319

6,120, 000
7, 335, 000
8, 83% 000
9, 850, 000
10, 425, 000
8, 035, 000
7, 840, 000
7, 840, 000
7, 835, 00;»
10,070,000
9, 375, 000
10, 230, 000
13, 450, 000
11,440, 000
9, 295, 000
13, 700, 0u0
18, 475, 000
22, 095, 000
18, 500, 000
2.', 285, 000
18, 300, 000
11, 235, 000
11, 955, 000
11, 385, 000
7. 655, 000
5, 395, 000
5, 695,000
7, 090, 000
7, 480, 000
7, 340, 000
5, 715, 000

40,633,147
35,784, 810
34, 852, 796
39, 467, 976
35, 233, 042
33, 213, 032
37, 282,190
36, 592, 761
34, 090, 027
40, 821, 353
40, 798, 990
38, 94% 133
46,437,308
38, 827,197
28, 403, 338
32, 340, 900
34, 672. 781
41,172, 443
40, 912, 049
40, 661, 809
42,402, 609
39, 551, 479
43, 904, 247
39, 567, 423
40, 072, 689
41,271,509
40, 371, 942
49, 217, 253
40, 210, 839
37,672, 349
39, 993, 709

4, 754, 569
4, 848, 397
4, 769, 548
4, 534, 632
4, 461,139
4, 481,464
4,493, 609
4, 407,118
4,411, 768
4, 392,424
4, 271, 832
4, 087, 595
4,027,585
3, 944, 410
3, 809.102
3, 786, 688
3, 615, 312
3, 560, 564
3, 535, 850
3, 501, 437
3, 424, 960
3,360,192
3,134, 897
2, 908. 991
2, 708, 591
2, 616, 438
2, 229,148
1, 999, 696
1, 913, 048
1, 705, 980
1, 697,171

.1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
80
31

CITIES163, 348, 053
161, 410, 332
157, 802, 939
172. 827,165
167, 963, 4.78
153, 557, 856
162, 387. 772
148.706,922
153,419,122
181,302,295
171, 448, 008
182, 221, 554
198, 511, 843
179, 371, 793
160, 231, 029
189, 850, 706
208, 349,105
235, 974, 313
247, 455, 612
256,223,121
237. 894, 989
215, 991, 777
225,227,061
212, 639, 672
187, 891, 591
190, 985, 722
200,813,518
214, 686, 473
212, 950, 477
206, 466,135
203, 291, 575




232

REPORT OF THE COMPTROLLER OF THE CURRENCY.

LAWFUL-MONEY RESERVE OF THE NATIONAL BANKS AS SHOWN BY THE REPORTS

Deposits.

Reserve required (25
per cent.).

47
18
5

$284, 339,105
64, 646, 938
10, 297,188

$71, 084, 776
16,161, 735
2, 574, 297

$80,114,690
19, 739, 388
2, 722, 804

28.18
30.53
26.44

0

359,283,231

89,820,808

102, 576, 942

28. 55

25, 765, 696
3, 000, 840
25, 420,214
7, 466, 295
5, 985, 381
2, 288, 808
2, 718, 929
1, 807, 0B5
7, 488, 305
2, 920,125
3, 693, 684
1, 752,158
5,182,163
670, 507
3, 221, 350
1, 283,143

27.97
31.36
31.14
27.86
32.57
35.56
25.91
24.24
29.49
26.75
29.19
29.82
36.66
25.77
31.21
36.21

No. of
banks.

Cities, States, and Territories.

Reserve
held.

Ratio of
reserve.
Per cL

New York City
C h icago
Saint Louis
Totals of central reserve cities
Boston
Albany
Philadelphia
Pittsburgh
Baltimore
Washington
New Orleans
Louisville
Cincinnati
C leveland
Detroit
Milwaukee
Kansas City
Saint Joseph
Omaha
San Francisco
Totals of reserve cities

,

Totals of all the reserve cities
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Delaware
,
Maryland
District of Columbia.
Virginia
West Virginia
Nort h Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Ohio
•...
Indiana
Illinois
Michigan
Wisconsin
Iowa
Minnesota
Missouri
Kansas
Nebraska
Colorado
Nevada
California
Oregon
Arizona
Dakota
Idaho
Montana
New Mexico
Utah
Washington
Wyoming

92,113, 350
9, 728, 934
81, 642, 059
26, 797, 251
IS, 377, 7J6
6, 436, 273
10, 491,129
7, 456,084
25,396,147
10, 915,115
12, 652,175
5, 874, 862
14,135, 898
2,601, 502
10, 322, 425
3, 543, 668
223

338,484, 658

84, 621,164

100, 714, 633

29.75

293

697, 767, 889

174,441, 972

203, 291, 575

29.12

72
49
49
198
61
83
269
81
237
17
31
1
25
20
18
15
21
8
20
12
5
91
7
59
40
192
93
160
100
53
128
58
35
139
95
31
2
30
23
1
62
0
17
9
7
18

10,112, 332
6, 890,484
6, 720, 560
54, 494, 538
15, 321,123
24, 853, 986
88, 772, 384
39, 675, 377
71,985,304
4, 0G6, 472
6,705,176
805, 844
10, 648, 5.30
3,040,011
3, 518, 049
3, 865, 578
4, 926, 282
1,532,936
5, 772,056
1,245,493
8H,4l2
13,368,011
2,412,782
11,257,769
12,491,787
40,8(15, 984
25,191,1*3
35,235,878
23,095,161
12, 851, 562
19, 687,484
30,165, 674
4, 442, 271
17, 483, 905
9, 9-13, 345
16,165,701
455, 059
19,568,245
6,011,638
194,627
5,935,815
570, 500
8,196, 546
1,583, 219
2,423, 687
3,618, 193
1,682,048

Totals of country banks

| 2, 756

690, 622, 007

United States

| 3,049 1, 388, 389, 896




23,028,337
2,432, 233
20,410.515
6, 699, 313
4, 594, 432
1, 609. U68
2, 622, 783
1, 864, 021
6, 349, 037
2, 728, 779
3,163, 044
1, 468, 715
3, 533, 974
6c 0, 390
2, 580, 61 6
885, 917

15 per cent.
1, 516, 850
1, 033, 573
1, 0U8, 084
8,174,181
2, 298,168
3, 728, 098
13, 315, 858
5, 951, 306
10, 797, 796
'609,971
1, 005, 776
120,876
1, 597,282
456, 002
527,707
579, 837
738, 942
229,940
865, 808
180,824
124,716
2, 005, 202
361,917
1,688,6C5
1, 873, 768
6,120, 89H
3, 778,670
5, 285, 383
3, 4G4,274
1,927,734
2,953,122
4, 524, 851
606,341
2, 622, 586
1,491,502
2, 424, 855
68, 259
2, 935, 237
901,746
29, 194
8sl(), 372
85,575
1, 229, 482
237, 483
31S3, 553
542, 730
252, 307

2, 751, 943
2, 200, 816
1, 717, 275
14, 306, 786
3, 698, 768
7, 403, 931
22, 203, 218
10, 068, 633
20,718,933
1,230,916
1, 819, 234
366, 643
2,304, 498
920,130
937, 034
1,073,573
1, 273, 987
340,250
1, 355,976
444, 159
222, 949
4, 562, 972
500, 520
2, 967,876
2,661,738
11,512,566
8,138, 062
12, 208, 959
5, 586, 859
3, 537, 470
5,758,164
6, 972, 392
1,611,121
5, 515,220
2,510,413
5,6i»l, 788
62,189
6,817,822
1,222, 8(;6
33, 027
1, 333, 444
115,072
1,814,347
382, 862
757, 357
810,190
483, 346

'27. 21
31.94
25.55
26.25
24.14
29.79
24.94
25.38
28.78
30.27
27.13
45.74
21.64
30. 27
20. 63
27.77
25.86
22. 20
23.49
35.66
26.81
34.13
20.76
26.33
21.30
28.21
32. 31
34. 65
24.18
27.53
29. 25
23.10
36.27
31.54
25.25
35.15
13. 67
34. 84
20.34
16.85
22.46
20.33
22.14
24.12
31.25
22. 39
28.74

103, 593, 301

190,919,164

27.64

278,035, 273

394, 210,739

28.39

REPORT OF THE COMPTROLLER OF THE CURRENCY.
OF THEIR CONDITION AT THE CLOSE OF BUSINESS ON OCTOBER 5,

$70,662, 876
16,114,485
2, 542, 352
89, 319, 713

Held.

Specie.

Bervo.gei.to. Treasurer.

$14,464,861
6, 623,720
1, 212, 679

$1,605,000
110,000
140, 000

77, 919, 387

22, 301, 4 C
O

1, 855,000

2, 204, 262
98, 8f)0
4, 334, 432
1, 699, 013
877,182
587, 5%*
1, 295, 733
792, 247
2,639, 249
881, 000
831,416
529, 015
1, 426, 755
210 710
905, 694
6, 705

195, 000
200, 000
1, 230, 000

102, 075,847
12, 395, 938
1, 234, 042
17,123, 368
4, 679, 3:(1
3, 817, 282
1, 012, 930
2, 071, 948
1, 054, 501
4, 632, 417
1, 714,379
1, 896, 083
1, 001, 693
2, 913, 519
367, 094
1, 853.139
1, 097,184

41, 712, 544

59, 524, 848

511, 289
341 016
338, 472
2, 838, 288
827, 529
1, 326, 048
4, 979,152
2, 258, 258
4, 050,668
215,280
377, 683
43, 850
615,015
170, 211
194, 582
2"0, 930
277, 784
88, 727
331,190 ,
69,88")
47,637
760,480
137,612
615,638 I
723, 922
2, 276, 635
1,429,151
2, 029,717
1,331,050
746, 911
3,127, 322
1, 778, 613
252, 451
1,002,963
569, 535
952, 3G5
26, 029
1,154, 948
349, 094
11, 228
338,826
32, 560
48?, 133
90, 673
138,401
209, 900
96, 89.5

Eederaption
fund with

Leiral
tenders.

$79, 692, 79M $63, 622, 929
12, 958, 418
19, 692,138
1, 338, 040
2, 690, 919

~ 1 1 , 291, 253
1,190, 287
10,141*, 091
3. 3U9, 946
2, 251, 092
791,113
1, 281, 01G
910,147
3,096,184
1, 351, 027
1, 572, 522
727, 607
1, 759,112
322, 301
1, 283,103
426, 083

131, 032, 257

1887.

Classification of reserve held.

Cash reserve.
Required.

161,600, 695

38,792,012

83,426,014
245, 026, 709




810, 000
80, O'JO
1, 330,000
15, 000

$421, 900
47, 250
31, 945
501, 095
$12, 923, 926
1, 765,140
8,173, 712
2. 707, 542
2, 075, 849
649, 037
580, 231
720, 807
2, 690, 218
1,179, 021
1, 779, 601
676, 965
2, 252, 894
297, 746
1, 353, 811
152, 209

445,832
51, 658
123,134
79, 422
92, 250
26, 841
60, 750
31, 727
156, 670
20, 725
18, 000
13, 500
15, 750
5,667
14,400
33,750

30, 344, 989

19, 319, 859

3, 860,

000

39, 993, 709

1,196, 076

114, 264, 37G

41, 621, 319

5, 715,0U0

39, 993, 709

1, 697,171

1,600, 389
1, 505, 536
993, 278
8, 764, 061
2, 283, 584
4, 551, 554
12, 941, 823
6, 092, 859
12, 335, 759
735, 252
939,178
81, 594
883, 479
364,638
44(5, 321
250, 078
216, 072
108,926
541,371
138, 086
55, 879
1, 382, 2oO
219,653
1,728,671
1,012,847
4,882,761
3, 453, 169
7, 473, 837
2, 902, 832
1, 990, 253
3,01)1,454
3, 540, 735
949, 742
2,731,616
1, 347, 086
3, 324, 235
3,015
2, 850, 407
'£07, 739

238, 628
178, 783
161, 904
1, 078, 461.
229, 345
412, 979
867, 979
305, 601
671,129
71,772
61. 568
11,250
59, 745
30,474
41, 251
27, 513
44,483
8,122
37, 832
12, 112
5, 624
104,001
17,887
149, 570
63, 964
429,310
205, 792
211,090
134, 400
60, 406
134,817

912, 926
516, 527
562, 093
4,464,264
1,185, 839
2,489,398
8, 393, 416
3, 670,113
7, 712, 047
423,892
818,488
273, 799
1,361,274
525, 018
449,402
795, 982
1,013,432
223, 202
770, 773
293, 961
161,440
3, 070, 721
262, 980
1,089,635
1, 584,9-7
6, 200, 495
4,479,101
4, 524, 032
2.489, 627
1,477,701
2,531,893
3, 353, 338
626,166
2, 608, 425
1,01)5,602
2,313,611
57,487
3, 919, 548
980, 057
31,902
837, 643
88, 563
1, 384, 483
1*3, 766
377, 740
545, 494
265, 600

169, 824, 269

233

219,29G
122, 493
174, 399
1,221,311
510, 347
691,103
2, 953, 729
1, 807, 669
2,. 927,227
1.40, 253
377, 513
305,140
754,434
249,046
254, 223
470, G81
406, lltf
115,440
411,324
140, 554
01, 733
1,820,126
96, 300
533, 074
721,378
3,277,439
1, 977, 615
1, 821, 456
853,715
48i,90l
991,4^5
966, 060
302,143
1, 208, 207
328,188
890, 621

195, 000
240,
10,
10,
10,

000
000
000
000

10, 000

347, 621
38, 583
12, 550
387, 989
39,715
624, 295
84, 223
70, 498
51,120
2!), 584
50,821,078 j
165,085,454 j

32,120,936 ;
73,751,255:

78,319

29,010

452, 493
23,234
408, 209
188, 297
362, 067
246, 883
207, 077
475, 000

100,879,879

6,613,271

6,190,000

140, 873, 588

8,310, 442

j
i

14
15
16

234

REPORT OF THE COMPTROLLER OF THE CURRENCY.
ABSTRACT OF REPORTS OF EARNINGS AND DIVIDENDS OF NATIONAL BANKS

States, Territories, and reserve cities.

1
2
3
4
5
0
7

No. of
banks.

Capital stock.

Surplus.

Capital and
surplus.

$10,360,000
6,155,000
7, 691, 000
45, 090, 500
50 950,000
20, 334, 050
24, 671, 820

$2,373, 735.09 $12,733,735.09
1, 397,072. 60
7, 552,072. 60
1, 548, 346. 50
9,239, 346. 50
13, 820, 321. 58
58,910,821.58
11 651, 206. 03
62, 601, 206. 03
4,146, 355. 82 24, 480, 405. 82
6, 900, 034. 71
31, 631, 854. 71

Division No. 1

563

165,252,370

41, 897,072. 33

207,149,442, 33

New York
New York City

268
45
6
74
230
40
23

35, 224, 850
45,150, 000
1, 750, 000
12, 293, 350
32, 875, 290
20, 359, 300
10,180, 000

9,882,105.57
27, 523, 704. 21
1, 240, 000. 00
4, 214, 680. 08
10, 880, 739. 38
10,150,902.97
4, 072,343. 05

45,106,955.57
72,673, 704. 21
2, 990, 000. 00
16, 508,030. 08
43, 756, 029. 38
30, 510, 202. 97
14, 25-', 343. 05

68Q

157, 832, 790

67, 964, 475. 26

225, 797,265. 26

16
28
17
1
6
25
19

2, 033, 985
2,716,700
11,713,260
252, 000
1, 325,000
3,781,300
1, 861, 000

771, 250. 00
880,778.11
3, 382, 029. 57
60, 000. 00
386, 500. 00
1, 292, 015. 55
457,840. 67

2, 805, 235. 00
3,597,478.11
15, 095, 289. 57
312, OttO. 00
1,711,500.00
5, 073, 315. 55
2,318,840.67

112

23, 683, 245

7, 230,413. 90

30, 913, 658. 90

17
16
17
9
12
8
1
8
73
6
59
9
34

2,376, 000
1,798, 000
2,736,300
550,000
1, 935, 000
650, 000
100, 000
3,425, 000
7, 459,100
755, 000
9,758,900
3, 551, 500
5,470,140

532, 548. 83
787, 680. 00
900, 832. 99
46, 000. 00
401,159. 87
96,288. 57
11,000.00
1,163, 000. 00
2, 289, 983. 56
212,300.00
2, 254, 089. 75
934, 003. 09
1, 076,307. 80

2, 908, 548. 83
2, 585, 680. 00
3,643,132.99
596, 000. 00
2, 836,159. 87
746, 288.57
111,000.00
4, 590, 000. 00
9, 749, 083. 56
907, 300. 00
12, 012, 989.75
4, 485, 503. 09
6,552,447.80

269

8
9
10
11
12
13
14

71
49
49
195
54
61
84

40, 570, 940

10, 713,194. 40

51,284,134.46

186
13
9
92
153
15
97
7
47
3

22, 249, 000
9, 600, 000
6, 600, 000
11,894,500
14, 011, 500
13, 950, 000
10, 484, 600
3, 300, 000
3, 985, 000
650, 000

4, 905, 737. 57
1, 444, 000. 00
809, 000. 00
3,436,825.19
4, 488, 954. 76
3, 715, 000. 00
2,100, 215. 92
424, 300. 00
1, 069, 668. (56
390, 000. 00

27,154,737.57
11,044,000.00
7, 409, 000. 00
15, 331, 325.19
18,500,454.76
17, 665,000. 00
12,584,815.92
3, 724, 300. 00
5, 054, 668. 66
1, 040, 000. 00

622

36,724, 600

22,783, 702.10

119,508,302.10

126
52
39
5
103
89

10 140 000
12, 305, 000
5, 831, 000
3, 000, 000
7, 087,100
7,198,175

2 504,706.98
2, 301, 052. 39
873, 472. 29
1, 065, 000.00
1, 230, 209. 99
1,322,508.57

12, 644, 706. 98
14, 606, 052.39
6, 704, 472. 29
4,065, 000.00
8, 317, 309. 99
8, 520, 743.57

414

45, 561, 275

9,297,010.22

54, 858,285. 22

27
2
23
3
17

2,435, 000
150, 000
3, 080, 000
2, 600, 000
1, 285, 000

895, 500. 00
30, 000. 00
712, 903.10
253,891.24
100,850.00

3,330, 500.00
180, 000. 00
3,792,963.10
2,853,891.24
1,385, 850. 00

72

9, 550,000

1, 993, 204. 34

11, 543,204.34

Khode Island
Connecticut

New Jersey
Pennsylvania
Philadelphia
Pittsburgh

..

DivisionNo. 2
15
16
17
18
19

Delaware
..
Maryland . . . .
Baltimore
District of Columbia

. . . .

Virginia
21
DivisionNo.3
23
24
25

Florida.

27

Mississippi.- . . . . .

29
30
31
32
33
34

New Orleans
Texas
Arkansas
Kentucky
. . .

36
33
30
40
41
4?

..

.

........

....

Tennessee

Ohio
Cincinnati
Cleveland
Indiana
Illinois
Chicago

.

. . . .
.......

Detroit

44

Milwaukee
Division No. 5
T

40
47
48

Minnesota

50
Division No. 6
r

>1
52
54
55

Colorado . . .
Nevada
California

. .

Oregon
Division No. 7




. . .

........

REPORT OF THE COMPTROLLER OF THE CURRENCY.

235

IN THE UNITED STATES FROM SEPTEMBER 1, 1886, TO MARCH 1, 1887.
Ratios.
Dividends.

Charged off.

Dividend Dividend to Earnings to
to capital. capital and capital and Premiums.
surplus.
surplus.

Net earnings.

Per cent.

Per cent.

Losses.

$365, 000.00
227, 050. 00
263, 930. 00
1,551,520.67
1, 368,863. 20
64^>, 914. 00
899, 202. 50

$225, 541.40
303, 594. 79
340, 887.31
1, 718, 388.16
1,730,927.11
822, 894. 47
1, 034,473. 73

3.52
3.69
3.43
3.44
2.69
3.16
3.64

2.87
3.01
2.8G
2. 63
2.19
2. 63
2.84

Per cent.
1.77
4.02
3.69
2.92
2.76
3. 36
3.27

$20,125.22
32, 8t)3. 79
45, 776. 97
159,822.19
203,746. 74
98,369.19
50,302.01

$369, 914. 26
14, 241. 33
42,116.10
388,117.51
474, 035. 10
90,96:1.15
246, 858.10

5,318,480.37

6,176,706.97

3.22

2.57

2.98

611,036.11

1, 626, 245. 58

1,331,190.77
2, 042, 5o2.45
114,700.00
553, 982. 00
1,645,249.10
829,660. 00
368,750. 00

1, 990, 766. 07
4, 274, 257.49
162, 653. 45
846, 138.15
2,031,672.75
1,196,054.48
597, 527. 30

3.78
4. 52
G. 55
4.50
5. 00
4.08
3.62

2.96
2. 81
3.83
3. 36
3.76
2. 72
2. 59

4.41
5.88
5.44
5.05
4.64
3. 92
4.19

97,423. 51
53,281. 16
5, 625. 00
40, 340. 89
111,781. 13
103,991 72
11,804.09

356, 562. 87
867,495.91
12, 034. 23
109, 208. 20
260,871.25
178,227. 35
57, 6^5. 09

6, 88", 094. 32

11,099,069.69

4.36

3.05

4.91

424, 307. 50

1, 842, 084. 90

88, 929. 97
115,577.14
421,571.10
10, 080. 00
49,375.00
138, 942, C
O
72, 330. 00

127,390. 33
147,984.76
508, 248. 73
11,917.94
67, 807. 91
205, 471. 82
73, 868.49

4.37
4.25
3. 60
4.00
3. 73
3.67
3.89

3.17
3.2L
2. 79
3. 23
2. 88
2. 74
3.12

4. 54
4.11
3.96
3.82
5.13
4. 05
3.19

1,100.00
17, 092. 37
6, 438. 57
2, 500. W)
875. 00
13, 227. 63
3, 890. 57

9,013.72
15,4*2.51
180, 185.76
2,431.89
7, 795. 93
68, 250. 83
10, 549. 07

896, 805. 21

1, 252, 689. 98 .

3.79

2. 90

4.05

45,124.14

293, 709. 74

915, 330. 00
77, 350. 00
101, 875. 00
25, 000. 00
8:{, 000. 00
86, 500. 00
4, 000. 00
187, 760. 00
521, 596. 00
41.000.00
371, 795. 00
133, 0G0. 00
25(5, 341. 60

121,437.30
105, 323. 50
126, 933. 23
36,210.08
163,170. 83
45,168.40
4, 737. 52
200,110.60
556,151. 96
61,466.38
439, 458. 39
132,991.49
373, 883. 99

3. 93
4, 30
a. 72
4. 55
4. 29
5.62
4. 00
5. 48
6. 99
5.43
3.81
3. 75
4.68

3.21
2. 99
2.82
4.19
3. 55
4.89
3.64
4. 09
5. 35
4.24
3. 09

5, 050. 56
28, 650. 00
12, 0!8. 13
3,490.29
3. 000. 00
235. 35
1 000.00
7,431.57
8, 943. 33
1,562.50
67,893 71
31, 007. 23
2, 999. 32

44. 844.91
24.459.16
15, 944. 30
3,665 19
19, 352. 35
1,131.25

2.96
3.91

4. IB
4.07
3. 48
6.08
6.98
6. 05
4.31
4. 36
5.70
6. 35
3.66
2. 96
5.71

1, 932, 597. 06

2,307, 052.67

4.7G

3. 77

4.62

173,287.99

835, 724. 57
302, 500. 00
192, 000. 00
578, 180. 00
692, 230. 00
556, 000. 00
537,261.80
140, 000. €0
194,572.02
26, 000. 00

997, 330. 28
4.")5, 546. 23
287, 995. 25
664, 637. 69
97?, 487. 60
1,132, 195.30
690, 571. 41
185, 737. 07
289,316.21
54, 489. 02

3. 76
3.15
2. 91.
4.86
4. 94
3.99
5.12
4.24
4.8S
4. CO

3.08
2.74
2. 59
3.77
3. 74
3.15
4, 27
3.76
3. 85
2.50

3. 67
4.12
3. 89
4.34
5.28
6.41
5. 49
4.99
5. 72
5.24

70, 260. 58
23,117.50
11,657.56
59,512.79
15, 106.06

4, 054, 468. 45

5, 735, 806. 66

4.19

3.40

4.80

234,193.79

43
1, 020, 267. 02 44

545, 250. 00
524,150.00
2L(i,9!M.3.'J
105,000.00
412, 99.'. 90
385, 389.15

641, 110.20
997, 235.15
391,494.24
145, 0*9. 03
747, 995.13
613, 111.95

5.38
4.26
3.72

5.07
6.83
5.84
3.57
9. 00
7.22

28, 904. 56
4,752.49
22, 666. 30
19, fi20. 68
14,198.55
35, 047. 66

99, 536.23
73, 743. 53
r
20, 179.45
51,222.93
30,641.06
52,170. 66 48
40

7, 845. m

22, 118. 91
3, 312. 50
13, 5fl2.x03
7, 700. 00

GO, 929. 40
258, 309. 97
4, 288.152
63,495. 95
30, 350. 39
59, 3G4. 45
580, 139.94
21*, 326. 74
54, 395. 54
75, 101.64
86, 487. 32
150, 443. 42
321, 085. 07
50, 18.-). V9
25, 750. 09
28,481.33
4,010.58

1
?,
3
4
5
6

7

8
9
70
il
V>,
13
14

15
16
17
18
19
*>0

??
?3
?4
95

?r>
°7
?8
9Q

?0
?1

?°
33
34

35
0-!

38
°0
40
41

1°

i

5.S6

4.31
3. 59
3. 24
2.58
4.97
4.52

2,189,776.38

3, 535, 985. 70 j

4.81

3.99

6.45

124, 596. 24

333, 493. 86 !>U

193, 400. 00
8 000 00
144'. 625. 36
52, SCO. 00
64, 800. 00

303,911.43 1
10 403 30
265, 340. 88
77, 872. 88
131, 537.42

7.94
5 33
4.70
2. 02
5.04

5.80
4 44
3.81
1.84
4.68

9.13
5 78
7.00
2.73
9.49

25, 246. 48
5,132.85
5, 600. 00
28, 528. 34

88, 605. 76
3 75° 9.'i
>
41,394. 16 ! L
12,354.51
4, 357. 99

463, 325. 36

789, 065. 91

4.80

3.97

6.83

64, 507. 67

150, 555. 35 55




!
!
I
|

1

•

3.50

5.83 !

54

236

REPORT OF THE COMPTROLLER OF THE CURRENCY.

ABSTRACT OF REPORTS OF EARNINGS AND DIVIDENDS OF NATIONAL BANKS IN

States, Territories, and reserve cities.

Dakota
Idaho
Montana
New Mexico
Utah
Washington
Wyoming

•No. of

banks.

$3,197, 000
350,000
1, 875, 000
825, 000
850, 000
1,130,000
953, 550

•.

Division No. 8
United States




Capital stock.

Surplus.

Capital and
surplus.

$585, 087,17
27,129. 59
368, 250. 00
168, 208. 81
325.250. 00
188,902.02
190, 000. 00

$3,782, 087.17
877,129. 59
2, 243, 250. 00
993, 208.81
1,175,250.00
1,318, 902. 02
1,143, 550. 00

117

9,180, 550

1, 852, 827. 59

11, 033,377. 59

2, 855

548,355, 770

163, 731, 900.20

712, 087, 670. 20

REPORT OF THE COMPTROLLER OF THE CURRENCY.

237

THE UNITED STATES, FROM SEPTEMBER 1, 1886, TO MARCH 1, 1887—Continued.
llatios.
Dividends.

N e t earnings.

Dividend

to capital.
$115,590.00
15, 000. 00
76, 400. 00
58, 500. 00
39, 500. 00
37, 550. 00
61, 500.00

Charged off.

Dividend to Earnings to
capital and capital and
surplus.
surplus.

Premiums.

$226, 048. 83
23,166.84210, 977. 82
49, 869. 57
72,163.10
95, 506. 34
65,184. 75

3. 73
4.29
4.07
7. 09
4. Co
3.3L
0.45

3.17
3.98
3.41
5.89
3. 30
2. 85
5.37

404, 040. 00

742, 917. 25

4.45

3.71

6.79

39, 845. 56

22,148, 587.75

31, 698, 794. 83

4.04

3.11

4.45

1, 716, 899. 00




6.13
6.14
9.41
5.02
6.14
7.24
5.70

$11,472.07
1, 423. 36
4,818.41
4;">9. 40
9, (595. 85
1,378.40
10, 598. 07

Losses.
$46, 484. 50
ie, 952.40
10, 784.43
3, 69(5. 29
31,747.76
1,270.16
110, 935. 54
5, 963,431. 93

56
57
58
59
60
61
62

238

REPORT OF THE COMPTROLLER OF THE CURRENCY.
ABSTRACT OF REPORTS OF EARNINGS AND DIVIDENDS OF NATIONAL BANKS

I
States, Territories, and reserve cities.

No. of
banks.

Capital stock.

Surplus.

Capital and
surplus.

72
49
49
197
54
61

$10, 385, 000 $2, 419, 208.45 $12, 804,208. 45
6, 155, 000 1,451,240.21
7, 606, 240. 21
7, 516, 000
1, 571, 125. 79 9, 087,125. 79
44, 815, 500 14, 148,180.64 58, 963, 680. 64
50, 950, 000 12, 377, 608. 09 63, 327, 608. 09
20, 834, 050
4, 218, 358. 39 24, 552, 408. 39
24, 681, 820
6, 933, 068. 94 31, 614, 888. 94

Division No. 1.

566

164, 837, 370

43,118,790.51

New York
New York City ,
Albany
New Jersey
Pennsylvania
Philadelphia....
Pittsburgh

269
45
6
75
233
41
23

34, 790, 301
45,150, 000
1,750,000
11,928,070
33,350, 340
21,558,000
10,180, 000

10, 058, 979. 68
28, 825, 762. 28
1, 243, 000. 00
4,481,270.18
11, 464, 029. 9i
10, 500, 803. 08
4, 234, 877. 29

Maine
New Hampshire.
Vermont
Massachusetts...
Boston
Rhode Island
Connecticut

Division No. 2.

158,706, 711

Delaware
Maryland
Baltimore.
District of Columbia.
Washington
Virginia
West Virginia

17
30

Division No. 3.

Division No. 4.

Division No. 6.,
Colorado
Nevada
California
San Francisco .
Oregon
Division No. 7 .




70, 808, 722.42 229,515,433.42

1
7
25
20

799, 350. 00 ~~2,~871, 335.00
908, 392. 65
3,675, 092. 65
3, 516, 510. 62 14, 779, 770. 62
60, 000. 00
312,000.00
481, 203. 75
2, 056, 203. 75
1,414,892.31
5,211, 192.31
463,426.19
2, 354, 426.19

117

23, 616, 245

7, 643, 775. 52 31, 260, 020. 52

2,412,280
1,718,000
2,818,375
500, 000
3,166,710
775, 000
400, 000
3, 425, 000
9,150, 000
900, 000
9, 808, 900
3, 551, 500
7,172, 250

544, 490. 66
2, 956, 770. 66
788, 800. 00
2, 536, 800. 00
3,770,106.71
931, 731. 71
60, 680. 00
560, 680. 00
3,719,613.66
552. 003. 66
899, 368. 27
124, 3(58. 27
430, 308.44
30, 308. 44
4, 624, 0U0. 00
1,199, 000. 00
2, 460, 004. 69 11,610,004.69
1,011,500.00
111,500.00
12,108, 209. 43
2,209,309.43
945,111.62
4,496,611.62
1, 300, 757. 80 8, 473, 007. 80

298

45, 828, 015

11, 368, 966. 28 57,196, 981..28

13
9
92
156
16
97
7
50
3

22,164, 0i>0
9, 800,000
6, 700, 000
11,894,500
14, 044, 500
14,310,000
10,484, 600
3, 300, 000
4,195, 0U0
650, 000

5,564,608.76
1, 720, 000. 00
892, 000. 00
3, 52-J, 593. 82
4,547,135.69
3, 987, 000. 00
2, 233,096. 80
451,000. 00
1,133, 583. 99
390,000.00

Division No. 5.
Iowa
Minnesota
Missouri
Saint L o u i s . .
Kansas City .
Saint Joseph.
Kansas
,
Nebraska. Omaha

44, 849, 280. 68
73,975, 762. 28
2, 993, 000. 00
16, 409, 340.18
44,814,369.91
32, 058, 803. 08
14, 414, 877. 29

11, 263, 260
252, 000
1, 575, 000
3, 796, 300
1,891,000

17

North Carolina—
South Carolina ...
Georgia
Florida
Alabama
Mississippi
Louisiana
New Orleans .
Texas
Arkansas
Kentucky
Louisville
Tennessee
Ohio
Cincinnati.
Cleveland..
Indiana
Illinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee . . .

77
2, 766,700

207, 956,160. 51

97,542,600

27, 328, 608. 66
11,520,000.00
7, 592, 000. 00
15, 417, 095. 82
18, 591, 635. 69
18, 297, 000. 00
12,717,696.80
3, 751, 000. 00
5, 328, 583. 99
1, 040, 000. 00

24, 041,020. 96 121, 583, 620. 96

126
56
31
5
5
2
116
89

10, 085, 000
13,040,000
2,281,000
3,000, 000
3,200, 000
300; 000
8, 210,100
5, 640, 000
2, 200, 000

2,600,190. 52
2, 378,452. 39
553, 947.48
1,070, 000. 00
397, 500.00
100, 000. 00
1,487, 020.17
897,447.84
570,500. 00

12, 685, 190. 52
15, 418, 452.39
2, 834, 947. 48
4,070, 000. 00
3, 597, 500. 00
406,000- 00
9, 697,120.17
6, 537, 447. 84
2, 770, 500. 00

438

47, 956,100

10,061, 058.40

58,017,158.40

~~2J>05, 000
150. 000
3, 350, 000
2, 700, 000
1, 605, 000

928, 000.00
40, 000. 00
722, 550. 05
259, 046. 02
150, 850. 00

10, 310, 000

2,100, 446. 07

3,433, 000.00
190, 000.00
4, 072, 550. 05
2, 959, 046.02
1,755, 850.00
12,410,446.07

REPORT OF THE COMPTROLLER OF THE CURRENCY.

239

IN THE UNITED STATES FROM MARCH 1, 1887, TO SEPTEMBER 1, 1887.
Charged off.

Katios.
Dividends.

Net earnings. Dividend to Dividend to Earnings to
capital. capital and capital and Premiums.
surplus.
surplus.

Losses.

$396, 800. 00
230, 550. 00
262, 930. 00
1, 545, 349 97
1, 357, 200. 00
655, 289. 00
907, 668. 50

$496, 673. 25
318, 527.1-2
316,208.82
2, 234, 865. 99
2,084,227. 12
851,053.91
923, 224.42

3.82
3.75
3.50
3.45
2.66
3. 22
3.68

3.10
3.03
2.89
2.62
2.14
2.67
2.87

3.88
4.19
3.48
3.79
3.29
3.47
2.92

$67, 082.03
37, 087. 90
11,963.24
268,921.46
106. 49i>. 75
33, 023. 07
59, 867. 20

$77, 650. 87
49, 397. 27
40, 284. 18
725, 458. 69
626, 289. 72
102,985.53
282,140. 36

5, 355, 787. 47

7, 224, 781. 33

3.25

2.58

3.47

584, 444. 65

1, 904, 206. 62

1,466,840.11
2, 076,100. 00
66, 500. 00
562. 204. 00
1,243,431.68
863, 560. 00
384, 750. 00

1,902,404.04
4,176,686.48
130,899.78
818, 503.19
1, 678, 068. 88
1,1»1, 335. 68
666, 842. 55

4.22
4.60
3.80
4.71
3.73
4.01
3 78

3.27
2.81
2.22
3.43
2.77
2.69
2.67

4.24
5.65
4.37
4.99
3.74
3.68
4.63

191,747.83
103, 677. 99
2, 000. 00
38, 241. 22
204, 008.49
30,064. 55
11,155. 63

493, 015. 42
1, 006, 329. 84
7, 544. 43
197,711.99
373, 050. 31
261,677.07
79, 225. 25

6, 663, 385. 79

10, 554, 740. 00

4.20

2.90

4.60

581,795.71

2, 418, 554. 31

89, 948. 85
130.418.00
414i 192. 42
10, 080. 00
49, 375. 00
140, 772. 00
<)5, 980. 00

132,161. 84
143, 835 01
418, 944.15
11, 542. 05
99, 669. 54
212, 083. 65
78, 891. 65

4.34
4.71
3.68
4.00
3.13
3.71
3.49

3.13
3.55
2.80
3.23
2.40
2.70
2.80

4.60
3.91
2.83
3. 70
4.85
4.07
3.35

9, 520. 99
38,918.54
21, 728. 85
12, 955. 78
26, 708.12
10,160. 83

900, 766. 27

1, 097,127. 89

3.81

2.88

3.51

119,993.11

278, 446. 51

73, 500. 00
60, 870. 00
162, 110. 00
24, 750. 00
119, 500. 00
22, 000. 00
12, 000. 00
121, 750. 00
417, 472. 22
131, 250. 00
390, 895. 00
133, 0(30. 00
255,419.00

107, 271.10
134, 734. 68
207, 677. 07
41,470.25
422, 578.16
80, 984. 80
34, 446. 53
221, 659. 00
526, 681. 06
79, b84. 54
435, 273. 97
142, 136. 63
543, 400. 09

3.05
3.83
5.75
4.95
3.77
1.84
3.00
3. 55
4. 56
14.58
3. 99
3. 75
3.56

2.49
2. 64
4.30
4.42
3.21
2.45
2.79
2.63
3.60
12. 98
3.23
2.96
3.01

3.63
5.31
5.50
7.73
11.36
9.00
8.00
4.79
4.54
7.88
3. 59
3.16
6.41

3, 200. 00
38,199.82
1, 585. 87
2, 874. 42
730. 00
2, 593. 38
781. 22
17, 750. 00
20, 419. 08
5, 343. 75
60, 437. 94
5,131.25
6, 784. 55

46, 9.77. 76
39, 340. 36
34,183.85
1, 180.50
26, 592.14
1,214.45
1,265.60
108, 633. 02
355, 082. 74
8, 935. 73
58,810.95
46, 856. 14
106, 735. 60

1, 930, 576.22

2, 977, 997, 88

4.21

3.38

5.21

165, 851. 28

835. 788. 84

900, 092. 83
310, 000. 00
498, 000. 00
689. 935. 00
507, 000. 00
480,130. 00
120, (J00. 00
242, 575. 00
42, 000. 00

1,158, 200. 39
747, 769. 67
279, 666. 11
641, 259. 21
837, 715. 65
1,282,847.28
676,148.4;
175, 574. 05
353, 019. 89
58, 970. 87

4.09
3.16
2.64
4.19
4.91
3. 54
4.58
3.64
5.78
6.46

3. 32
2.69
2.33
3.23
3.71
2.77
3.78
3.20
4.55
4.04

4.24
6.49
3. 68
4.18
4.51
7.01
5.32
4.68
6. 63
5.67

88, 618. 27
12, 500. 00
4, 345. 00
82, 327. 62
44. 305. 29
7, 337. Ci)
35, 504. 05
937. 50
16,667.73
20, 458. 69

248,133. 09
40,151 60
37, 560. 86
94, 742. 23
159, 793. 09
l&K 049. 32
76, 727. 90
44,143. 98
13, hO9. 69
5, 531. 32

3, 972, 702. 83

J77, ooo. oa

1
2
3
4
5
6
7

8
9
10
11
12
13
14

1, 993. 00 15
4, 520. 90 16
213, 089. 76 17
18
19, 870. 49 19
28, 208. 96 20
10, 703.40 21

6, 214,171. 56

4.07

3.27

5.11

313, 001. 84

663,175. 22
665, 575. 01
144, 393. 12
204,349.70
301, 860. 94
15,427.23
650, 553. 45
469, 580. 91
97, 482. 95

5.00
4.57
4.70
3.67
4.06
3.33
5.35
6.41
3.14

3.98
3.87
3. 78
2.70
3.61
2.46
4.53
5.53
2.49

5.23
4.32
5.09
5.02
8.39
3.80
6.71
7.18
3.52

20, 589. 59
25, 371. 98
7, 216. 42
375. 00
812. 50
31,790.32
27, 295.42
4, 947.50

60,134. 98
128, 223. 59
9, 880. 36
23,143. 35
76, 788.1>2
16, 336. 83
137, 747.13
16, 797. 07
5,116. 80

2, 327,951. 59

3, 212, 398. 53

4.85

4.01

5.54

124, 398. 73

480,169. 03

206, 000. 00
6, 0U0. 00
186, 500. 00
52, 500. 00
52, 500. 00

289, 829. 86
12, 768. 39
295, 467. 08
96, 041.33
208, 016.17

8.22
4.00
5.57
1.94
3.27

6.00
3.16
4.58
1.77
2.99

8.44
6.72
7.26
3.25
11.85

17, 093.12
200. 00
9, 962. 64
2,114. 60
3, 971. 87

104, 577.19
1, 700. 00
71, 085. 96
21, 773. 60
8, 349. 05

503, 500. 00

902,122. 83

4.88

4.06

7.27

33, 342.23

207,485.80

35
36
37
38
39
40
41
42
43
44

909, 643. 08

500. 00
100. 00
258.00
000. 00
COO. 00
000. 00
553. 88
539. 71
000 00

2*2
23
24
25
26
27
28
29
30
31
32
33
34

504,
596,
107,
110,
130,
10,
439,
361,
69,




45
46
47
48
49
50
51
52
53

54
55
56
57
58

240

REPORT OF THE

COMPTROLLER OF THE

CURRENCY.

ABSTRACT OF REPORTS OF EARNINGS AND DIVIDENDS OF NATIONAL BANKS

States, Territories, and reserve cities.

No. of
banks.

Dakota
Idaho
Montana
New Alexieo..
03 j Utah
64 | Washington . .
65 | Wyoming

Division No. 8 .
United States..




Capital stock.

$3, 587, 500
350, (00
1, 925, 000
850. 000
850. 000
i f K;O OI:O

Surplus.

Capital and
surplus.

$663, 481.15
26. 845. 94
412, 95'). 00
172,671.46
368, 000. 00
232, 456. 93
235, 367. tO

$4,250,981.15
376, 845. 94
2, 337, 950.10
1,0.2,671 46
1,218, (00. C
O
1,302,456 93
1, 2bO, 367. 80

1, 055, 000
125
2,942

9, 747, 5uO
558, 544, 541

2,111,773.28

11, 859, 273. 28

171,254, 553.44

729, 799, 094.44

REPORT OF THE COMPTROLLER OF THE CURRENCY.

241

IN THE UNITED STATES FROM MARCH 1, 1887, TO SEPTEMBER 1, 1887—Continued.
Ratios.
Dividends.

Net earnings.

Charged off.

Dividend to Dividend to Earnings to
capital and capital and Premiums'.
capital.
surplus.
surplus.
$10,159.74
1, 200. 71
2, 846.88
1, 483.41
1, 773.44
2, 507. 77
428. 66

Losses.

$126, 067.57
12 744. 20
186, 734. 54
37, 740 31
61, 641 84
112 203. 52
77, 602, 23

4.15

3.51

i. 49
4.94
5.35
4.47
3.18

1.23
4.11
3.74
3.71
2.60

349,150.00

624,734.21

3.58

2.94

5.27

20,400.61

177,333.41

22, 003, 820.17

32, 808, 074.83

3.94

3.01

4.50

1,943,228.16

7,211, 627.60

$149,000.00
28, 6"0. 00
42, (.00. 00
45, 500. 00
50, 5(0 00
33, 500. 00

8770 CUR 87-




-16

3.21
3.38
7.99
3.69
5.06
8,24
6.01

$121,215.96
8 529 39
12,172.09
12,777.11
19, 868.51
1, 307.56
1,462. 79

59
60
61
62
fi8
64
05

242

REPORT OF THE COMPTROLLER OF THE CURRENCY.

A R N I N G S AND D I V I D E N D S O F T H E N A T I O N A L B A N K S , A R R A N G E D BY G E O G R A P H I C A L
D I V I S I O N S , F O R S E M I - A N N U A L P E R I O D S F R O M S E P T E M B E R 1. 1876, TO S E P T E M B E R

1, 1S87.
Ratios.
Geographical divisions.

No.
of
banks

Capital.

Surplus.

Dividends.

S'S 1

Net earnings.
n3 p'> w

S

Sept., 1878, to March, 1879:
New England States ..
Middle States
Western States
Total
March, 1S79, to Sept., 1879:
New England States. -Middle States
Southern States
Western States
Total
Sept., 1879, to March, 1880:
New England States...
Middle States
Southern States
Western States
Total
March, 1880, to Sept., 1880:
New England Slates...
Middle States
Southern States
Western States
Total
Sept., 1880, to March, 1881:
New England States...
Middle States
Southern States
Western States
Total
March, 1881, to Sept., 1881:
New England States...
Middle States
Southern States
Western States
Total
Sept., 1881. to March, 1882:
New England States...
Middle States
Southern States
Western States
Total
March, 1882, to Sept., 1882 :
New England States...
Middle States
Southern States
"Western States
Total
Sept.. 1882, to March, 1SS3 :
jTew England States...
Middle States
Southern States
Western States
Total




544 $165,645,820 $38,037,115
630
175
694
2, 043
542
640
175
688
2, 045
546
640
175
685
2,046
548
654
176
694
2, 072
550
657
178
702
2, 087

50, 084, 782
5,240, 054
23,382,183

$5, 295, 347 $3, 658, 989
6, 876, 398 5, 826, 662
1,077, 333
961, 734
4,291,976 4, 231, 275

464,413, 996 116, 744,134

17, 541, 054 14, 678, 6G0

173, 979. 676
30, 882, 800
93, 905, 700

104,450,120
169, 645, 936
30, 281, 800
90, 754, 200

37,441,984
49, 779, 783
5,198, 481
22, 729,103

455,132, 056 115,149, 351
164, 820, 020
169, 399,170
30, 432, 700
89,428,200

37,869,312
51, 306, 583
5,210,198
22, 840,408

454, 080, 090 L17,226, 501
165,
169,
30,
89,

3S0, 242
343, 870
423, 700
067,250

38,450,297
52, 762,674
5, 516, 335
23,416,343

454, 215, 062 120,145, 649
165.
170,
30,
90,

623,
739,
448,
034,

120
045
7C0
000

38,944,841
53, 536, 248
5,898,107
24,102, 592

456, 844, 865 122,481,788

**»
Wp 3

Its in
£ w 5c

Z
\W
Pr. ct. Pr. ct. Pr. ct.
3.2
2.6
1.8
4.0
3.1
2.6
3.5
3.0
2.7
3.6
4.6
3.6

3.8

3.0

2.5

4,761,422
7,128, 979
979, 496
4, 003,.303

3.2
3.9
3.5
4.8

2.6
3.0
3.0
3.9

2.4
3.2
2. 7
3^5

17, 401, 867 L6, 873. 200

3.8

3.1

3.0

5,610,287
9, 220, 826
1,278,695
5,042, 976

3.3
4.2
4.1
4.8

2.7
3.2
3.5
3.8

2.8
4.2
3.6
4.5

18,121,273 21,152,78 i

4.0

3.2

3.7

7, 413, 622
9,805,448
1,4!!4,102
5, 380, 078

3.5
4.2
3.7
4,7

2.9
3.2
3,2
3.7

3.6
4.1
4.0
4.8

18, 290, 200 24, 033, 250

4.0

3.2

4.2

787
771
690
773

3. 6
4.1
4.2
5.3

2.9
3.1
3,5
4.2

3.3
4.1
5.2
5.8

18, 877, 517 24,452,021

4.1

3.3

4.2

5,
6,
1,
4,

257,
690,
056,
397,

526
394
594
353

5, 409, 351
7,151,166
1, 246, 470
4,314,286

5. 858, 434
7,120, 204
1,139, 203
4,172, 359

5, 900, 861
6, 974, 934
1,264,398
4, 737, 324

6, 757,
9,162,
1, 905,
6, 6J5,

1 65, 373,120
171,560,315
30, 973, 950
91,027,100

39, 878, 448
55, 747, 501
6, 530, 694
25, 081, 751

6, 005, 608 8,166, 022
7, 558, 407 11. 925, 78 f
1, 282,120 2,300, 624
4, 653, 833 6, 778,112

3.6
4.4
4.1
5.1

2.9
3.3
3.4
3.9

4.0
5.3
6.1
5.8

2,100

458,934,485

127,238,394

19, 499, 968 29,170, 542

4.3

3.3

5.0

553
666
188
730

162,650,870
171,488,315
31, 672, 700
94, 542, 600

40, 703, 776
57, 470, 278
6, 928, 882
20,188, 953

275 7,123. 339
409 10,210,373
715 1,9*1,220
976 7, 768, 661

3.7
4.3
4.2
5.6

2.9
3.2
3.5
4.3

3.5
4.5
5.1
6.4

19, 915, 375 27, 083, 599

4.3

3.4

4.6

530
251
960
893

3.5
4.1
4.0
6.5

2.8
3,1
3.2
5.1

3.3
4.2
5.2
6.0

20, 896, 553 20, 237, 633

4.4

3.4

4.3

6, 200, 443
9,900,021
2,198, 993
8.133, 477

3.5
4.3
4.1
5.1

2,8
3.2
3.3
4.1

3.0
4.2
5.2
6.0

20,285,102 26, 432, 934

4.2

3.3

4.2

550
6G0
]8l
709

2,137
555
678
194
770
2,197
5">7
687
207
816
2, 267

460, 354, 485 131, 291, 889
165, 515, 870
173, 270, 315
32,212,700
102, 948, 830

41,033,296
58, 491, 696
7, 503, 078
26, 542, 832

473, 947, 715 133, 570,931
165,652,070
174,375,472
33, 903, 000
109, 099, 800

41, 341, 246
62,118,694
8, 228, 309
25,881, 856

483,091, 342 137, 570,105

5,
7,
1,
5,

952,
367,
333,
261,

5, 729, 842
7,191,528
1, 289, 362
6, 662, 821

5, 819, 093
7,542, 146
1,405,019
5, 518, 844

6,
9,
2,
7,

732,
704,
062,
737,

REPORT OF THE COMPTROLLER OF THE CURRENCY. 243
EARNINGS AND DIVIDENDS OF THE NATIONAL BANKS, ETC.—Continued.

Geographical divisions.

March, 1883, to Sept., 1883:
New England States...
Middle States
Southern States
"Western States
Total
Sept., 1883, to March, 1834:
New England States...
Middle States
Southern States
Western States
Total..

No.
of
banks

2, 3;:0

494, 640,140 141,232,187

565
715
248
903

167, 478, 070 41,803,161
175,317,315 04, 8U, 178
9,831,923
38,214,310
126, 959, 605 29,041,587

2, 491

507, 969, 300 145, 600, 849

2, 582

Sept., 1884, to March, 1885:
New England S t a t e s . . . 567
732
Middle States
278
Southern States
1,073
Western States
Total

2, 650

March, 1885, to Sept., 1885 :
Now England S t a t e s . . . 562
731
Middle States
287
Soniheni States
1,085
Western States
Total

Surplus.

2, 603

Sept., 1885, to March, 188G:
New England S t a t e s . . . 559
7li8
Middle States
294
Soul hern States
1,117
Western States

915
978
096
775

3.4
4.4
4.4
4.7

2.7
3.2
3.5
3.9

2.9
4.0
6.1
6.0

21, 082, 806 27, 99t, 704

4.1

3.2

4.3

5, 738, 456
8,198,912
2, 747, 018
7, 08,i, 633

3.3
4.0
4.2
4.3

2.6
2.9
3. 3
3.5

2.7
3.4
5.3
4.7

20,171,607 24, 308, 019

3.9

3.0

3.7

3.4
41
4.2
4.2

2.7
3 0
3.3
3.4

2.1
'6 1
4.5
4.3

3.9

3.0

3.2

4, 725, 395
7,297,159
2, 282, 782
7,718,959

3.3
4.0
3.8
4.5

2.6
2.9
3.0
3.6

2.3
3.1
4.2
4.5

524, 599, 002 14G, 003, 495 20,218,471 22, 024, 295

3.9

3.0

3.3

5, 925, 381
9, 484, 324
2, 705, 274
9,412,687

3.2
4.0
4.4
4.6

2.6
2.9
3.4
3.8

2.8
3.9
4.7
5.2

21,335,436 27, 527, 606

4.0

3.1

4.0

736, 479
78>, 135
553, 055
8J4, 050

3.2
4.2
4.3
4.2

2.5
3.0
3.4
3.5

3.2
4.0
4.0
4.7

21,147,142 27, 912, 719

3.9

3.0

4.0

41, 897, 072
73,445, 033
12,463,050
35, 926, 745

5,318,480 6,176,707
7. 574. 627 12,072,419
2,143, 870 2, 046, 393
7,111,610 10, 803, Ii75

3.2
4.3
4.6
4.4.

2.6
3 0
3.6
3.6

3.0
4 8
4.5
5.5

548, 355, 770 163,731, 900

22,148, 587 31, 698, 794

4.0

3.1

4.5

7, 224, 781
11,300,893
3, 268. 973
10,953,427

3.2
4.2
4.1
4.3

2.6
2.9
3.3
3.5

3.5
4.5
5.0
5.4

3. 9

3.0

4.5

4.0

3.2

4.0

167, 600,
175, 767,
40, 638,
134, 599,

370
355
300
700

41,905,905
64, 580, 400
10, 726, 209
30, 508, 955

518,005,725 147, 721, 475
167,400,370
173 212 145
42, T48, 400
139, 638, 800

41,413,826
64,741,009
11,527,942
31, 088, 344

522,899,715 148 771,121
165, 608, 370
172, 907, 352
43, 500, 300
142, 523, 580

165,
172,
44,
148,

40, 786, 007
64, 247, 888
11,505,477
30, 304,123

203, 920 41,128,387
435, 295 67, 583, 309
437, 4l.O 12, 053, 524
879, 580 32, 767, 699

165,352,320 41, 581, 845
173, 6-J8, 875 70,044, 187
45, 444, 000 11,967,821
153,138, 453 33,470, 925

2,784

537, 563, 648 157, 064, 778

Total

2, 885

March, 1887, to Sept., 1887:
New England States . . 566
764
Middle States
343
Southern States
1, 269
Western States

165, 252, 370
175,873 735
46,213,240
161, 016,425

164, 837, 370
176,635,656
51,515,315
165, 550, 200

43,118, 790
76, 574, 179
13,247,285
38, 314, 299

5, 726, 356
7,039,670
1,700, 113
6, (il6, 667

5, 551, 603
7, 089, 073
1,091,520
5, 838, 871

5,061,537
7 156 680
1, 790, 720
5, 8.!8, 707

6, 095,
9, 529,
2, 950,
9, 418,

4, 388, 812
7, 474 752
2, 420, 8:8
7,310,780

20, 437, G50 21,601,202
5,391,401
6, 953, 332
1,655,201
6,218,477

5, 375, 226
7, 044, 535
1,1)69, 190
6, 946, 485

5, 338, 635
7, 328, 708
1,994,537
6,485,172

5, 355, 787
7,357,4(>0
2, 1.J7, 328
7, 153, 3U5

6,
9,
2,
8,

Total

2. 942

558, 544, 541 171,254,553

22, 003, 820 32, 808, 074

General average

2~392:

494,730,485 138, 735, 112

19, 087,115 25, 201, 354




Pr. ct. Pr. ct. Pr. ct.
2.8
3.5
3.2
3.2
4.3
4.2
3.2
4.0
5.4
3.8
4.7
5.9
4.3

530, 956,195 153, 532, 919

Sept., 1886, to March, 1887:
New England S t a t e s . . . 563
754
Middlo States
313
Southern States
1, 225
Western States

20, 393, 576 27,574,214

h
>«

3.2

2,708

Total

N e t tarnings.

4.1

March, 1886, to Sept., 1886:
New England S t a t e s . . . 563
741
Middle States . ,
303
Southern States
1,174
Western States

Total

Dividends.

562 $166, 793, 070 $41,727,679 $5, 861,182 $6,651,595
7, 556, 795 9, 960, 635
698 173,915,405 03, 453,454
1,415,529 2, 433, 336
35, 685, 300
9, 084, 011
224
5, 500, 070 8, 528, 648
875 118,240,305 26, 967, 043

March, 1884, to Sept., 1884 :
New England States... 568
723
Middle States
2(14
Southern States
1, 027
Western States
Total

Capital.

Dividends to
capital and
surplus.
Earnings to
capital and
surplus.

Ratios
o

244

REPORT OF THE COMPTROLLER OF THE CURRENCY,

TABLE, BY STATES AND RESERVE CITIES, OF THE RATIOS TO CAPITAL, AND TO
FROM MARCH 1, 1883,
Ratio of

Ratio of dividends to capital for six months ending—
States, Territories, and reserve
cities.

^

9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66

Maine
New Hampshire
Vermont
Massachusetts
Boston
Rhode Island
Connecticut
New York
New York City...
Albany
New Jersey
Pennsylvania
Philadelphia
Pittsburgh
Delaware
Maryland
Baltimore
District of Columbia..
Washington
Virginia
"West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi ..
Louisiana
New Orleans
Texas
Arkansas
Kentucky
Louisville
Tennessee
Ohio
Cincinnati
Cleveland
Indiana
Illinois
Chicago
Michigan
Detroit
Wisconsin
Milwaukee
Iowa.
Minnesota
Missouri
Saint Louis
Kansas City
Saint Joseph
Kansas
Nebraska
Omaha
Colorado
Nevada
California
,
San Francisco
Oregon
Arizona
,
Dakota
Idaho
Montana
New Mexico
Utah
,
Washington
Wyoming
,
Average




P.ct.
4.1
3.7
3.9

P.ct.
4.3
3.0
3.5
3.4
2.5
3. 1
8.6
3.8
4.3
4.3
4.4
3.7
4.5
3.6

?.ct.
4.1
3.7
3.6
3.G
2.8
3.3
3. 7
3.7
4.5
C. 2
4.5
3.8
4.6
3.8
4.8
4.2
3.8
4.0
3.4
4.2
3.9
4.5
4.3
3.7
3.0

?>. G

2.7
3.4
3.9
4.2
4.7
0.2
4.7
4.0
4.7
3.8
4.6
4.4
3.7
4.0
3.4
5.7
4.1
3.9
4.3
3.5
2.5
3.5

4.2

r>

3.8
3.7
3. 5
3.4
2.7
3.2
A.I
4.2
4.6
3.8
4.7
3.7
4.0
3.8
4 3
4.7
3.7
4.0
3.1
3.7
3.5
3.0
3.8
5.7
4.9
3.8
2.8
3.0
3.5
4.6
L4.6
4.0
3.7
3.G
4.1

. ct.
3.4
3.2
3.1
2.9
2.3
2.8
3.1
3.2
3.2
3.4
3.6
3.1
3. 3
2.9
3.4
3.6
2.9
3.2
2.0
3.1
3.4

2.'9
3.0
6.8
3.4
7.7
5.0
3.0
4.0
4.9
3.1
2.8
4.6
3.6
3.1

7.0
12.0
7.9
4.0
10.8
•7.0
3. 0
22. 5

10.0
10.0
3.5
4.0
G. 0
3.3
4.6
4*1

8.'9 7.8
4.7
l'.Q

4.1 4.'2

3.9

9.(5
10.0
4. f
4.0
5.8

7.0
'.7
8.0 10.0
4.3 8.9
4.0 4.0
5.G 4.G

4.Y 4.9
14.0
10.0
0.8 i.Y 2.9
G.I 5.5 8.1
3.9 5. 6 4.1
3. J) 3.9 4.3
3.G 3.7 7.5
4.0

Ti

3.8

3.1.

3.3

?.8
2.9
2.7 .
2.2 !
2.9

4.9
4.1
8.0
8.0
4.3
3.5
12.0
r>. o
2.8
16.7
9.8
3.2
8.2
5.6

3.9

\ ct.
3.3
3.2
3.4
2.8
2.3
2.9
3.1
3.5
3.1
2.4
3.5
3.1
3.1
2.8
3.5
3.4
3.1
3.2
2.6

4.9
3.0
2.9
3.4
3.2
3.2
4.2
3.4
3.4
2. 6 3.5 3.5
4.2 4.0 3.6
4.9 4.6 4.3
3. 5 3.8 3.1
4.G 4.4 4.3
3.6 3.8 3.4
5.8 3.4 3.7
6.5 3.0 3.4
5.0 4.3 4.0
4.6 4.4 4.2
4.7 8.0 3.4
3.7 2, 2 3.2
4.1
3. 3

5.9
4.9
12.0 7.2
10.0 10.0
5.2 5.6
4.0 4.0
14.2 10.3
5.0 7.0
1.9
15. 0
10.9
i2.2 7.3
4.6 3.G
9. f 4.2
6.9 3.4

™_

\ct.P.ct
4. 1 ! 3. 5
3.8 | 3.7
3.4 3.4
3.3 I 3.4
2.G
o * o 7
3.1 3.2
3.7 3.G
3.7 3.8
5.5 4.5
4.9 6. G
4.4 4.5
3.7 5.0
4.4 4.1
3.6 3.G
4.3 4.4
4.3 4.3
3.7 3.0
4.0 4.0
3.2 3.7
3.2 3.7
3.7 3.9
3.8
7.3 4." 3
3.3 3.7
1.4 4.6
4.8 4.3
3. 3 5.G
4.0 4.0
3.5
4.4 5.5
3.9 7.0
3.8 5.4
3. 6 3.8
3.8
8.1 4.7
3.7 3.8
2.8 3.2
3.1 2. 9
4.4 4.9
5.2 4 9
3.8 4.0
4.2 5.1
3.7 4.2
4.G 4.9
6.4 4.0
4.9 5.4
4.2 4.3
3.9 3.7
3.8 3.5

48
7.0
4.G
3.5
16. 5
G. 9
1.6

'2.5
9.5
r>. 8

2.6
3. 9
2.7
3.2

NOTE.—Figures printed in bold-face type in column

REPORT OF THE COMPTROLLER OF THE CURRENCY.

245

CAPITAL AND SURPLUS, OF THE EARNINGS AND DIVIDENDS OF NATIONAL BANKS,
TO SEPTEMBER 1, 1887.

[arch 1.,1884.

dividends to capital and surplus for s IX
months ending—

3

00

C2
Z

1 1

1 s

1

1

CO*

1

Ratio of earnings to capital and s arplus for six
months endir g—
00
00

S3

ft

ft

ft

W.

02

1

&

P.ct P.ct. P.ct P. ct. P.ct. P.ct P.ct. P.ct. P.ct.
3. 3 3.3

3.0
3.3
3.2
4.3
2.9
4.8
3.9
5.7
3.2
4.0
4.3
3.5
2.9

3.1
3.2
2.5
2.3
2.7
3.0
3.1
2.9
2.4
3.3
2.7
3.0
2.7
3.6
3.4
3.0
3.2
2,7
3.0
3.0
2.7
2.8
2.4
2. 2
3.0
2,0
3.8
2.7
4.3
3.3
3.5
3.1
4. 0
3! 3
2.0
.'5.6
3.1
3.8
3.6
3.6
3.9
4.3
4.2
3.6
2.6
3.4
2.4

3.3
3.1
3.0
2.8
2.3
2.8
2.9
3.0
3.0
3.5
3.4
2.9
3.0
2.8
3. 5k
3.2
3.0
3.2
2.7
3.0
3.1
3.6
3.0
2.7
2.7
3.9
5.1
3.7
3.0
4.2
\L2
3.0
2.7
4.3
'6.1
2.7
2.0
2.9
3.7
3.9
3.9
4.2
3.8
4.2
3.0
3.3
2.9
3.7

6.2
5.0

7.7
4.2

4.8
9.5
6.6
3.5
9.6
6.8
2.4

6.5
7.5
2.7
3.5
5.4
3.3
3.8

3.1
3.2
2.8
2.2
2.9
3.1
3.3
3.2
3.5
3.6
3.1
3.1
2.9
3.4
3.4
3.0
3.2
2.7
4.3
3.2
3.2
3.1
2.7
2.2
3.2
7.0
3.8
4.8
3.7
5.0
3.0

2.8
42
3.'3

20.4

19.4

3*4"
6.0
3.4
2.9
2.6

3.2

3.0

7.0

3.5
1.5

3.5
3.1
2.7
2.6
2.2
2.7
2.8
3.0
2.9
2.0
3.4
2.8
3.0
2.7
3.6
3.1
2.9
3.2
2.7
2.9
2.9
3.0
3.0
2.7
2.0
3.8
2.8
3.7
2.8
2.5
3.0
3.2

2.9
2.5
3.6
3.7
3.5
3.8
4.3
3.3
3.2
4.1
3.5
7.4
2.2

3.5
3.0
2.9
2.6
2.1
2. G
2.8
3.0
2.8
2.5
3.3
2.8
2.9
2.6
3.3
3.5
2.9
3.2
2.6
3.7
3.1
3.4
2.8
2.9
1.4
3.3
6.6
3.6
2.0
4.5
3.9
3.0
2.9
4 2
3.1
3.1
2.8
3.4
3.8
3.7
3.9
4.2
4.8
5.2
3.7
3.7
4.0
2.9

3.4
4.2

4.8
4.5

6.0
7. 5
3.6
3.5
5.3

'I'i
13.0

2.9
37
H'.O

3.2
3.1
2.9
2.5
2.1
2.5
L.. 8

2.9
3.2
2.4
3.3
2.7
2.8
2.G
3.2
3.2
2.9
3.2
2.5
2.4
2.9
2.5
5.0
2.5
1.3
3.4
3.0
3.0
2. 6
3.3
3.1
3.1
2.8
6 9

3.0
3 9 3. 0
3* 1 3. 3 5.0

4.5
5.0

4.2
4.3

5.0
4.5

4.7
6.0
3.5
3.5
5.1

5.3
7.5
7.1
3.4
4.2

5.3
6.1
3.9
3.0
3.5

5.8
4.4
3.8
1.8
4.7
_

3.3

2.6 "3.2

2.7
3.6
2.9

3.8
3.5
3.2

3.0

3.0

3.1

5.1 4.5

"i.*9*
3.9
3.0
6.2
2.8
3.0

2.7
2.0
3.8
3.7
3.2
4.3
3.8
3.9

2. 5

40.0
3.4

5. 9
3.4

2. 9
5.4

3.1

2.7 4 . 5
2 . 3 5.8
3.2 4.6
3.7 5.9
2.8 10.8
3.8 6.0
3.2 0.7
4 . 5 5.7
4.0 9.5
4.0 6.6
3.9 6.9
3.8 5.2
2.7 0.9
3.6
2.5
4 . 5 8.6
5. 5 8.9
2.5
0.0 12.2
3.2 12.9
4.6 0,7
1.8 4 . 8
3.0 14. 4
5. 5
3. 5 l l ! 2
17.0
T2" 16.3
4.1 8.6
3.7 5.9
3.7 16. 5
2.0 8.8
3.0

for 1884 and 1886 signify percentage of loss.




OO
1—t

0

W

i

4.2

I

i I

G
O

P. ct. P.ct

CO

ft

w

1
1

CD
CO
OO

ft

w

2.9
3.7
2.0
2.2
1.4
2.2
2.1
2.9
2.9
4.1

3.3
3.0
2.3
2.5
1.7
2.5
2.4
3.2
3.0
1.0
3. 3 3. 2
3.7 3.1
2.7 3.4
3.3 2.6
5.0 4.4
3.6 3.5
3.8 2.7
3.0 3.6
1.5 4.3
3.8 4.7
3.1 2 5
3.7 2.0
3.3 3.9
3.8 4.3
4.0 7.3
4.9 6.0
5.4 9.2
4.2 5.4
2.9 4.2
8.0 4. 3
5.2 4 . 3
4 . 1 3.9
2.5 3.1

4.0
3.6
3.4
3.5
4.4
4.0
3.4
4.0
3.1
3.6
3.7
3.6
4.3
2.4
5.2
6.8
7.0
5.0
3.0
0.2
4.9
5. 0
3.0

.'{.5

4.1
3.8
3.6
2.5
2.5
2.6
3.2
4.1
4.4

!. 6

3.4
3.7
3.3
3.0
3.0
3.4
3.6
3.9
4.6
2.4
4.9
3.5
3.0
3.7
3 9
3.6
3.0
3.9
4.5
3.2
3.4
2.9
3.0
5.7
4.4
4.7
8.8
3.8

3.1

6.7
6.5
4.1
4.7

2! 2
3.3
5.0
1.6
4.3
5.9
4.8
1.3
4.9
4.6
5. 5
3.7

2.9
3.4
4.0
3.7
4.4
5 2
4.1
4.9
4.7
5.4
4.7
4.0
6.4
3.6

a. 5

6.0
5,9
7.9
6.6
5.0

3.4
2 9
2.4
3.4
5.2
5.7
4.0
5.0
5. 0
5.6
5.1
4.3
5.5
3.8

4.7
4,9
5.0
3.5

3, 5
3.5
3.2
3.8
4.7
5.1
5.2
4.8
5.0
6.6
4.3
4.3
4.8
4.7

8.5 10.7
8.0 11.3

9.2
7.3

7.5
7.5

8.1
7.2

7.0
6.8

7.7
3.1

6.7
8.0
6.5
3.5

6.3
9.2
6.3
3.1
7.1

4.7
3.5
4.3
4.7
5.8
7.8
6.2
7.4
6.2
8.9
6.0
5.7

5. 5

5.7

4.5
3.7
5.0
4,2
5.1
6.1
6.3
6.7

6. 5

9.8 15.4 8.7
11.2 12.4 12.0
6.8
5.2

7.7
4.6

24.6 19. 5
7.7
9.5

9.0
7.0

12.0 22.7
10.1 9.8

8.6 7.7
7.8 9.1
8.8 11.1
8.3 11.4

4.3

4.3

§

1

00
O
O

ft

P. ct P.ct. P.ct P.ct P.ct P.ct P.ct

3.5 3.0 2.4 2.3
2.9 3.9 3.9 2.9
3.2 3.4 3.3 2.0
2.9 3.5 2.9 3.0
2.7 2.7 2. 5 2.4
2.7 3.6 3.3 3.3
3.7 2.9 3.3 2. 7
4 . 1 4 . 3 3.5 4.0
4 . 1 4.7 3.6 2.2
5.1 3. 3 4.1 2.4
4.7 4.4 4.7 4.0
4 . 5 3.8 4 . 5 3.9
3.9 3.8 4.4 4. 1
3.8 3.7 4 . 3 3.9
4.6 5.1 4.9 3.8
4.2 4.5 4.4 4.4
3.9 3.5 3.9 3.9
3.9 4 . 5 2.8 3.G
2. 5 3.8 4.4 3.7
4 . 5 5.1 6.3 5.2
3.9 3.7 3.9 3.9
3.3 4.9 4.2 4.0
5.0 0.4 6.6 0.7
4 . 8 4 . 8 5.5 4 . 8
0.9
2. 0 11.6
2.7 2.8 3.9 3.3
5.2 8.5 5.8 8.9
5.8 0.0 6.3 5.9
5.3 0.3 6.5 5.1
11.9 10.8 12.3 8.5
10.1 5.3 8.4 12.0
4 . 5 4 . 5 4.4 4.4
3.0 4.9 4 . 4 4.4 3.8

4.3
3.0
3.2
2.0

i.*4

CO

2.9 3.1
3.0 3.0
2.9 2.9
2.6 2.0
2.2 2 . 1
2.0 2.7
2.8 2.9
3.0 3.3
2 . 8 2.8
3.8 2.2
3.4 3.4
3.8 2.8
2.7 2.7
2.0 2.7
3.2 3.1
3.2 3.5
2.8 2.8
3.2 3.2
2.9 2.4
2.7 2.7
3.1 2.8
3.2 2. 5
3.0 2.6
2.8 4 . 3
4.2 4.4
3.6 3.2
4 . 9 2.4
8.6 2.8
4 . 1 2.6
5.4 3.6
4 . 2 13. 0
3.1 3.2

2.4
2.7
3.4
3.9
3.1
3.5
3. 3
3.6
4.2
4.0
3.6
3.3
2.9

4.0
9.2
2.5
0.5
3.1
3.8
6.3

0.7

WI

1

OO

8.1 5.1
8.5 8.6
6.1 7.0 6.5
3.5 2 . 1 3.3
16.6 9.8 11.7
1.8 1.4
3.2 4.0 4.Y
10.4 10.9 6.0
9.2 7.7 5.2
7. 2 2.0 5.7
6.5 7.0 3.5
8.4 8.5 10.1
7.9 7.5 8.6
3.7

3.2

3.3

3.6
3.7
5.9
5.0
5.9
4.6
8.0

7.4

11.5

1.8 3.9
4.0 4.2
3.7 3.5
2.9 3.8
2.8 3.3
3.4 3.5
3.3 2.9
4.4 4.2
5.9 5.6
5.4 4.4
5.1 5.0
4 . 6 3.7
3.9 3.7
4.2 4.6
4.5 4.6
4 . 1 3.9
4.0 2.8
3.8 3.7
5.1 4 . 8
4. 1 4 . 1
3.2 3.3
4.2 3. 0
4. 1 5.3
3.5 5.5
6.1 7.7
7.0 11.4
6.1 9.0
4 . 3 8.0
4.4 4 . 8
5.7 4.5
6.4 7.9
3.7 3.0
3.0 3.2
0.4
3.7 4.2
4.1 0.5
3.9 3.7
4 . 3 4.2
5.3 4.5
6.4 7.0
5. 5 5.3
5.0 4.7
5.7 6.6
5.2 5.7
5.1 5.2
0.8 4.3
5.8 5.1
3.6 5.0
8.4
3.8
9.0 0.7
7.2 7.2
3.5
9.1 8.4
5.8 0.7
7.0 7.3
2.7 3.2
9.5 11.8

7.0
6.4
7.2
5.7
6.1
7.6

"*4." 8"
5.8
4.8
5.5
8.8
7.1
6.2

6.1
9.4
5.0
6.1
7.2
5.7

4.0

4.0

4.5

5.Y

6*i

s.Y
3.4
8.0
3.7
5.1
8.2
6.0
4.5

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
40
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
05
66

246

REPORT OF THE COMPTROLLER OF THE CURRENCY.

CLASSIFICATION OF THE LOANS AND DISCOUNTS OF THE NATIONAL BANKS IN THE
RESERVE CITIES AND IN THE STATES AND TERRITORIES ON OCTOBER 5,1887.
Cities, States, and No. of On singlebanks. name paper.
Territories.
New York City
Chicago
Saint Louis
Boston
Albany
Philadelphia
Pittsburgh
Baltimore
Washington
New Orleans ...
Louisville
Cincinnati
Cleveland
Detroit
Milwaukee
Kansas City
Saint Joseph.
Omaha
San Francisco
Total.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
N e w York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Virginia
"West Virginia
N o r t h Carolina
South Carolina
Georgia
Florida
|
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tenuessee
Ohio
Indiana
Illinois
Michigan
Wisconsin
Iowa
Minnesota
Missouri
Kansas
Nebraska
Colorado
Nevada
California
Oregon
Arizona
Dakota
Idaho
Montana
New Mexico
Utah
Washington
Wyoming

15
9
8
3
8
2
8
3

On U. S.
bonds.

On other
bonds and All other loans.
stocks.

Total.

$17, 585, 496. 27 $l,445,900.00|$95, 075, 844. 27 $143, 906, 940. 58 $258, 014,181.12
34,754,971.62
15, 498,9S5.93
500.00 10,821.735.83
61,070,193.38
1,182, 214. 28
8,920,936.13
279, 603. 00
10, 382, 753.41
86,993,214.79 123,970,412. 88
17, 249, 382. 98
38, 350. 00 19, 689, 4G5.11
5, 267, 397. 27
494,236.31
7, 280. 00 3,011,017.84
8, 779, 931. 42
58, 426, 272. 80
13, 427,173. 71
83, 427, 437. 51
11,175. 00 11, 562, 816. 00
3, 454, 425. 99
27,198, 002. 81
1,293,906.32
31, 946, 395.12
16,927,506.79
5,401,897.601
26,159, 354. 20
700.00 3, 829, 249. 81
686, 552.19
27,130. 24
52,230. 00
3,257,011.11
4, 022, 923. 54
405, 502. 7d
7, 500. 00 2, 641,223.15
6, 879,479.97
9, 933. 705. 84
553, 343. 41
276,()5l.llL
8, 504, 829. 32
9, 334, 823. 84
16, 336, 388. 46
4, 678, 786. 92i 40, 700. 00 3,532,112.87
24, 587, 988 25
2, 335,440. 50
13,584,390.75
1, 648, 688. 001
17, 508, 525.25
10,254,461.41
893, 288. 33
7, 700. 00 1,621,580.28
12, 777, 036. 02
598, 076. 65
3, 057, 508. 29
6(50, 926. 14:.
4, 322, 511. 08
431,366.56
14, 367,706. '31
3,026,033.58'.
10,910,303.57
4, 270. 00
1,942,015.70
1,504,717.54
433,028.161.
130,486.11
9, 070, 539. 58
7, 500. 00
6, 872, 093. 51
2, 060, 4'9. 96i
551, 320. 50
4, 785, 656. 98
1, 540, 766. 38
2, 693, 570.10!.

293

88, 040, S07. 38.1, 619, 535. 00 161, 712, 553. 35

465, 097,196.10

716,470, 091. 83

72
49
49
198
61
83
2G9
81
237
17
3L
1

1,241,747.201
2,139. 50
815,624.25:
1, 550. 00
9C9, 662. 811 13,121.95
14, 920,402, 43 514,013.55
7,491,158.94
15,854.68
41,675.00
0,018,917.31
8, «5:>. 687. 82 105, 325. 69
76, 200. 00
3,257,158.44
30, 550. 00
5, 619, 736.42
100.00
72, 730. 95
200.00
285, 917. 53

1, 013, 901.13
1, 305, 254.18
361,770.55
5, 936, 075. 03
928,731.16|
3, 618, 867. 49
7, 500, 324. 00
6,023,184.73
2, 070, 785. 231
1.(9, 522. 67i
165,268. 56!

70(5, 771. 97
24, 500. 00
547, 888. 99
17, 705. 00
136, 542. 40
82,578.21
847,7:59. 41!
289, 750. 27
147,783.16:
931,205.40
757,310.38!
23, 230. 62
307. 529. 91!
610, 747. 82
1, 550, 8:)2. 55| 3C0, 478. 00J
335, 455. 56:
29v 650. m
104, 682. 78;
207, 214. 46;
058,077.01:
4,240,710.80!
222, 636. 20;
143,217.13} "*2, noo.oo
1,09 .',000.95| 28, 600. 00
624, 530. 86!
2,377,126.61
3, 881, f,90. 88!
4, 4* 9, 0(37. 5ij " " i ,"456." 66 2, Of.9, 025. 52
691, 577. 24
3, 392, 224. 93| 38, 158. 61
750, 824. 70
6, 885, 654. 451 70, 521. 35
443,510.81
4, 703, 482. 57j
282,161.86
1,716,661.64!
519, 974. 37
4, 919, 026.12
32,427.10
9, 100. 00 3, 536, 673. 44
13, 0:>8, 004. 86
7, 250. 00
492, 6G9. 57
52,0(59.41
2,101.24
129, 399 73
2,524,410.30.
75, 558.48
2, 084, 3G9. 93j 43, 201. 83
327, 693. 68
3, 927,214.55s
50. 00!
38, 501.16
208, 332. 03'
758, 929. 53
3, 320,214. SO j
11,150.00.
49, 443. 79
1, 893, 706. 271
28,518.21!
60, 539. 90
879, 97.". 391 41,700.00'
34, 241. 50
182,133.70!
233, 806. 2~.
2, 508, 051. 75
43, 424. 56
499,791.91
33, 932. 47
~ 49,' 475. 44•
''
'
80, 8tS0. 00
54o',912!lll
39, 502. 02
651, 542.411

16, 867, 808.06
7, 529,178. 06
11,487,754.03
70,191,054.59
26, 050, 490. 00
32,691,840.06
82, 330, 989. 31
31.073.173.93
72! 485, 839. 43
4, 759, 404. 38
6, 455, 779. 44
346, 726. 45
9, 507, 466. 67
3, 834, 945. 85
4,821,477.14
4,415,926.16
5, 808, 997. 57'
1, 080, 693. 88
5, 904, 296. 58
1,600,481.81
764,152.06
15, 252, 409. 70
2,412,730.11
15,719,548.81
12, 669, 584. 44
44, 353,187. 21
23, G63, 365. 21
27,898,100.36
24,271,603.31
11,341,708.19
18,227, 513. Or
22,673,267.19
4, 451, 887.41
18, 345, 533.15
11,410,126.13
7, 973, 901. 37
200, 836. 94
10, 204, 812. 08!
3, 742, 473. 79
119, 950. 37
5,711,869.23
344, 904. 4"
5, 349, 345.14
1,161,821.181
1, 273, 277. 49
3,102, 036. 96
1, 779, 005. 87

19,125, 655. 89
9, 051, 606.49
12, 832, 309. 34
91,561,545.60
34,486,234.78
43,001,299.80
98, 792, 320. 88
40,4.9,717.10
80, 206, 911.08
5,001,764.00
0.907,165.53
316,720.45
10, 786, 627. 03
3,9*9,193.25
5,251,794.70
4, 854,4 9. 59
7,557,519.35
1,411,454.41
8, 366, 324. 95
2, 233, 594. 25
1, 076, 049. 30
20,157,203.67
2, 781, 083.44
17, 464, 746. 62
18,928,301.93
50,833.330. 24
27, 785, 325. 99
35,005,100.80
29, 418,190. 69
13,340,531.09
23, 728,940.64
37, 857, 045.49
5, 003, 870.39
21,001,450.42
13,019,250.37
12, 228, 859. 60
507, 670.13
14, 295,106. 47
5, 085, 023. 85
148, 474. 58
6,694,084.52
501,279.07
8,091,803.14
1, 705, 037. 05
2, 050, 685.40
3,735, 809. 07
2, 470, 050. 30

124, 035, 462. 07 1, 413, 918. 50| 44, 335, 893. 52

69?, 790, 280. 02

803, 575, 555. 31

20
18
15
21
8
20
32
5
91
7
59
40
1915
93
1C0
100
53

128
58
35
139
05

Total .
United States.




212, 076, 270. 05 3, 033,453. 50 206,048, 446.87 1,158,887,476. 72 1, 580, 045, 647.14

REPORT OF THE COMPTROLLER OF THE CURRENCY. 247
CLEARINGS AND BALANCES OF THE BANKS OF NEW YORK CITY FOR THE WEEKS
ENDING AT THE DATES GIVEN.

TVeek endingSept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Isov.
Nov.
Nov.
Nov.

$787, 790, 346.16 !
806,162, 117.62 |
1, 010, 034, 295.97
950, 902, 831.49
1, 011, 393, 333. 57
1,124, 300, 247.43
999,817, 8t»4. 93
1, 044, 390, 220. 21
857, 810, 080 35
991, 206, 926.40
950, 469, 956. 50
1, 054, 584, GQ5. 6 7
1, 240, 998, 567. 95

2,1882
9,1882
16,1882
S3,1882
30,1882
7,1882
14 1882
21,1882
28,1882
4,1882
11,1882
18,lt82
25,1882

Sept,
Sept.
Sept,
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.

Clearings.

1,1883
8,1883
15,1883
22,1883
29,1883
0,1883
13, 1883
20,1883.
27, 188H
3,1883
10,1883
17,1883
24,1883

Balances.
$27, 396, 924. 64
29, 786,386.41
30,418,411.78
'27, 978,458. 28
34, 393, 848. i)L
30, 742, 717. 31
35, 772, 217. 86
33, 623, 283. 80
26, 033, 506. 70
37,122,701.71
20, 909, 785. 92
33, 258, 877. 77
28, 057, 750. 01

645, 021, 546. 80
739, 732, 907.18
732,310,071.00
700, 062,400. 54
763, 567, 336. 28
759, 872, 865. 58
833, 965, 948. 88
919,608,020.44
906, 319, 847. 5.1
817, 996, 284.43
622,487,973.40
783, 094, 622. 25
682,451, 400. 44

20,47 986. 85
31,195, 740. 55
30, 914, 820. 30
30, 001, 000.19
30, 260, 285. 71
32, 844, 144. 42
31, 383, 439. 92
31,917, 847. 51
31,844, 418.48
29, 708, 441.71
28,478, 167. 32
33, 519, 486.15
28,333, 203. 64

Sept.
1884..
1884..
Sept.
1884..
Sept.
1884.
Sept.
1884..
Oct.
1884..
Oct.
1884..
Oct.
1884.
Oct.
1F84.
Nov.
1884..
Nov.
1884.
Nov.
,1884.
Nov.
Nov. 29,1884.

463,912, 628. 57
422, 613, 919. 74
492, 009, 873. 06
491,357, 601.20
554, 662, 698. 69
496. 582, 476. 56
518, 575, 214. F9
605,195, 931.55
458, 532, 568.11
477,210, 695.35
527,541, 755.74
555, 711, 509. 01
459, 294, 007. 66

21,278,921.75
22,793,219.60
21,412, 397.53
22,028, 008.11
32, 658, 517.10
20, 358, 572.40
28, 096, 794. 93
27,673,214.95
23,225,190.59
28, 269, 591. 59
20, 823, 261. 26
26,496,903.13
21,302,407.63

Sept. 5, 1885..
Sept. 12,
1885.
1F85..
Sept. 19,
1885 .
Sept. 20,
Oct. 3, 1885..
Oct. 10, 1885..
Oct. 17, 1885.,
Oct. 24, 1885..
Oct. 31, 7885.,
Nov. 7, 1885.
1885.
Nov. 14,

470, 800, 526. 79
484,537, 657. 96
4S0, 733, 380. 21
471,652,048.41
572,07 !77. 97
176,
659, 560, 549. 70
702,000, 829.74
828,373,048. 53
695, 214,389. 87
775,416, 616. 98
779, 244, 286.61

22, 990,787. 52
23, 969,3G7. 40
24,410, 868.93
'
22, 978,989. 6 J
30,158, 232.32
28, 462,678. 38
29, 632,037.42
30,475, 583. 77
29, 590,574. 77
30, 751,563. 50
27, 323,721.40

485, 535, 545. 80
520,437,476. 86
590, 366, 037. 81
691, 723, 056. 60
744, 533,107. 30
830, 726, 858.70
774,127, 054. 20
734, 586, 056 19
625; 098i 06:1.48
735,609,027.93
704,572,284.80

28, 387, 297.77
21,865,103.40
28,050,351.78
25, 603, 758.94
31,285, 172.38
29, 904, 285.79
80, 952,375.99
27, 767, 549. 66
26', M 7 , 923. 82
31,825,400.11
28, 005, 256. 87

629,920,782.37
502,027,925.28
628, 614, 786.18
659.048,314.43
575, 717, 723.4"2
670,201,491.07
718,896,811.83
742, 551, 452. 60
647, 590, 728. 82
70li, 280, 839. 34
602,240,351.00

29, 322, 3G7.47
22, 32s), 208. 73
31,404, 534.44
30, 974, 002. 90
31, 009, 309.30
29, 825, 323. 74
31,170,113.34
33, 350,889. 58
29,809,301.75
31,289,781.13
23,758, 351. 99

Sept. 4,1886
Sept. 11,1886
Sept. 18,1886.
Sept. 25,1886
Oct. 2,1880
Oct. 9,1886
Oct. 10,1880
Oct. 23,1880
Oct. 30,1886
Nov. 6,1880
Nov. 13,1880
Sept. 3,1887
Sept. •10,1887.
Sept- 17,1887
Sept. 24,1887
Oct. 1, 1887
Oct. 8,1887
Oct. 15, 1887
Oct. 22, 1887
Oct. 29,1887
Nov. 5 1887.
Nov. 12,1887




,
,

j
|
|
j
i
!
I

[

ABSTRACT OF REPORTS OF CONDITION
OF

Stale Banks, Loan and Trust Companies, Savings and Private Banks,
1886-'87,
ARRANGED BY STATES AND TEEEITORIBS.

!NOTE.—Under the heading "official" are placed reports from State officers, and under heading
'unofficial" reports from additional banks to this office.
249

;




REPORT OF THE COMPTROLLER OF THE CURRENCY.

251

STATE BANKS—OFFICIAL,,
NEW HAMPSHIRE.
March 31,1887.]

[1 bank.
Resources.

!

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
0 verdrafts
U. S. bonds
State bonds
R. K. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
(i old coins
Gold certificates
Silver certificates
Legal tenders and national-bank notesOther resources
Total

November 36,1886.]

$5G, 607
30, 421

Liabilities.
$50,000

Capital stock paid in

15,216

Surplus fund
i Other undivided profits

1,130

5,000 j State-bank notes outstanding
2, 500
2,400 1 Dividends unpaid

950

1,854

}
>

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and niul nicipal disbursing officers

7,009

Duo to other banks and bankers
i Other liabilities

105, 791

Total

RHODE ISLAND.

35, 342

3,153

105, 791

[10 banks.

Loans on real estate
:
| Capital stock paid in
| $1,766,685
Loans on personal and collateral se- |
curity
I
$75,312 Surplus fund
Other loans and discounts
' 2, 609, 864
160,775
Other undivided profits
Overdrafts
j
U. S. bonds .....*
|
3, 800
3,148
State-bank notes outstanding
State bonds
;
R. R. bonds and stocks
j
8,723
;
Dividends unpaid
,
Bank stocks
Other stocks, bonds, and mortgages
!
127, 759 Individual deposits
1,177, 8S3
Due from other banks and bankers
i
139,968 State, county, and municipal deposHeal estate, furniture, and fixtures
j
225, 005
its
Current expenses and taxes paid
:
3, 233 Deposits of State, county, and muGold coins
I)
nicipal disbursing officers
Gold certificates
Silver coins
| j. 14'.
195, 905
Due to other banks and bankers
Silver certificates
14, 600
Other liabilities
Legal tenders and national-bank n<
notes, j
Other resources
Total .

October 1,18k.]

3, 327, 719

Total

C ONNE CTICUT.

I 3,327,719

[8 banks.

Loans on real estate
$4, 546,467 Capital stock paid in
I $2,390, 000
Loans on personal and collateral se
curity
497, 598
Surplus fund
Other loans and discounts
Other undivided profits.
Overdrafts
TJ.S. bonds
19, 286
State-bank notes outstanding
State bonds
f
206, 864
R. R. bonds and stocks
|
320,972 Dividends unpaid
Bank stocks
I
3, 800
Other stocks, bonds, and mortgages
|
3,407,182
Individual deposits
Due from other banks and hankers
i
937, 685 State, county, and municipal deposReal estate, furniture, and
fixtures
232,127
its
Current expenses and taxes paid . .
Deposits of State, county, and muGold coins
nicipal disbursing officers
Gold certificates
Silver coins
I J 552, 445 IDue to other banks and bankers
>
4S6, 294
Silver certificates
||
I
Legal tenders and national-bank notes. j J
I Other liabilities
Other resources
Total




6,800,360

Total.

6,800, 360

252

REPORT OF THE COMPTROLLER OF THE CURRENCY.
STATE BANKS—OFFICIAL,.
N E W YORK.

[71 banks.

June 4,1887.1
Liabilities.

Resources.

Capital stock paid in
Loans on real estate
Loans on personal and collateral seSurplus fund
curity
Other loans and discounts
$44, 049, 244
Other undivided profits
Overdrafts
80, 227
TJ. S. bonds
State-bank notes outstanding
State bonds
It. R. bonds and stocks
Dividends unpaid
Bank stocks
2, 438, 777 Individual deposits
Other stocks, bonds, and mortgages
5,510,298 State, county, and municipal deposDue from other banks and bankers
794, 695
Real estate, furniture, and fixtures
180,941 i Deposits of State, county, and muCurrent expenses and taxes paid
Checks and other cash items
876, 449 ; nicipal disbursing officers
Gold coins
Gold certificates
660,943 , Duo to other banks and bankers
Silver coins
I Other liabilities
Silver certificates
1,605,740 '!
Legal tenders and national-bank notes.
130,257 ij
Other resources
Total.

June 4, 1887.]

NEW YORK

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
O v e l d I• afts
U. S. bonds
Stat e bonds
It. It. bonds and stocks
Bank stocks
Other stocks, bonds, andinortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Checks and other cash items
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total.

December 31,1886.]

5,470

37, 688,748

2,000

3, 061, 954
1, 906, 324

[31 banks.
$14,712,700
5,141, 937
3,795,694

State-bank notes outstanding.

2,605

Dividends unpaid
1,867,915
6, 389,106
2,214,526
381, 881
37, 484,131

112,699,172
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
86,193

11, 508, 025

Due to other banks and bankers
Other liabilities

8, 045, 360
816, 937

4, 624, 403
110, 401

Total .

145, 300, 59!

NEW

145, 300, 598

JERSEY.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
$3, 340,181
216
Overdrafts
U.S. bonds
88, 700
State bonds
R, It. bonds and stocks
21 700*
Dank stocks .
. . .
Other stocks, bonds, and mortgages
408, 795
Due from other banks and bankers....
520, 576
Real estate, furniture, and fixtures....
123 719 i
Current expenses and taxes paid
12, 532
Gold coins . .
Gold certificates
Silver coins
S 295,849
Silver certificates
Legal tenders and national-bank notes.
Other resources
321,564 |

J




CITY.

Surplus fund
Other undivided profits.

:0, 698,086
22, 094

2,077,764
3,157,311

56,327,571

Capital stock paid in.

1

Total

Total.

56,327,571 I

$8,428,000

5,139, 832

[8 banks.
$1, 209,350

Capital stock paid in
Surplus fund Other undivided-profits

.

332, 335
159,785

State-bank notes outstanding
14, 435

Dividends unpaid
Individual deposits
State, county, and municipal deposits ..

. . .

3, 284,201

. ..

Deposits of State,0 county, and municipal disbursin " officers
Due to other banks and bankers
Oilier liabilities

Total

103,247
36 479

5,139,832

253

REPORT OF THE COMPTROLLER OF THE CURRENCY.
STATE

BANKS—OFFICIAL.

PENNSYLVANIA.
November —, 1886.]

[80 banks.
Liabilities.

Resources.

$24, 079,175 ;| Capital stock paid in
! $7, 8?8, 473
Loans on real estate
Loans on personal and collateral sej Surplus fund
1, 857, 2G4
curity
;
805, 336
Other loans and discounts
; Other undivided pro tits
Overdrafts
738, 007 || State-bank notes outstanding71,006
U.S. bonds
;
State Donas
!| Dividends unpaid
R. K. bonds and stocks
Bank stocks
5,073,996; Individual deposits
j 29,117, 308
Other stocks, bonds, and mortgages
Due from other banks and bankers
4,517,022 ; State, county, and municipal depos- |
.929,501
Real estate, furniture, and fixtures
' 19ii, OtiO Deposits of State, county, and
Current expenses and taxes paid
nicipal disbursing officers
G old coin
Gold certificates
943,123 Due to other banks and bankers
|
572, 629
Silver coin
Silver certificates
456, 928
Other liabilities
'
j
1, 840,675
Legal tenders and national-bank notes.
450, 785
Other resources
40,769,004 |

Total.

Total

, 40, 769, 004

MARYLAND.
July and September, 1887.]

[8 banks.
!; Capital stock paid in

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U. S. bond s
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgasos
Due from other bauks and bankers
Real estate, furniture, and fixtures —
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total

331, 392
170, 772
2,057
55, 000
204,487
29,010
317,372
357, 695
434,108
12,105
522, 459

$1,979, 390

Surplus fund
Other undivided profits

335, 000
125,072

State-bank notes outstanding.
Dividends unpaid

43, 016

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers

3, 799,136

106, 629
48, 510

Due to other banks acd bankers
Other liabilities

305
! 6, 436, 822

NORTH

Total.

6, 436, 822

CAROLINA.

J u n e 30,1887.]
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S bonds
Stafe bonds
R. It. bonds and stocks
Bank stocks
Otherstocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
|
Total




[11 banks.
$160, 636 | j Capital stock paid in
1,511,8-25
48, 750

'si,"coo"!!
70, 450
196. 383
119, 321
14, 456
47, 245
37,164
183, 428
54
2,474,880

Surplus fund
Other undivided profits

j $691,410
!

173,503
55,203

j

4, 080

State-bank notes outstanding.
Dividends unpaid

Individual deposits
I 1,424,785
State, county, and municipal depos- !
j
its
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities
Total.

I

61, 273
64, 626

2,474,880

254

REPORT OF THE COMPTROLLER OF THE CURRENCY.
STATE BANKS—OFFICIAL,GEORGIA.*
[25 banks.

June 30, 1887.]
Liabilities.

Resources.
Loans on real estate
$11,550
Loans on personal and collateral security
380, 702 i
Other loans and discounts
9,4(50, 083 |
Overdrafts
12,649 j
U.S. bonds
Stato bonds
II. It. bonds and stocks
Ban k stocks
Other stock?, bonds, and mortgages . . .
6, 971, 014
Due from other banks and bankers . . .
1, 020, 958
Real estate, furniture, and fixtures
i
575, 973
Current expenses and taxes paid
!
72,129
Gold coins
11
!
Gold certificates
Silver coins
i > 1, 458, 058
Silver certificates
Legal tend ers and national-bank notes J
Other resources
1,159,160
Add for cents
71
Total

Capital stock paid in .

l$10,295,840
1, 334,268
229,494

Surplus fund
Other undivided profits.
State-bank notes outstanding.

43, 271

Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers

i 393, 996
,

Due to other banks and bankers
Other liabilities
.-

, 564, 872
. 218,135
,

21,146
21, 891

34

Add for cents.
Total

I 21,122,947

I 21,122,947

* Tbis report is not included in any summary, having been received after the other statistics were in
type. Much of the information, however, is duplicated in unofficial reports and tables.

June 30,1887.]

KENTUCKY.

[71 banks.

$146,571 1 Capital stock paid in
1
$11,555,686
Loans on real estate
Loans on personal and collateral se1, 921, 309 Surplus fund
\ 2,073,500
curit y
18,781,392 Other undivided profits
Othei loans and discounts
(
817, 827
4U, 635
Overdrafts
j
.j
35,976
U. S. bonds
i
State-bank notes outstanding.
52, 850
State bonds
i
28,000 Dividends unpaid
.|
281,740
R. It. bonds and stocks
i
Bank stocks
;
16, 852,350
Other stocks, bonds, and mortgages..., 1,119,556 Individual deposits
Due irorn other bauks and bankers
j 3,108, V.i'6 State, county, and municipal de805, 540
Real estate, furniture, and fixtures 1
posits
26,930 Deposits of Stato, county, and muCurrent expenses and taxes paid
Gold coins
nicipal disbursing officers
Gold certificates
'
Silver coins
j 2, G41, 821 Due to other banks and bankers
1,106,945
Silver certificates
j
Other liabilities
484,310
Legal tenders and national-bank notes, j
4, 529, 597
Other resources
Total.....

April 7,1887.]
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
TJ. S. bonds
State bouds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages...
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Checks and other cash items
Gold coins
Gold certificates
,
Silver coins
Silver certificates
Legal tenders and national-bank notes
Other resources
Total .




33,208,334

Total

I 33,208,334

OHIO .
. [46 banks.
$2, 063,993

$3, 079,695

Capital stock paid in

Surplus fund
7, 587, 247 ! Other undivided profits
44,915 j
230,769 i State-bank notes outstanding

385, 506
200, 353

1,411

Dividends unpaid
913, 291
1, 538, 795
608,160
68, 592
391,646
159,012

Individual deposits
10, 314, 788
State, county, and municipal de- !
posits
".
;
Deposits of State, county, and mu- i
nicipal disbursing officers
\
Due to other banks and bankers
Other liabilities

;
!

218,200
249,688

706, 003
107,218
14, 449, 641

Total..

j 14,449,641

REPORT OF THE COMPTROLLER OF THE CURRENCY.

255

STATE BANKS—OFFICIAL.
INDIANA.
[32 banks.

October 31,1886.]
Liabilities.

Resources.
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
i $3, 434, 568
Overdrafts
|
50,096
U.S. bonds
|
State bonds
!
R. R. bonds and stocks
j
Bunk btocks
I
Oilier stocks.bonds, andmortgages
j
101, 242
Due from other banks and bankers
I
801. 675
Real estate, furniture, and fixtures i
224, 330
Cm rent expenses and taxes paid
j
35, 357
Gold coins
\]
Gold certificates
j
Silver coins
! > 569,914
Silver certificates
'J !
Legal tenders and national-bank notes.' J
Other resources
j
2, 849
Total.

5,220,631 I
;

Capital stock paid in
Surplus fund

Other undivided profits
State-bank notes outstanding
Dividends unpaid

> $1,676,600
235, 874
143, 036

Individual deposits
3,126, 849
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities
Total....

MICHIGAN.

23,124
14, 548

5, 220, 631

July 4,1887.]

[62 banks.

$508, 591 i Capital stock paid in
Loans on real estate
Loans on personal and collateral se27,606 ' Surplus fund
curity
23,436,616 !
Other loans and discounts
41,837 : Other undivided profits
Overdrafts.
214,600 '
TJ. S. bonds
,
528,482 : State-bank notes outstanding
State bonds
j
R. It. bonds and stocks
!
Dividends unpaid
Ban it stocks .
'
Other stocks,bonds, and mortgages
' 1,160,985 Individual deposits
Due from other banks and bankers. ..! 3, 669, 402 State, county, and municipal depos499, 710
Real estate, furniture, and fixtures }
its
112,327 Deposits of State, county, and muCurrent expenses and taxes paid
i
Gold coins
!
nicipal disbursing officers
Gold certificates
Silver coins
2, 664, 713 Duo to other banks and bankers
Silver certificates
Other liabilities
Legal tenders and national-bank notes.
262,565
O ther resources

$4,556,150

Total.

July 4,1887.]

33,127, 434

Total

WISCONSIN.

746, 235
642, 866

29, 756
26, 069, 050

458, 281
625, 096

33,127,434

156 banks.

Capital stock paid in
| $3,350,340
Loans on real estate
Loans on personal and collateral seSurplus fund
1,111,523
curity
$16,314,038 Other undivided profits
Otber loans and discounts
10, 311
132, 256
Overdrafts
181. 516 State-bank notes outstanding
i
223
U.S. bonds
I
State bonds
1JO0O
R. R. bonds and stocks
Dividends unpaid.
j
1, 333
Bank stocks
1, 716, 468 Individual deposits
Other stocks, bonds, and mortgages
I 19, 960, 417
4, 210, 455 State, county, and* municipal depos- |
Due from other banks and bankers
496, 414
its
|
Real estate, furniture, and fixtures
25, 428 Deposits of State, county, and mu- I
Current expenses and taxes paid
nicipal disbursing officers
I
Gold coins
Gold certificates
Silver coins
2, 656, 852 Due to other banks and bankers
1, 282, 354
Silver certificates
22, 257
Other liabilities
Legal tenders and national-bank notes.
Other resources
4,331

Total.




25,738, 758

Total.

25,738,758

256

REPORT OF THE COMPTROLLER OF THE CURRENCY.

STATE BANKS—OFFICIAL,.
IOWA.
June 30,1887.]

[65 banks.
Kesources.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U. S. bonds
Staf e bonds
-II. R. bonds and stocks
Bank stocks
Overstocks, bonds, and mortgages
Due from other banksand bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold cons
Gold certificates
Silver coins
Siiver certificates
Legal tenders and national-bank notes.
Other resources
Total.

J u l y 23,1887.]

Liabilities.
Capital stock paid in.
$7,444, 217
186,166

I
1, 413, 227
545, 905

674, 036

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
<
TJ. S. bonds
State bonds
E. E. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages...
Due from other banks and bankers
Eeal estate, furniture, and fixtures
Current expenses and taxes paid
Checks and other cash items
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total.




441, 982
252,817

State-bank notes outstanding.

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities
.•.

5,747, 286

254, 378

12, 755
10,276,306

Total.

MINNESOTA.
Capital stock paid in

Loans on personal and collateral security
$15, 439, 215
Other loans and discounts
99,161
Overdrafts
21, 550
XJ. S. bonds
State bonds
E. E. bonds and stocks
Bank stocks
948, 445
Other stocks, bonds, and mortgages
2,434, 323
Due from other banks and b a n k e r s . . . .
835, 374
Real estate, furniture, aud fixtures
69, 848
Current expenses and taxes paid
213, 637
Gold coins
Gold certificates
119, 672
Silver coins
Silver certificates
Legal tenders and national-bank notes. "i," 539* 572
Other resources

May 14,1887.]

$3, 579,843

Dividends unpaid

Loans on real estate

Total

Surplus fund
Other undivided profits.

22,009,512

Surplus fund
Other undivided profits

Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

Total.

$2, 662, 527

Capital stock paid in.

41,101,608
5, 605
593, 573
758,971

Surplus fund
Other undivided profits.

$5, 228,000
691, 587
501, 538

12,544
14,429, 516

778, 670
367,657

22, 009, 512

[212 banks.
|$11,626,403
6, 596,349

State-bank notes outstanding.
Dividends unpaid

270, 883

[54 banks.

State-bank notes outstanding

MISSOURI.

4, 008,958
8,068,591
2,086, 530
734
2,121,911
1,158,329

10,276, 306

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities
,

75,428
49,173,704

6,319,267
388,860

7, 383, 676
3,958,117
74,180,011

Total.

74,180,011

KEPORT OF THE COMPTROLLER OF THE CURRENCY. 257
STATE BANKS—OFFICIAL.
CALIFORNIA.

[88 banks.

July 1,1887.]
Resources.

Liabilities.

$13,508, 018
Loans on real estate
Loans on personal and collateral se34, 653, 984
curity
17,993, 633
Other loans and discounts
Overdrafts
TJ. S. bonds
State bonds
It. It. bonds and stocks
Bank stocks
2, 378, 217
Other stocks, bonds, and mortgages
10, 335, 491
Due from other banks and bankers
3.188, 231
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
[ 15, 579, 298
>
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
-.
""3," 725 "798'

J

Total

•

101,364,670

Capital stock paid in.
Surplus fund
Other undivided profits .

$31, 061,935
11,402,287

State-bank notes outstanding.
Dividends unpaid
52, 513,971
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities
Total

5,872,134
514,343

101,364,670

AGGREGATE RESOURCES AND LIABILITIES OF 914 STATE BANKS IN THE UNITED STATES
$23,653,410
Loans on real estate
Loans on personal and collateral security
79,141,632
269, 897, 676
Other loans and discounts
Overdrafts
1,348,583
U.S. bonds
2,292,913
1, 029,683
State bonds
It. It. bonds and stocks
351,472
Bank stocks
56, 910
Other stocks, bonds, and mortgages.... 22, 652, 256
54,184, 825
Due from other banks and bankers
16, 365,170
Heal estate, furniture, and fixtures
1,141, 024
Current expenses and taxes paid
Gold coins
Gold certificates
} 100,182,861
Silver coins
Silver certificates
Legal tenders and national-bank notes.
13, 959, 459
Other resources
Total

8770 CUR 87




586,257, 874

17

Capital stock paid in .
Surplus fund
Other undivided profits.

$114,830,660
34,115,460
10,828,524

State-bank notes outstanding

138,973

Dividends unpaid

473,416

Individual deposits
390,821, 688
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
88,193
Due to other banks and bankers
Other liabilities
Total.

28, 949,795
6,011,165

586,257,874

258

REPORT OF THE COMPTROLLER OF THE CURRENCY.

STATE BANKS-UNOFFICIAL.
DELAWARE.

June 30,1887.]

[2 banks.
Resources.

Liabilities.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U. S. bonds
-...*
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total.

Total.

Surplus fund
lurplus fund
Other undivided profits.

$356,000
41, 538
9,585

State-bank notes outstanding
Dividends unpaid
2,506
Individual deposits
91, 847 State, county, and municipal deposits
25, 828
448 Deposits of State, county, and mu•nicipal disbursing officers
39,194

Due to other banks and bankers
Other liabilities

497,427

73, 924
38,530

11, 314

$633, 446
3,548, 348
1, 669, 296
94,903
20, 000
189, 409
276,810
83, 821
485,236
894, 581
149, 460
52, 670
582,058

Total.

Capital stock paid in .
Surplus fund
Other undivided profits.
State-bank notes outstanding.
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

1,017,024

[39 banks.
$1, 900, 255
451,588
199,125

14,187
5, 956,769
17,787
28, 832
117,005
38, 748

44, 258
8,724,296

Total.

WEST VIRGINIA.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
TL S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages...
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Sil ver certificates
Legal tenders and national-bank notes.
Other resources




Capital stock paid in .

VIRGINIA.

Loans on real estate
Loans on personal and collateral security ,
Other loans and discounts
Overdrafts
U. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages . . .
Due from other banks and bankers
Real estate, furniture, and fixtures. ..
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources

Total.

""72i,~337

1,017,024

June 30,1887.]

June 30, 1887.]

$124, 550

$59,220
3,092,776
96, 654
5,112
800

Capital stock paid in .
Surplus fund
Other undivided profits
State-bank notes outstanding.

8, 724,296

[14 banks.
$819,855
246,739
57,430
13, 791
30,190

101, 900

Dividends unpaid
115,935 Individual deposits
2, 897,123
368, 681 State, county, and municipal depos156, 888
its
9,957 Deposits of State, county, and municipal disbursing officers
*
7,188
291, 786

Due to other banks and bankers
Other liabilities

215, 540
35,114

23,261
4, 322,970

Total.

4, 322, 970

REPORT OF THE COMPTROLLER OF THE CURRENCY.

259

STATE BANKS—UNOFFICIAL.
SOUTH

CAROLINA.

J u n e 30, 1887.]

[10 banks.

Resources.

Liabilities.

Loans on real estate
Loans on personal and collateral security
•
Other loans and discounts
Overdrafts
U. S. bonds
State bonds
R. R. bonds and stocks

$618,063
1,566, 594
624,530
10, 496
50, 000

Capital stock paid in
Surplus furd
Other undivided profits

18
5, 403, 290

Total

GEORGIA.

J u n e 30, 1887.]

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
TJ. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages...
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources

$114,492
3,969,921
3, 825, 806
118,177
7,570
12, 000
] 9, 600
722, 002
496, 308
367, 352
31,113
1, 045, 316

137,412
228,355

State-bank notes outstanding

Dividends unpaid
Other stocks, bonds, and mortgages... 1, 872, 367 Individual deposits
Duo from other banks and bankers...
242,440 State, county, and municipal deposReal estate, furniture, and fixtures
123, 055
its
10, 515 Deposits of State, county, and muCurrent expenses and taxes paid
Gold coins
nicipal disbursing officers
1
Grold certificates
Silver coins
>
Due to other banks and bankers
I 279,212 Other liabilities
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total

$788,704

Capital stock paid in
Surplus fund
,
Other undivided profits..
State-bank notes outstanding..
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

153

4,121,254

4,751
112,656
10,005

5,403,290

[16 banks.
$2,738,850
946, 011
310,991

28, 024
4, 958, 365
70,119

1, 289, 681
512, 337

124, 721

Total.

10, 854, 378

Total.

10,854,378

FLORIDA.
[6 banks.

June 30,1887. J
$48,030

Other loans and discounts
Overdraft s
U. S. bonds
State bonds
R. R. bonds and stocks

Legal tenders and national-bank notes.
Other resources
Total




Other undivided profits

15,000
150

I

$290,100
239,578
137,012

State-bank notes outstanding
Dividends unpaid

32,860
149,701
395,902
6,512

Other stocks, bonds, andmortgages....
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxe3 paid
Gold certificates

Capital stock paidin

744,832
28,672
20,921

Loans on real estate
Loans on personal and collateral se-

Individual deposits
State, county, and municipal deposits .
Deposits of State, county, and municipal disbursing officers

134,367

Due to other banks and bankers
Other liabilities

250

830,198

695
39,134
76, 065

36,085
1, 613,032

Total

1, 613, 032

260

REPORT OF THE COMPTROLLER OF THE CURRENCY.
STATE BANKS—UNOFFICIAL.
ALABAMA.

J u n e 30, 1837.]

[7 banks.
Liabilities.

Resources.
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
O verdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, aDd mortgages
Due from other banks and b a n k e r s —
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-banknotes.
Other resources

Capital stock paid in
$524, 918
1,150,093
48, 824
1,030
13, 953

158, 840
69,302

State-bank notes outstanding.
Dividends unpaid

491

44, 527
225, 661
131, 830
24, 695

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers

934,266

221, 900

Due to other banks and bankers
Other liabilities

35,167
406, 471

1,852

13, 958
2,401,389

Total.

$735,000

Surplus fund
Other undivided profits.

Total

2,401,389

I
J u n e 30,1887.]

MISSISSIPPI.

Loans on real estate
Loans on personal and collateral se-

Capital stock paid in

Overdrafts
U . S . bonds
State bonds
R. R. bonds and stocks
Bank stocks
Otherstocks, bonds, andmortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources

[9 banks.

Other undivided profits

Total.

J u n e 30,1887.]
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and b a n k e r s —
Real estate, furniture, aod fixtures—
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes
Other resources
Total.




$759,650

Surplus fund

31,290
1,200
84, 062
308, 688
68, 598
16, 421
157, 025

29, 044
68, 490

State-bank notes outstanding
50

Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers

1,102, 906
16,186
176, 407
16,145

Due to other banks and bankers
Other liabilities

213,116
2,168,878 j;

Total .

2,168,878

LOUISIANA.
$473, 858
1,989,590
2, 795,628

[5 banks.

Capital stock paid in.

$2,017,300

Surplus fund
Other undivided profits.

260,000
288,693

State-bank notes outstanding.
263, 848
4,770

546,701
81,601
228, 642
11, 617
1,914,995

8,597

Dividends unpaid

39,476

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

,

5,660,873

266,361
5

230, 055
8, 541,305

Total.

8,541,305

REPORT OF THE COMPTROLLER OF THE CURRENCY.
STATE

261

BANKS—UNOFFICIAL.
TEXAS.

June 30,1887.]

[9 banks.
Resources.

Liabilities.
$2, 656

Loans on real estate
Loans on personal and collateral se-

876,087
540,584
25, 385

Other loans and discounts
Overdrafts
U S bonds
.
.

Total

88, 353
124,408

389,791

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers

978,851

Due to other banks and bankers
Other liabilities

74,110
229,293

Total .

Total

$75,276

1,863

2,269, 475

[6 banks.

Capital stock paid in .

407, 772
13, 000
14, 342
9,000
53, 551

Surplus fund
Other undivided profits.

$265, 000
44,244
7.18U

State-bank notes outstanding.
Dividends unpaid

4,000
28, 281 Individual deposits
203,153 State, county, and municipal deposits
28, 023
2,138 Deposits of State, county, and municipal disbursing officers

593, 264

52,391
3,650
1,000

Due to other banks and bankers
Other liabilities
34

966, 738

Total.

966,738

TE NNE SSBB.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
H.B,. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
SfIver coin s
Silver certificates
Legal tenders and national-bank notes.
Other resources

13, 499

21,208

ARKANSAS.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
,
Overdrafts
U.S. bonds
State bonds
R.R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources




21,400
14.560
230, 904
132,230
14, 670

2,269, 475

June 30,1887.]

Total.

$761,098

Surplus fund
Other undivided profits
State-bank notes outstanding

Bank stocks
Other stocks, bonds, and mortgages*...
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver co ins
±
Silver certificates
Legal tenders and national-bank notes.
Other resources

June 30,1887.]

Capital stock paid in

$98,141
4, 754,492
1, 4$), 955
2^2, 951
4, 793
679
47, 374
49, 953
418, 708
1,095,163
221, 612
51, 392
1, 050, 786

[27 banks.
$2,924,254.

Capital stock paid in.

153, 987
479, 701

Surplus fund
Other undivided profits.
State-bank notes outstanding.
Dividends unpaid

17,498

Individual deposits
5, 590,552
State, county, and municipal depos3,922
its
Deposits of State, county, and mu12,960
nicipal disbursing officers
Due to other banks and bankers
Other liabilities

j
i

302, 561
126, 916

146,352
9,612, 351

Total.

"^612,351

262

REPORT OF THE COMPTROLLER OF THE CURRENCY.
STATE BANKS—UNOFFICIAL.
ILLINOIS.
[48 banks.

J u n e 30,1887.]
Resources.
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stoaks, bonds, and mortgages —
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources

Total.

Liabilities.
$594,014
4,165, 881
833, 465
105,211
138, 285
7,100
•1,000
74, 975
223, 234
1, 420, 245
430, 744
29, 470
921, 557

Capital stock paid in
Surplus fund
Other undivided profits

$1, 655, 500
676, 927
213, 568

State-bank notes outstanding
Dividends unpaid
Individual deposits
State, county, and municipal deposits
....
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers •
Other liabilities

116, 277
5,178, 069
669, 640
85, 805
228, 096
172, 624

51,325
8, 996,506

Total

8, 996, 506

KANSAS.
J u n e 30,1887.]

Loans on real estate
Loans on personal and collateral security
1
Other loans and discounts
Overdrafts
U. S. bonds
State bonds
R. R. bonds and stocks
33ank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total

[149 banks.

$1,442, 835

Capital stock paid in.

8, 338, 434 ! Surplus fund
1,613,426 J Other undivided profits.
184, 098
14,365 ! State-bank notes outstanding
7,457 i
I Dividends unpaid
43,"800"
401, 358 i Individual deposits
2,603,194 i State, county, and municipal depos904, 562 j i its
576,135 Deposits of State, county, and municipal disbursing officers
2, 383,193

D^e to other banks and bankers
Other liabilities
..

$6, 618, 545
490,117
880, 004
29, 095
18,121
9,151,626
165,117
210, 054
345, 834
878, 915

274, 571
18,787,428

Total .

18, 787, 428

NEBRASKA.
[140 banks.

J u n e 30, 1887.]

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
IT. S. bonds
State bonds
(
R. R. bonds and stocks
1
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses a,nd taxes paid
Gold coins
1
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources..

Total.




$1,007,453
4, 937,864
360,682
112,921
25, 376
100
24, 500
67,860
, 326, 692
672, 956
118, 848
601, 867

Capital stock paid in
Surplus "fund
Other undivided profits
State-bank notes outstanding
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to ot her banks and bankers
Other liabilities

$2, 864, 606
340, 922
455, 075
38, 500
11, 239
4, 836,266
147, 581

173, 315
465, 938

76,323 ;
9,333,442 !

Total .

>, 3 3 3 , 4 4 2

REPORT OF THE COMPTROLLER OF THE CURRENCY.

263

STATE BANKS-UNOFFICIAL.
COLORADO.
June 30, 1887.1

[8 banks.
Eesources.

Liabilities.
Capital stock paid in

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
TJ. S. bonds
State bonds
E. R. bonds and stocks
Bank stocks
Other stocks, bonds, andmortgages
Due from other banks and bankers
Real estate, furniture, and fixtures —
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources

Surplus fund
Other undivided profits.
State-bank notes outstanding.

$505,000
83, 778
84, 777

Dividends unpaid
Individual deposits
! 2,279,135
State, county, and municipal deposits
28,258
Deposits of State,, county, and municipal disbursing officers
1,887
.Due to other banks and bankers
Other liabilities
Total .

Total.

42,178
115, 000

3,140, 013

ORE GON.
June 30, 1887.]

[4 banks.
$47,736

E. E. bonds and stocks
iBank stocks . . . . . .
..
Other stocks, bonds, andmortgages
Due from other banks and bankers
lieal estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total

:

Capital stock paid in

179,541
12, 333
1,611

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
TJ. S. bonds

Surplus fund
Other undivided profits

$170,000
15,162
10,261

State-bank notes outstanding

42,210
22,193
1,443
i

Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers

60,369

Due to other banks and bankers
Other liabilities

377
173,390

2,266

4,020
371,456

Total

371,456

AGGREGATE RESOURCES AND LIABILITIES OF 499 STATE BANKS IN THE UNITED STATES.
Loans on real estate
$5,613,963
Loans on personal and collateral security
41,053,200
Other loans and discounts
16,494,483
Overdrafts
1,047,027
TJ. S. bonds
237,243
State bonds
612, 720
459, 257
R. R. bonds and stocks
324, 555
Bank stocks
Other stocks, bonds and mortgages
5,057,846
Duo from other banks and bankers
10, 590, 056
Real estate, furniture, and fixtures
4,109,932
Current expenses and taxes paid
982, 648
Gold coins
Gold certificates
Silver coins
^10,662,857
Silver certificates
Legal tenders and national-bank notes.
1,278,184
Other resources
Total




98,523,971

Capital stock paid in
Surplus fund
Other undivided profits
State-bank notes outstanding

$26,169,717
4,404,260
3,623, 966

89,983
276, 333

Dividends unpaid
55,738,334
Individual deposits
State, county, and municipal deposits
1,132,109
Deposits of State, county, and municipal disbursing officers
408,278
Due to other banks and bankers
Other liabilities
Total

3,495,619
3,185,372

98,523,971

264

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

STATE BANKS—OFFICIAL AND UNOFFICIAL,.*
AGGREGATE RESOURCES AXD LIABILITIES OF STATE BANKS FROM 1882 TO 1887.
1882-'83.

1883-'84.

18d4-'85.

754 banks.

817 b a n k s .

975 b a n k s .

1885-'86.

1886-'87.

Resources and liabilities.
849 banks. 1,413 banks.

Resources.
Loans on real estate
Loans on pers'l and collat'l security
Other loans and discounts
Overdrafts
U.S. bonds
State, county, and municipal bonds
R. R. bonds 'and stocks
Bank stocks
Other stocks, bonds, and mortgages.
Due from other banks and bankers.
Real estate, furniture, and fixtures..
Current expenses and taxes paid...
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and nat'1-bank notes.
Checks and other cash items
Other resources
Total..
Liabilities*
Capital stock paid in
Surplus fund
Other undivided profits
State-bank notes outstanding
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county and municipal officers
Due to other banks and bankers . . .
Other liabilities
Total.,




( $29, 267, 373
1322,358,227 ;$331,049, 510 i$347,880,520 $331,183, 626 < 120,194, 832
( 286, 392,159
1, 392, 961
1, 262, 725 ! 1, 3-19, 998
1,169, 388
2, 395, 610
5, 287, 000
2,994,806
4, 392, 421
2, 530,156
( 1, 642,403
2, 337, 705 |
I
810,729
^22,083,304
32,644,859
27,194, 693
1
381,405
31,452, 019
{ 27,710,102
58,709,516
59, 062,405
49, 747,429
64, 774, 881
13,592,791
15, 873, 312
14, 605, 853
20,475,102
48, 836, 689
918,403
1,130, 883
1,047, 782
2,123, 672
15, 058, 411
j 17,429, 817
>

1, 025, 237

29, 867, 724

24, 734, 684

25, 302, 316
35,118, 379
9, 943, 706

25, 376, 565

30,994, 221
25, 972,922
5, 791, 111

14, 726, 940
51, 668, 218
8, 224, 886

15, 237, 643

110, 845, 718

512,137,026

28, 787, 615
521, 077, 766
28, 219, 414
7, 671, 876

553, 562, 761

528, 695, 920

684, 781, 845

102,454, 861
25, 702, 738
11, 287, C23
187,978
442, 652
334,995,702

110, 020, 3f.l
31,483, 942
12, 718, 894
177, 551
473, 735
325, 365, G69

125, 2f.8, 240
30, 609, 575
11, 574, 736
98,129
493, 926
344, 307,996

109, 611, 596
27, 813, 508
10, 095, 760
103,430
430, 699
342, 882,767

141, 000,377
38, 519, 720
14,452,490
228, 956
749, 7-19
446, 560,022
1,132,109

20,651, 930
16, 353, 542

27,125,108
13, 712, 513

29,950,453
11, 209, 706

27, 800,280
9, 957, 880

496,471
32, 445, 414
9,196, 537

512,137,026

521,077, 766

553, 562, 761

528,695, 920

684, 781,845

* Official only, prior to 1886-'87.

REPORT OF THE COMPTROLLER OF THE CURRENCY.

265

LOAN AND TRUST COMPANIES—OFFICIAL,.
MAINE.
September 25 and October 5,1886.]

[2 companies.
Liabilities.

Resources.
$107,141

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and baiikers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders aud national-bank notes.
Other resources

15,907
398,438
3, 51G
43, 025
75, 931
12, 801
82, 8(33
*69, 221
3, 004
1,198

Capital stock paid in

#190, 297

Surplus fund

16,440
17, 225

Other undivided profits
State-bank notes outstanding

822

Dividends unpaid
Individual deposits
State, county, and municipal deposits '.
Deposits of State, county, and municipal disbursing officers

539,161

D u e t o other b a n k s and b a n k e r s
Other liabilities

Total.

7G3, 945

Total.

703, 945

* Includes cash on hand.

NEW HAMPSHIRE.
March 31,1887.]
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks,bonds,and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources

$543,205
227, 710

Capital stock paid in

[1 company,
j

Surplus fund
Other undivided profits .

$200, 000
27,350
23,269

State-bank notes outstanding.
2, 582
500
15, 000
9, 058
1, 929

4, 305

Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers.
Other liabilities

116, 984

466, 800

30, 214

Total.

834, 503

Total.

S34, 503

MASSACHUSETTS.
[9 companies.

October, November, and December, 1886.]
Loans on real estate
Loans on personal and collateral se-

$9,128, 260

Other loans and discounts

25,172, 919

Surplus fund

"U.S. bonds

2,438, 506

R.R. bonds and stocks
TSank stocks . .
...-, . . .
Other stocks, bonds, and mortgages...
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid

J




Other undivided profits

$4,150, 000
415,202
659, 075

State-bank notes outstanding
194,518

7, 946, 290
805,106
839,014
90, 348

Gold certificates
j 4,167,516
>
Silver coins
Silver certificates
Legal tenders and national-bank notes.
370, 471
Other resources
Total

Capital stock paid in

i

50,958,460

Dividends unpaid
43,972,419
Individual deposits
State, county, and municipal deposits
. '
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

Total

30, 329
1, 536, 917

50, 958, 460

266

REPORT OF THE COMPTROLLER OF THE CURRENCY.
LOAN AND TRUST COMPANIES-OFFICIAL,.
CONNECTICUT.
[7 companies.

October 1,1886.]
Resources.

Liabilities.
$380, 282

Loans on real estate
Loans on personal and collateral secnrit y
•
>
.-Other loans and discounts

2,095,417

U. S. bonds
State bonds
. •R. B. bonds and stocks
Bank stocks
. ..... .
......
Other stocks, bonds, and mortgages
Due from other banks and bankers
Heal estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
>
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Total

October 1,1886.]

251, 990

Otiier undivided profits

696, 609
674, 436
294, 027
13,489
142,307

3,457

Due to other banks and bankers
Other liabilities

2, 829, 975

224, 545

Total

4, 296,567

NEW YORK CITY.
[15 companies.

174, 681,491

Capital stock paid in

$13, 900,000

Surplus fund
Other undivided profits

8, 659, 852
7, 268, 965

State-bank notes outstanding
Dividends unpaid

278, 757

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers•

139, 348, 535

Due to other banks and bankers...
Other liabilities

846,149
4, 379, 233

Total.

174, 681,491

NEW YORK STATE.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
"U.S. bonds
State bonds
R.E.bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks aod bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources




Surplus fund
State-bank notes outstanding

4,296,567

Total.

Total.

$986, 600

Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers

Loans on real estate
Loans on personal and collateral security
$104, 719,444
Other loans and discounts
1,055
Overdrafts
24,454, 821
TJ. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
19,470, 876
Other stocks, bonds, and mortgages
11, 562,193
Due from other banks and bankers
5, 997, 556
Real estate, furniture, and fixtures
8,579
Current expenses and taxes paid
Gold coins
Gold certificates
6,753,751
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
1,714, 216

October 1,1886.]

Capital stock paid in

[5 companies.
Capital stock paid in
Surplus fund

$9, 220, 882
263 Other undivided profits
1, 506, 993
State-bank notes outstanding
Dividends unpaid
2,483, 617 Individual deposits
1, 315, 317 State, county, and municipal depos195,134
its
Deposits of State, county, and municipal disbursing officers
149, 403

Due to other banks and bankers
Other liabilities

$1,431,900
173,358
669,738

48,425
12, 558, 214

35, 000
26,157

71,183

14,942,792

Total.

14, 942, 792

REPORT OF THE COMPTROLLER OF THE CURRENCY.

267

LOAN AND TRUST COMPANIES-OFFICIAL.
MINNESOTA.
[3 companies.

July 23, 1887.]
Eesources.
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
IT. S. bonds
State bonds
K. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages....
Duo from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total.

'Liabilities.
$908,427
51,139

Capital stock paid in.
Surplus fund
,
Other undivided profits.
State-bank notes outstanding

$1, 000,000
50,000
75,860

Dividends unpaid
2,950
80,1)08
317,217
19,1G4
2,543

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers.
Other liabilities

434,083

20, 000

197, 595
1, 579, 943

Total .

1, 579, 943

AGGREGATE RESOURCES AND LIABILITIES OF 42 LOAN AND TRUST COMPANIES IN
THE UNITED STATES.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
H. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Eeal estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total




$11,067,315
294,756
141,607,100
1,318
28,403, 836
45, 607
75, 931
13, 201
30, 648, 205
14, 516, 239
7, 648, 811
132, 778
11,218, 823

Capital stock paid in
Surplus fund
Other undivided profits.
State-bank notes outstanding..
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

$21,858,797
9, 594,192
8, 714,132

525,979
199, 799, 370

1,136, 023
6,429, 208

2,383,681
248, 057, 701

Total.

248,057,701

268

REPORT OF THE COMPTROLLER OF THE CURRENCY.
L.OAN AND TRUST COMPANIES—UNOFFICIAL..
PHILADELPHIA, PA.

June 30,1887.]

[10 companies*
Liabilities.

Resources.

$12,241,972
$2,178,174 Capital stock paid in
Loans on real estate
Loans on personal and collateral se36,216,489 Surplus fund
5, 988,438
curity
36,728 '• Other undivided profits.
2, 536, 00!)
Other loans and discounts
%
11,492
Overdrafts
State-bank notes outstanding.
U . S . bonds
132, 541
State bonds
7,324,417 Dividends unpaid
35, 086
R. R. bonds and stocks
117, 350
Bank stocks
5, 650,168 Individual deposits
40, 244,593
Other stocks, bonds, and mortgages
Due from other banks and b a n k e r s — 3,801,931 i State, county, and municipal deposits
3,379,776 I
Heal estate, furniture, and fixtures
38, 084
169,098 j Deposits of State, county, and muCurrent expenses and taxes paid
nicipal disbursing officers
869,011
Gold coins
Gold certificates
Due to other banks and bankers
4, 303, 872
Silver coins
19, 881 Other liabilities
Silver certificates
1, 516, 281
Legal tenders and national-bank notes
3, 111, 084
Checks and other cash items
469,752
Other resources
Total.

65, 388, 054

Total.

65,388, 054

MISSOURI.
June 30, 1887.]

[2 sompanies.
$881, 263

Loans on real estate
Loans on personal and collateral se-

32,773
3,324,382

Other loans and discounts

$1,200,000

Capital stock paid in

50, 850

Other undivided profits
State-baak notes outstanding

State bonds
R. R. bonds and stocks
[Bank, stocks . . . . .
....
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
I
Silver certificates
Legal tenders and national-banknotes.
Other resources
Total

June 30, 1887.1

Dividends unpaid
15,188
316, 956
17, 494
1,828
52,465




42, 536

Due to other banks and bankers
Other liabilities

1, 330, 520

1,747
2, 644, 096

3, 035, 806

2, 644, 096

Total

NEBRASKA.

Loans on real estate
$2,113, 241
Loans on personal and collateral security
Other loans and discounts
"314*609
Overdrafts
U.S. bonds.
State bonds
R. R. bonds and stocks
Bank stocks
,
2,000
Other stocks, bonds, and mortgages
115, 317
Due from other banks and bankers
160, 377
Real estate, furniture, and fixtures
41,191
Current expenses and taxes paid
129,805
Gold coins
G;old certificates
Silver coins
34, 679
Silver certificates
Legal tenders and national-banknotes,
Other resources
94, 587
Total.

20,190

Individual deposits
State, 'county, and municipal deposDeposits of State, county, and municipal disbursing officers

[4 companies.

Capital stock paid in.
Surplus fund
Other undivided profits.
State-banknotes outstanding.

$1, 055, 000
259,163
50, 535

Dividends unpaid
Individual deposits
State, county, and municipal deposits
.'
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers.
Other liabilities

Total .

104, 212

167, 002
1,399, 894

3,035, 806

REPORT OF THE COMPTROLLER OF THE CURRENCY.

269

L.OAN ANI> T R U S T COMPANIES—UNOFFICIAL.
AGGREGATE

RESOURCES AND LIABILITIES OF 16 LOAN AXD TRUST
IN THE UNITED STATES.
Liabilities.

Resources.
Loans on real estate
$5, 202, (578
Loans on personal and collateral security
3G, 249, 262
Other loans and discounts
1,675, 7 HI
Overdrafts
11,492
TJ. S. bonds
.383, 881
State bonds
132,541
R. li. bonds and stocks
7, 324,417
Bank stocks
119,350
Other stocks, bonds, and mortgages
5,780, 673
Due from other banks and bankers
4, 279, 264
Heal estate, furniture, and fixtures
3, 438, 461
Current expenses and taxes paid
300, 731
Gold coins
Gold certificates
Silver coins
> 5, 603,401
Silver certificates
Legal tenders and national-bank notes.
Other resources
566, 086
Total




COMPANIES

71, 067, 956

$14,496, 972

Capital stock paid in .
Surplus fund
,
Other undivided profits..

6,247,C01
2, 637, 394

State-bank notes outstanding .
Dividends unpaid

„

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers.
Other liabilities

Total .

40,391,341
38,084
y

4,470, 874
2, 730,414

71, 067, 95G

270

REPORT OF THE COMPTROLLER OF THE CURRENCY.

L.OAN AND TRUST COMPANIES—OFFICIAL, ANI> UNOFFICIAL.
AGGREGATE RESOURCES AND LIABILITIES OF LOAN AND TRUST COMPANIES FROM

1882 TO 1887.
18S2-'83.

3883-?84.

1884-'85.

1885-'86.

1886-'S7.

34 banks.

35 banks.

40 banks.

42 banks.

58 banks,

Resources and liabilities.

Resources.

Loans on real estate
( $16, 269, 993
Loans on pers'l and collat'l security 140,022,358 $158, 018, 009 $141,542,649 $156, 828,458 < 36,544,018
Other loans and discounts
(143,282,819
100, 675
367,749
135, 919
419
Overdrafts
12. 810
17,437, 990 23, 371, 084 25, 376, 400 27, 985, 658
U.S. bonds
28, 787, 717
State, county, and municipal bonds .
r
178,148
R. R. bonds and stocks
30, 322, 420
27, 879, 858 29, 750,200 43, 816, 716 J 7,400,348
Bank stocks
1
132,651
Other stocks, bonds, and mortgages
I 36,428,878
9, 561,148 16, 517, 457 23,458, 985 16,160,112
Due from other banks and bankers
18, 795, 503
8, 759, 291
Real estate, furniture, and fixtures . 6, 5(57, 756 6,152, 771
9, 774, 575
11, 087, 272
213, 183
209, 842
302, 052
Current expenses and taxes paid . . .
664,497
433, 509
Gold coins
Gold cer tiflcates
825, 433
552,192
1, 388, 065
Silver coins
-19,644,510
16, 822, 224
Silver certificates
2,956,753
3, 871. 990
8, 557, 796
Legal tenders and nat'1-bank notes
88, 483
94, 672
88, 802
Checks and other cash items
4,246, 338
9, 023, 654
Other resources
2,841,937
3, 439, 646
2, 949, 767
Total.
Liabilities.
Capital stock paid in
Surplus fund
Other undivided profits
State-bank notes outstanding
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities
Total.




212, 342, 587 239,871,691 248, 389, 683 278,314,591
22, 778,175
8, 812, 723
6,788,987

23, 938, 600
10,191,544
9, 619,067

26, 428, 600
10, 695, 984
8,508, 000

319,125,657

27, 644,150
21,671,152
2, 849, 549

36, 355, 769
15, 841. 793
11,351,526

19,251
22, 359
25, 282
38, 900
165,378, 515 188,745,922 188, 417,293 214, 063,415

581, 255
240,190,711
38, 084

267,006
8, 294, 822
212,342,587

761,888
6,589, 388

197, 893
14,122,662

192, 243
11,855,182

239,871,691 248,389, 683 278, 314,591

5, 606, 897
9,159,622
319,125,,657

REPORT OF THE COMPTROLLER OF THE CURRENCY.

271

SAVIJ\C*S BANKS—OFFICIAL,.
MAINE.
ISTovember 1, 1886.]

[54 banks.
Resources.

Liabilities.

$6,113,41.4 Capital stock paid in
Loans on real estate
Loans on personal and collateral sei Surplus fund
curity
$1,429,363
4,700,804 1 Other undivided profits
770,499
Other Joans and discounts
Overdrafts
3,207,929 |j State-banknotes outstanding.
U.S. bonds
Btate bonds
8,215, 531 Dividends unpaid
60, 204
R. R. bonds and stocks
1,900,238
Bank stocks
9ther stocks, bonds, and mortgages... 12, 526, 728 Individual deposits
37,215, 072
State, county, and municipal deposDue from other banks and bankers
its
Real estate, furniture, and fixtures
""i,"iO2,"727"
Deposits of State, county, and muCurrent expenses and taxes paid
nicipal disbursing officers
Gold coins
Gold certificates
1, 063, 740
Duo to other banks and bankers
Silver coins
Other liabilities
Silver certificates
Legal tenders and national-bank notes.
584, 018
Other resources
Total

March 31, 1887.]

I 39,475,138

NEW HAMPSHIRE.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
,
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages....
Due from other banks and bankers
Real estate, furniture, and fixtures —
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total.

J u n e 30, 1887.]
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U. S. bon d s
y State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers —
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total.




Total .

525,320,509
7, 382, 859
463, 050
7, 063, 047
8, 007, 531
1,906,815
3, 707, 881
663, 062
708, 724

220, 545

55, 444,136

[66 banks.

Capital stock paid in ,
Surplus fund
,
Other undividod profits.,

$4,604,6S0

State-bank notes outstanding.
Dividends unoaid
Individual deposits
50, S22,7G2
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers.
Other liabilities

16, 694

Total.

VERMONT.
$9,714,717

39,475,138

55, 444,136

[28 banks.

Capital stock paid in .

1,981,732
203,102
261, 460
3,151,781

$460, 000

Surplus fund
Other undivided profits.
State-bank notes outstanding

349, 900
426,212

Dividends unpaid
368,298
625,706
218, 474

135, 259

Individual deposits
15, 587, 050
State, county, and municipal deposits .
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

!.
|

50, 676

213, 309
. 16,873,838

Total.

16,873,838

272

REPORT OF THE COMPTROLLER OF THE CURRENCY.
SAVINGS BANIiS—OFFICIAL.
MASSACHUSETTS.

October 30,1886.]

[172 banks.
Resources.

Liabilities.

Loans on real estate
$112, 208, 878 Capital stock paid in
Loans on personal and collateral security
82, 309, 472 Surplus fund
$12,928,350
Other loans and discounts
Other undivided profits
Overdrafts
10, 393, 028
U.S. bonds
32, 921, 245 State-bank notes outstanding..
State bonds
17, 224, 9G8
R. R. bonds and stocks
26, 722, 512 Dividends unpaid
Bank Btocks
Other stocks, bonds, and mortgages
Individual deposits
291,197, 900
12,161,761 State, county, and municipal deposDue from other banks and bankers
5, 300, 447
Heal estate, furniture, and fixtures
its
Current expenses and taxes paid
Deposits of State, county, and muGold coins
nicipal disbursing officers
Gold certificates
859, 428 Due to other banks and bankers.
Silver coins
Silver certificates
Other liabilities
276,827
Legal tenders and national-bank notes.
4, 301, 338
Other resources
Total.

November 6,1886.]

304, 403, 077

Total

RHODE ISLAND.

$22, 030, 587
Loans on real estate
Loans on personal and collateral se9, C56,151
curi ty
Other loans and discounts
Overdrafts
800, 000
U. S. bonds
9, 241, 792
State bonds
7, 362, 844
R. R. bonds and stocks
2, 700, 908
.Bank stocks
93, 260
Other stocks, bonds, and mortgages
Due from other banks and bankers
;
Real estate, furniture, and fixtures | 2, 707, 849
Current expenses and tax:es paid
j
Gold coius
•
Gold certificates
I
Silver coins
I 1,187, 335
Silver certificates
i
Legal tenders and national-bank notes630,389
Other resources
Total

56,111,115

304,403,077

[37 banks.

Capital stock paid i n .
Surplus fund
Other undivided profits.

$44, 500
2, 752, 748

State-bank notes outstanding.
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers.
Other liabilities

Total.

53, 284, 821

29, 046
56, 111, 115

CONNECTICUT.
October 1,1886. ]

[85 banks.

Loans on real estate
$40, 538, 284
Loans on personal and collateral se3,481,725
curity
6,489, 675
Other loans and discounts
U. S. bonds
Stale bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold certificates
Silver coins
-.
. .
Silver certificates
.•
Legal tenders and national-bank notes.
Other resources
Total




Capital stock paid in
Surplus fund
Other undivided profits

3,116,542
16, 082, 995 State-bank iiotes outstanding
18,154,126
6,171, 539 Dividends unpaid
Individual deposits
*3, 355,874 State, county, and municipal depos4, 738, 928
its
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

$3,395,730
1,449,901

97,424, 820

421,377

562,140
102, 691,828

Total

* Includes cash on hand.

102,691,828

REPORT OF THE COMPTROLLER OF THE CURRENCY.

273

SAVINGS BANKS-OFFICIAL,.
NEW YORK.

[115 banks.

January 1,1887. J
Liabilities.

Kesources.
$169,972,875
Loans on real estate
Loans on personal and collateral se14, 530, 030
curity
Other loans and discounts
Overdrafts
134,984,410
U. S. bonds
140, 044,704
State bpnds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
30,795,122
Dae from other banks and bankers
8, 034, 653
Real estate, furniture, and fixtures
1, 590, 967
Current expenses and taxes paid
Gold coins
Gold certificates
5,836, 998
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
62,497,108
Total .

568, 286,867

Capital stock paid in .
Surplus fund
Other undivided profits.

$85,633,329

State-bank notes outstanding.
Dividends unpaid
Individual deposits
482,486,730
State, county, and municipal deposits
'.
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers..
Other liabilities

Total.

568,286,867

NEW JERSEY.
December 31,1886.]

[25 banks.

$9, 579,425
Loans on real estate
Loans on personal and collateral security
1,586,137
Other loans and discounts
Overdrafts
10, 395,382
U.S. bonds
Sfate bonds
•-•
It. R. bonds and stocks
Bank stocks
.
5, 283, 653
Other stocks, bonds, and mortgages
Due from other banks and bankers
837, 036
Real estate, furniture, and fixtures
1,135, 531
Cu rrent expenses and taxes paid
Gold coins
Gold certificates
Silver coins
[ 371,713
Silver certificates
Legal tenders and national-bank notes.
Other resources
886, 449
30, 076,226

Total

March 1 and September 30,1887.]
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
O rerdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current, expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total.

8770 OTJB 87




Surplus fund
Other undivided profits

$109, 737
121, 610
200
6, 000
7,928
1, 000
4, 809
5,496

1,155

$2,412, 877

State-bank notes outstanding
Dividends unpaid
Individual deposits
27,482,135
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

Total

MARYLAND.
Capital stock paid in .
Surplus fund
Other undivided profits .

181, 214

30, 076,226

[2 banks.
$30,105
14, 879

State-banknotes outstanding.
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

9,252
204,125

6,582
6,295

13, 297
271,238

18

Capital stock paid in

Total.

271,288

274

REPORT OF THE COMPTROLLER OF THE CURRENCY.
SAVINOS BANKS—OFFICIAL,.
"WASHINGTON, D. C.

June 30,1887.]

[1 bank.
Kesources.

Liabilities.

Loans on real estate
Loans on personal and collateral se-.
curity
Other loans and discounts
Overdrafts
IT. S. bonds
State bonds
R. R bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total.

J u n e 30,1887.]

$11, 464

227, 500 Individual deposits .
4,546 i State, county, and municipal depos-

834, 524

30, 000
21, 000 Dividends unpaid

7,272
400

Deposits of State, county, and municipal disbursing officers

3,287 Due to other banks and bankers.
7,500 Other liabilities
10,650
29, 002

NORTH

Total.

April 7,1887.]

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
IT. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages - -.
Due from other banks and bankers
Real estate, furniture, and fixtures—
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources




Surplus fund
Other undivided profits.
160, 000 State-banknotes outstanding..

234,268

Total.

845, 988

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, lurniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources

Total.

$112, 563 I Capital stock paid in.

CAROLINA.

$1, 000
8,606

Capital stock paid in .
Surplus fund
Other undivided profits.

State-bank notes outstanding
*3,"i66"
Dividends unpaid
1,500 Individual deposits
1,021 State, county, and municipal depos957
its
Deposits of State, county, and municipal disbursing officers
17
1,360
2

Total.

OHIO.

1,131,103
2,255, 000
500,000
6,693, 884
967,451
247,496
J 6,330
4,334 !

$5,991
374

11, 307

Due to other banks and bankers.
Other liabilities

17, 672

$4,394, 655

[1 bank.

17, 672

[4 banks.

Capital stock paid in.
Surplus fund
Other undivided profits.
State-bank notes outstanding.
Dividends unpaid
Individual deposits
State, countv, and municipal deposits
."
Deposits of State, county, and municipal disbursing officers.•„•
Due to other banks and bankersOther liabilities

$70, 0C0
318, 326

15, 065,659

1, 000,000

221,366
22, 366

16,453,985

Total.

16,453,985

REPORT OF THE COMPTROLLER OF THE CURRENCY.

275

SAVINGS BANKS-OFFICIAL.
INDIANA.

October 30,1886.]

Resources.

[6 banks.
Liabilities.

Loans on real estate
Loans on personal and collateral seOther loans and discounts
Overdrafts
U.S. bonds
State bonds and stocks
..
II. R. bonds

$1,645, 330

Capital stock paid in
Surplus fund
Other undivided profits

127,397

$168, 853
43, 697

State-bank notes outstanding
Dividends unpaid

Bank stocks,bonds, and mortgages
Other stocks
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes. >
Other resources

91, 830
133,8T0
8, 503
354,832

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

206, 655
2,568,417

Total

Total

2, 312, 013

43,854

2, 568,417

IOWA.
[37 b a n k s .

June 30,1887.]
Loans on real estate
Loans on personal and collateral seOther loans and discounts
Overdrafts
U. S. bonds
State bonds
...
It. R. bonds and stocks
Bank stocks
Other stocks,bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total

Capital stock paid in
$10, 326, 774
67, 081

Surplus fund
Other undivided profits

$2,128, 693
218, 801
273, 403

State-bank notes outstanding
Dividends unpaid
" l , " 461, 610
339, 843

S

471,039

12, 666, 347

Individual deposits
State, county, and municipal deposDeposits of State, county, and muits
nicipal disbursing officers
Due to other banks and bankers
Other liabilities
Total

9,969,019

76, 431

12, 666, 347

MINNE SOT A.
[7 banks.

July 23,1887.]
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Heal estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
...... .
Silver coins
Silvertenders and national-bank notes.
certificates
Legal
Other resources
Total




$1, 918, 298
768, 237

Capital stock paid in
Surplus fund

i6,"276" Other undivided profits
55,000
State-bank notes outstanding
Dividends unpaid
662, 712
650, 883
68, 514
10, 241
4,639
3, 387
79, 558
11,146
4, 242, 891

Individual deposits
State, county, and municipal deposDeposits of State, county, and muits
nicipal disbursing officers
Due to other banks and bankers
Other liabilities

Total

* Of two banks only.

*$150, 000
103, 985
34, 923

52, 852
3, 891, 050

4,983
4,495

4,242,891

276

REPORT OF THE COMPTROLLER OF THE CURRENCY.
SAVINGS BANKS-OFFICIAL,.
CALIFORNIA.

June 30, 1887.]

[24 banks.
Resources.

Liabilities.

$42, 963,926 Capital stock paid in .
Loans on real estate
Loans on personal and collateral se1, 000, 815 Surplus fund
curity
8, 571, 063 Other undivided profits.
Other loans and discounts
Overdrafts
U.S. bonds
State-bank notes outstanding.
State bonds
> 17, 860, 209 Dividends unpaid
R. R. bonds and stocks
Bank stocks
Individual deposits
Other stocks, bonds, and mortgages
1,609,286 State, county, and municipal deposDue from other banks and bankers
3,104, 8T6
Real estate, furniture, and fixtures
its
Current expenses and taxes paid
Deposits of State, county, and muGold coins
nicipal disbursing officers
Gold certificates
1, 994, 883
Silver coins
Due to other banks and bankers
Silver certificates
Other liabilities
Legal tenders and national-bank notes.
"479," 544
Other resources
Total

77,584,602

Total.

$4,216, 377
2, 731, 089

70, 077, 80S

591
558, 652

77, 584,602

AGGREGATE RESOURCES AND LIABILITIES OF 664 SAVINGS BANKS IN THE UNITED
STATES, 1886-'87.
Loans on real estate
- $446, 624,258
Loans on personal and collateral se122,631,426
curity
31, 612, 743
Other loans and discounts
77, 357
Overdrafts
166, 219, 198
U.S. bonds
209, 038, 864
State bonds
58, 992, 053
R. R. bonds and stocks
39, 778,238
Bank stocks
47, 150, 157
Other stocks, bonds, and mortgages
53,139,067
Due from other banks and bankers
27, 848, 385
Real estate, furniture, and fixtures
1,633,313
Current expenses and taxes paid
G-old coins
Gold certificates
> 12, 842, 682
Silver coins
Silver certificates
Legal tenders and national-bank notes.
70, 425,624
Other resources
Total




Capital stock paid in

*$6, 991,166

Surplus fund

114, 091, 457
6, 096, 426

Other undivided profits
State-bank notes outstanding
Dividends unpaid
Individual deposits
State, county, and municipal depos-

122, 308
1,157,807,483

its .
"
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

1,288,013,365

* Of 84 banks.

Total

88, 588
2, 755, 937
1,288,013,365

REPORT OF THE COMPTROLLER OF THE CURRENCY.

277

SAVINOS BANKS-UJVOFFICIAL,.
P H I L A D E L P H I A , PA.
June 30,1887.]

[5 banks.

Liabilities.

Resources.
$6, 889, 383

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
R.R. bonds and stocks
Bank slocks
Other stocks,bonds,andmortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources

9,120,310
4, 558, 562
5,251, 080
3,110,778
13,723, 261
459, 680
55, 680
1, 018, 040
106, 000
1,100, 847
1,318
122, 397
1, 013,933

Total.

46, 531,275

Capital stock paid in.
Surplus fund
Other undivided profits..
State-bank notes outstanding.
Dividends unpaid.,
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers.
Other liabilities

Total.

$444,700
2, 953, 782
857, 442

6,250
42, 219, 099

50, 002

46,531,275

DELAWARE.
June 30,1887.]
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages...
J3ue from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid

12 banks.
Capital stock paid in
$385, 560

Juno 30,1887,]

State-bank notes outstanding
81, 670
52, 601
2, 053,407
167,785
35,822




Dividends unpaid
Individual deposits
State, county, and municipal deposDeposits of State, county, and muits
nicipal disbursing officers

2,771,392

Due to other banks and bankers
Other liabilities

264,287
3,041,132

Total

MARYLAND.

Loans on real estate
$2,451,457
Loans on personal and collateral security
2, 729, 974
Other loans and discounts
451, 362
Overdrafts
TJ. S. bonds
8,197, 000
State bonds
3, 603, 531
R. R. bonds and stocks
1, 487, 728
Bank stocks
222, 666
Other stocks, bonds, and mortgages . . .
321, 679
Due from other banks and bankers
186, 838
Real estate, furniture, and fixtures
442, 461
Current expenses and taxes paid
19, 504
Gold coins
Gold certificates
Silver coins
> 198,110
Silver certificates
Legal tenders and national-bank notes.
Other resources
232. 225
Total.

$269, 740

Other undivided profits

1
Gold certificates
I
Silvercoins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total

Surplus fund

20, 5447535

3,041,132

[8 banks.

Capital stock paid in.
Surplus fund
Other undivided profits.

$1,119, 870
22, 827

State-bank notes outstanding
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities
Total.

2,284
18, 816, 837

2,200
580,517

20,544,535

278

REPORT OF THE COMPTROLLER OF THE CURRENCY.
SAVINGS BANKS—UNOFFICIAL,.
CHICAGO, ILL.

June 30,1887.]

[5 banks.
Liabilities.

Resources.
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U. S. bonds
State bonds
R. R. bonds and stocks
Bank stoeks
Other stocks, bonds, and mortgages
Due from other banks and bankers—
Real estate, furniture, and fixtures —
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes
Other resources
,
Total.-

$1,476,568

Capital stock paid in.

10, 685,865
1, 282,150
12, 768
581,470
11,642
124,219
14,175
699, 304
1, 728,142
163, 079
2,633

Surplus fund
Other undivided profits
State-bank notes outstanding.

2,690,126

Dividends unpaid

$2,655, 000
1, 260,461
228, 238

62,544

Individual deposits
14, 061,258
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers.
Other liabilities

1,262,916

58,276
19,530,417

Total.

19,530,417

AGGREGATE RESOURCES AND LIABILITIES OF 20 SAVINGS BANKS IN THE UNITED
STATES.
$10,817,408
Loans on real estate
Loans on personal and collateral se22,921,709
curity
6,292, 074
Other loans and discounts
12, 768
Overdrafts
14,029, 556
U.S. bonds
6,725, 951
State bonds
15,416, 878
R. R. bonds and, stocks
289,442
Bank stocks
3, 534, 070
Other stocks, bonds, and mortgages
1, 970, 660
Due from other banks and bankers
1, 791, 365
Real estate, furniture, and fixtures
128,137
Current expenses and taxes paid
Gold coins
Gold certificates
5,162, 553
Silver coins
Silver certificates
Legal tenders and national-bank notes.
554, 788
Other resources
Total




89, 647,359

Capital stock paid in
Surplus fund
Other undivided profits.

$3,099,700
5, 603, 853
1,108, 507

State-bank notes outstanding .
Dividends unpaid

71, 078

Individual deposits
77, 868, 586
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities
Total.

2,200
1, 893,435

89,647,359

REPORT OF THE COMPTROLLER OF THE CURRENCY.

279

SAVINGS BANKS—OFFICIAL, AND UNOFFICIAL.,*
AGGREGATE RESOURCES AND LIABILITIES OP SAVINGS BANKS FROM 1882 TO 1887.
1882-'83.

1883-'84.

1884-'85.

1885-'86.

1886-'87.

630 banks.

636 banks.

646 banks.

638 banks.

684 banks.

Resources and liabilities.

Resources.
$328,197, 858 $358,686,040
Loans on real estate
Loans on pers'l and collat'l security 155, 874,522 141,457, 111
Other loans and discounts
Overdrafts
219, 017, 313 196,226,202
TJ. S. bonds
State, county, and municipal bonds. 190,629,915 222, 218, 006
41,695, 701 50, 994, 579
R. R. bonds and stocks
36,587,817 37, 929, 754
Bank stocks
Other stocks, bonds, and mortgages.
43,184, 629 52, 358, 971
Due from other banks and bankers.
Real estate, furniture, and fixtures
37, 224, 601 34, 467, 276
156, 944
Current expenses and taxes paid . . .
144,223
Gold coins
Gold certificates
Silver coins
12,998,594 14,079,452
Silver certificates
Legal tenders and nat'1-bank notes.
Checks and other cash items
53,235,771 69,166,584
Other reso urces

$389,953,928 $418,372,642 $457,441,666
133, 716, 902 127,677,702 145, 553,135
37,904,817
90,125
191,980, 698 197,171,307 180,248,754
228,993, 250 241,051, 536 215, 764,815
59, 585,489 63,511,735 74, 408,931
38,460, 603 39,029,813 40, 067,680
50, 684., 227
46,125, 014 43,089,103 55,109, 727
32,174,810 30, 984, 883 29, 639, 750
1, 761,450
166, 636
142,717
13,423,064

19,757,941

18,005,235

68,445,304

79,451,562

70,980,412

1,118, 790,944 1,177, 740, 919J1, 203, 025, 698 1,260,840, 9411,377, 660, 724

Total .

Liabilities.
10, 090, 866
Capital stock paid in
Surplus fund
72, 784,155 82, 395, 71'
88, 647, 315 96,924,117 119, 695, 310
7, 204, 933
Other undivided profits
15, 738, 223 16, 904, 753 13,106, 359 15, 326,391
State bank notes outstanding
193,386
Dividends unpaid
Individual deposits
1, 024, 856, 787 1,073, 294, 9551, 095,172,147 1,141, 530,578 1,235,736,069
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers ...
90,788
Other liabilities
4, 649,372
5,411, 779i
5,145, 494
6,099,877
7, 059, 855
Total

1,118, 790,94411,177, 740,919 1, 203, 025, 698 1, 260, 840, 9411, 377,660, 724
*Ofiicial only, prior to 1886-'87.

TABLE, BY STATES, OF THE AGGREGATE DEPOSITS OF SAVINGS BANKS, WITH THE
NUMBER OF THEIR DEPOSITORS AND THE AVERAGE AMOUNT DUE TO EACH, IN

1885-'86 AND 1886-'87.

1885-'86.

States.

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania

Number of
depositors.

1886-'87.
Average
to each
depositor.

Amount of
deposits.

109,398
121,216
49,453
848, 787
]16,381
256, 097
1, 208, 072
91, 681
143, 645

$35, 111, 600
47,231,919
11,723,675
274,998,413
51,816, 390
92,481,425
457, 050, 250
25, 335, 780
37, 530,370

$320. 95
389. 65
237.07
323.99
445. 23
361.12
378. 33
276. 35
261.27

Number of
depositors.

Amount of
deposits.

Maryland
District of Columbia
N'H'th Carolina
Ohio
Indiana
Illinois

*77, 212
7,605

30, 542, 992
793, 943

395. 57
104. 40

*34, 553

12, 823, 374

371.12

Minnesota
California

14, 361
*80,489

3, 654, 528
60,435, 919

254.48
750. 86

114,691
132,714
53,810
906, 039
119,159
266, 888
1, 264, 535
98,137
156,722
12,744
59, 565
8,245
*377
*41, 059
9,933
*28,038
*39, 638
15, 474
*90,245

3,158,950 1,141, 530, 578

361. 36

3,418,013 1,235,247,371

Total




•Estimated,

Average
to each
depositor.

$37,215, 071
50, 822,762
15,587,050
291,197, 900
53, 284, 821
97,424, 820
482,486, 730
27,482,135
42, 219, 099
2, 771, 392
19, 020, 962
834, 524
11, 307
15, 065, 659
2,312,013
14,061,258
9, 969, 019
3,402, 950
70, 077,899

$324.47
382. 94
289.67
321.40
447.18
365. 04
381. 55
280. 04
269.39
217. 46
319. 33
101.22
30.00
366 93
232.75
501. 51
251.50
219.91
776. 52
361.39

280

REPORT OF THE COMPTROLLER OF THE CURRENCY.
PRIVATE BANKS—OFFICIAL,.
WISCONSIN.

July 4,1887.]

[68 banks.
Resources.

Liabilities.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Otherstocks, bonds, and mortgages —
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources

Capital stock paid in
$5,256,468
108, 656

446, 740
,788,491
320, 288
26,182
286,607

9,031,387

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
IT. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank aotes.
Other resources

$552, 770
5,087, 416
243,737
89, 600

176,541
1, 557, 420
436, 865
167, 084
"63,174
736*374
213,757

Total .

9, 324,738

Total

Capital stock paid in.
Surplus fund
Other undivided profits.
State-bank notes outstanding.
Dividends unpaid
Individual deposits
State, count}^, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities
Total .

CALIFORNIA.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Otherstocks, bonds, and mortgages
Due from oth er banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
,
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources




Due to other banks and bankers
Other liabilities

MISSOURI.

May 4,1887.1

Total.

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers

$986,435
479, 036

6,229,610

1, 336,306

584,617
213, 343

Total

June 30, 1887.]

Surplus fund
Other undivided profits
State-bank notes outstanding
Dividends unpaid

$1, 536,604
4,684,088
520,885

478, 077
813,903
693,691

1
> 1,548,

508

Capital stock paid in.
Surplus fund
Other undivided profits.
State-bank notes outstanding.
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

9,031, 387

[85 banks.
$t, 331, 241
801,910
38, 609

S 495, 824
,

531,366
125, 728

>, 324, 738

[29 banks.
$3, 578, 468
400, 577

6,118,496

340,531
158,826

321*142
10, 598,898

Total.

10,596,898

REPORT OF THE COMPTROLLER OF THE CURRENCY.

281

PRIVATE BANKS-OFFICIAL.
AGGREGATE RESOURCES AND LIABILITIES OF 182 PRIVATE BANKS IN THE UNITED
STATES.
Resources.
Loans on real estate
Loans on personal and collateral security
•
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages —
Due from other banks and bankers . .
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank note3
Other resources
Total.




Liabilities.
$2, 089,374
9, 771, 504
5, 777, 353
352, 393
89, 600

Capital stock paid in .
Surplus fund
Other undivided profits.

$5,896,144
1,681,523
38,669

State-bank notes outstanding..
Dividends unpaid

1,101,358
4, 159,814
1,450, 839
26,182

Individual deposits
State, couuty, and municipal deposits
Deposits of State, connty, and municipal disbursing officers

3, 767, 071 Due to other banks and bankers
Other liabilities
367, 535
28, 953,023

Total.

18,843, 930

871, 897
1,620, 860

28,953,023

282

REPORT OF THE COMPTROLLER OF THE CURRENCY.
PRIFATJE BANKS-XJJVOFFICIAL,.
MASSACHUSETTS.

June 30, 1887.]

[5 banks.
Resources.

Liabilities.

Loans on real estate
Loans on personal and collateral security
r
Other loans and discounts
Overdrafts
U. S. bonds
State bonds
--- .-..-...
It. It. bonds and stocks

$309, 837
685,712
88, 404
500

Bank stocks
Other stocks, bonds, and mortgages...
Due from other banks, and bankers
Real estate, furniture, and fixtures
Current expenses and taxss paid
Gold coins
Gold certificates
[
Silver coins
Silver certificates
Legal tenders and national -bank notes.
Other resonrces
-

1,800
11, 495
203, 478
32, 772
1,713
903
89,003

$231,000
65,566
134, 502

State-bank notes outstanding
Dividends unpaid
Individual deposits
State, county, and municipal deposits.
Deposits of State, county, and municipal disbursing ofiicers
Due to other banks and bankers
Other liabilities

87
827, 880

174,186

7,604
1,433, 221

Total

Capital stock paid in
Surplus fund
Other undivided profits

Total

1,433,221

CONNECTICUT.
J u n e 30,1887.]

14 banks.
$34,200

Loans on personal and collateral security
Other loans and discounts
-.
U.S. bonds
State bonds
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks, and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
1
G old certificates
Silver certificates
Legal tenders and national-bank notes.

i

i

Total

Capital stock paid in

103,180
278, 333
934
8,380

Surplus fund
Other undivided profits

2 550
18, 846
80,115
1,692
4,858
51, 037

$78, 000

.

28, 241
15, 580

State-bank notes outstanding
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing ofiicers
Due to other banks and bankers
Other liabilities

387, 378

75,916
43

1,033
585,158

Total

585,158

NEW YORK.
June 30,1887.]
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds.
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages ...
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes
Other resources
Total




[41 banks.
$474,706
1,946, 362
4,007,934
35, 571
2, 523, 061
23, 889
1,043, 547
32,950
518, 681
876, 802
219, 625
19, 459
365, 644

Capital stock paid in
Surplus fund
,
Other undivided profits.
State-bank notes outstanding.
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing ofiicers
Due to other banks and bankers
Other liabilities

$1,218,272
658,161
185, 650

30, 000
6, 013,485
76, 903
67,100
2,178,481
1,772,232

112, 053
12,200, 284

Total.

12,200,284

REPORT OF THE COMPTROLLER OF THE CURRENCY. 2 8 3
PRIVATE BANKS—UNOFFICIAL,.
NEW

JERSEY.

June 30,1887.]

[3 banks.
Resources.

Liabilities.
$24,150

TJ S bonds
State bonds
..
R. R. bonds and stocks
Bank stocks *
Other stocks, bonds, and mortgages
Due from other banks and bankers —
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes
Other resources

Capital stock paid in

471,816
208, 735

Loans on real estate
Loans on personal and collateral se-

Surplus fund
Other undivided profits

$169,325
93,000
9,125

State-bank notes outstanding
77,265
43, 497
161, 204
28, 892
5,826
S

92,782

365

Dividends unpaid

754,489

Individual deposits
State, county,' and municipal deposDeposits of State, county, and muits
nicipal disbursing officers

10, 040
10, OtiO

Due to other banks and bankers
Other liabilities

34, 298
40, 012

6,487

Total

1,120, 654

Total

1,120, 654

PENNSYLVANIA.
June 30,1887.]

[46 banks.

Loans on real estate
Loans on personal and collateral security
•
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages...
Due from other banks and b a n k e r s . . .
Heal estate, furniture, and fixtures
Current expenses and taxes paid
G old coins
]
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes J
Other resources
.Total

Capital stock paid in
Surplus fund
Other undivided profits.
64, 522
92, 600 State-banknotes outstanding.

$658,871

$1,571, 351

3, 204,946
3, 592, 657

518,859
171,150

4,050
357, 561
68, 500
380, 676
1, 802, 352

329, 78 L
59, 056
852,164

Dividends unpaid

13, 648

Individual deposits
! 8,990, 050
State, county, and municipal deposits
I
Deposits of State, county, and mu- j
nicipal disbursing officers
i
7, 504
Due to other banks and bankers
O ther liabilities

I

196,367
74, 207

75, 400
11 543,136

Total.

11, 543,136

MARYLAND .
[3 banks.

June 30,1887.]

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
.
State bonds
R,R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages—
Due from other banks and bankers
Real estate, furniture, andfixtures—
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes
Other resources
Total .




$11,400
51,225
77, 221
73
1,000
22, 000
11,195
25,519
333
7,912

Capital stock paid in .
Surplus fund
Other undivided profits .
State-bank notes outstanding .
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

$16,000
102
1,152

47, 859

827
19, 242
122, 862

166
208,044

Total .

208,044

284

REPORT OF THE COMPTROLLER OF THE CURRENCY.
PRIVATE BANKS—UNOFFICIAL..
WASHINGTON,

D. C.
[1 bank.

June 30,1887.]
Resources.

Liabilities.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks,bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total.

Capital stock paid in .
$102,085

Surplus fund
Other undivided profits.

• $33, 000
3,088
10, 030

State-bank notes outstanding
Dividends unpaid
3,000

104
20,466

125,655

NORTH

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities
Total.

79, 490

47

125, 655

CAROLINA.

June 30, 1887. J

[2 banks.
Capital stock paid in

Loans on personal and collateral se$160, 596 '
curity
Other loans and discounts
2,462
Overdrafts
X S. bonds
T
State bonds
.
R. R. bonds and stocks
Biiiik stocks
1, 049
Other stocks, bonds, and mortgages
21,816
Due from other banks and bankers
2,507
Real estate, furniture, and fixtures
2, 384
Current expenaes and taxes paid
Gold coins
Gold certificates
Silver coins
j
>
14,046
Silver certificates
Legal tendei s and national-bank notes.
Other resources
Total

204, 864

Surplus fund
Other undivided profits

$40,000
11,585
11,405

State-bank notes outstanding
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

Total

112, 535

819
7,814
20, 706

204/864

SOUTH CAROLINA.
June 30, 1887.]
Loans on real estate
Loans on personal and collateral security
.... . . . . .
Other loans and discounts
Overdrafts.
State bonds
R. R bonds and stocks
Bank stocks .
Other stocks,bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
[
Silver certificates
Legal tenders and national-bank notes. 1
Other resources
Total




[3 banks.
$32, 991
41, 239
11, 448
3,157

Capital stock paid in
Surplus fund

$87, 850
31, 330

Other undivided profits
State-bank notes outstanding
Dividends unpaid

4,702
26, 459
14, C04
745

16,343

Individual deposits
State, county, aud municipal deposDeposits of State, county, and muits
nicipal disbursing officers
Due to other banks and bankers
Other liabilities

51,161

6,143
6,000

30, 796
182,484

Total

182,484

OF THE COMPTROLLER OF THE CURRENCY.

285

PRIVATE BANKS—UNOFFICIAL.
GEORGIA.

June 30,1887.]

[12 banks.
Resources.

Liabilities.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds.
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from otherbanksand bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources

$90, 282

Capital stock paid in .

504, 391
285,129
18,168

Surplus fund
Other undivided profits.

4,500
107, 077
2,000
51,044
105, 574
226,498
9,548
79,120

$740,770
155,378
23, 672

State-bank notes outstanding.
Dividends unpaid

2,000

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers

372, 785

Due to other banks and bankers
Other liabilities

43, 844
162, 526

6,904
500

25, 048

Total.

1,508, 379

Total.

1,508, 379

FLORIDA.
J u n e 30,1887. J

[2 banks.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts

$5, 050
129, 693
9,414

State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
1
Gold certificates
Silver coins
>
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total

June 30,1887.]
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
O v erd raft s
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-banknotes.
Other resources
Total




41, 000
1,670
67,197
4,548
2,339
44,997
264
306,172

$53,000

Capital stock paidin
Surplus fund ••
.
Other undivided profits

.

.

667
Individual deposits
State, county, and municipal deposits
. . . .
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

Total

ALABAMA.
$212, 905
961,367
237,507
5, 250
3,500
63, 933
35, 000
12,992
2,201,051
257,990
136, 046
17, 373
294, S00

5,381

State-bank notes outstanding

Capital stock paid in .
Surplus fund
Other undivided profits.

228,129

15,490
3,499

306,172

[5 banks.
$312, 000
335, 793
2,178,839

State-bank notes outstanding.
Dividends unpaid
Individual deposits
State, county, and municipal deposits
'
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

1,471, 209

21, 657
24,391
105,172

9,347
4,449,061

Total.

4,449,061

286

REPORT OF'THE COMPTROLLER OF THE CURRENCY.
PRIVATE BANKS—UNOFFICIAL.
MISSISSIPPI.

June 30,1887. J

[2 banks.
Resources.

Liabilities.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
13 ink stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures. . .
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
I
Silver certificates
Legal tenders and national-bank notes
Other resources

$18,000

Capital stock paid in

10, 200
122,837
7,732

Surplus fnnd

36,400
14, 576

State-bank notes outstanding
13, 021
17,987
35,365
51, 559
3,400

Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers

39,809

Duo to other banks and bankers
Other liabilities

129,957

3,510
18, 537
19,998

22,948
342,978

Total

Other undivided profits

$120,000

Total

342, 978

LOUISIANA.
J u n e 30,1887.]
Loans on real estate
Loans on personal and collateral security
Oiher loans and discounts
Overdrafts
TJ S bonds
- ...
State bonds
.. ..
R. R. bonds and stocks
Banks stocks
Other stocks, bonds, and mortgages .
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
I
Silver certificates
Legal tenders and national-bank notes.
Otber resources
Total

June 30,1887.]
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts...
X . S. bonds
T
State bonds
R. R. bonds and stocks
13ank stocks
Other stocks, bonds, and mortgages
Due from otber banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes
Other resources
Total.




[2 banks.
$1,400

Capital stock paid in

27, 529

Surplus fund
Otber undivided profits

13,789

$33,000
8,925

State-bank notes outstanding
Dividends unpaid

7,035
2,964
450
34,306

Individual deposits
State, countv, and municipal deposits
Deposits of State, county, and municipal disbursing officers

52,285

Due to other banks and bankers
Other liabilities

6, 737
94,210

Total

TEXAS.

[18 banks.

Capital stock paid in.
1,141, 907
533,172
106,948
37,500
37,947
6,250
225,405
611, 349
323,124
26, 235
417,880

Surplus fund
Other undivided profits.

$1, 709, 899
91,273
129,185

State-bank notes outstanding.
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

22,793
4, 386, 994

94,210

Total.

1,916,563
15, 000
6,000
58,812
460,262

REPORT OF THE COMPTROLLER OF THE CURRENCY.

287

PRIVATE BANKS—UJtfOFFICIAJL.
KENTUCKY.

[15 banks.

June 30,1887.]
Resources.
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages..Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total

June 30,1887.]
Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
TJ. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages...
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes
Other resources
Total.

June 30,1887.]

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages...
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total.




Liabilities.
$4,347
847, 797
702, 677
12,406
600
23, 000
33, 004
15, 580
42, 329
396, 723
46,416
14,811
94, 331

Capital stock paid in
Surplus fund
Other undivided profits.
State-bank notes outstanding.
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

$631, 700
128, 511
44, 552

2, 422
1,406, 540
20, 000

58,124
44, 784

102, 612
2,336, 633

Total.

OHIO.

[77 banks.

Capital stock paid in .
7, 724, 039
2,079, 427
103, 204
312,067
35, L'JO
158,888
75, 100
425, 398
1,718,453
603, 793
98, 966
203, 045
9, 570
67, 419
41, 393
994, 567
349, 512
16, 006, 598

Surplus fund
Other undivided profits.
State-bank notes outstanding.
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities
Total.

INDIANA.
$202, 634
4, 080, 506
747, 935
80, 085
819, 320
21, 500
14, 750
346, 122
1, 782. 405
515,140
26, 205
j 1,038,7
> 038, 780

2,336,633

Capital stock paid in ...
Surplus fund

Other undivided profits.
State-bank notes outstanding.
Dividends unpaid
Individual deposits
State, county, and municipal deposits
'.
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities

$2, 949, 975
826, 018
387, 561

6,656
11, 059, 045
12,160
52, 220
456,442
256, 521

16, 006, 598

[44 banks.
$2, 371,142
214, 761
204, 682

5,796
6, 319,457
84,182
90,143
302, 471
205,192

122, 444
9,797, 826

Total.

9,797,826

288

REPORT OF THE COMPTROLLER OF THE CURRENCY.
PRIVATE BANKS—UNOFFICIAL
ILLINOIS.

June 30,1887.]

[99 banks.
Resources.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U. S. bonds
State bonds
,
It. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes
Other resources
Total

June 30, 1887.]

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources
Total.

June 30, 1887.]

Liabilities.
$1,804,555

Capital stock paid in .

12,281, 915
1, 512, 509
215,743
376, 398
104, 337
1, 028, 332
91, 000
415,300
3,702,410
1, (i30, 503
110,809

Surplus fund
Other undivided profits.
State-bank notes outstanding.

2, 094, 687

$4,246,028
3, 785, 552
448,140

Dividends unpaid
Individual deposits
„
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Dne to other banks and bankers
Other liabilities

,




15,128,207
209,313
298, 937
989, 645
794, 719

560, 094

Total.

25, 928, 652

MICHIGAN.
$517, 230
1, 257, 774
855, 671
35, 328
37, 630
35, 317
2, 500
1, 500
12, 013
790, 820
244,287
22, 277
415, 965

Capital stock paid in
Surplus fund
Other undivided profits
State-bank notes outstanding
Dividends unpaid
-.
Individual deposits
State, county, and municipal depos
its '.
Deposits of State, county, and mu
nicipal disbursing officers
Due to other banks and bankers
Other liabilities

25,928,652

[55 banks.
$994, 077
170.196
87, 270
1,000
5,008
2, 914, 008
11, 0*2
15,056
56, 971
55, 309

81,675
4, 309, 987

Total

IOWA.

16, 579,408

4, 309,987

[139 banks.

Loans on real estate
$5,158, 542 Capita] stock paid in .
Loans on personal and collateral security
5, 574, 653 Surplus fund
Other loans and discounts
1,145, 956
Overdrafts
303, 523 Other undivided profits.
U. S. bonds
20, 000 State-bank notes outstanding.
6,961
State bonds
6,000 Dividends unpaid
R. R. bonds and stocks
84, 020
Bank stocks
111,698 Individual deposits
Other stocks, bonds, and mortgages
1, 597, 347 State, county, and municipal deposDue from other banks and bankers
1, 288, 553
Real estate, furniture, and fixtures
its
81, 989 Deposits of State, county, and muCurrent expenses and taxes paid
Gold coins
nicipal disbursing officers
Gold certificates
970, 391 Due to other banks and bankers
Silver coins
Silver certificates
Other liabilities
Legal tenders and national-bank notes.
Other resources
229, 775
Total.....

28, 111

Total.

$5,130,606
867,596
397,610

27, 3,77
6,143, 252
97, 453
153,668
53,870
3,707, 976

16, 579,408

REPORT OF THE COMPTROLLER OF THE CURRENCY.

289

PRIVATE BAWKS—UNOFFICIAL.
MINNESOTA.
[40 banks.

June 30,1887.]
Resources.

Liabilities.

$919,081
Loans on real estate
Loans on personal and collateral se2,647,014
curity
764, 703
Other loans and discounts
44, 938
Overdrafts
U. S. bonds
256
State bonds
R. R. bonds and stocks
2,"50(J'
Bank stocks
68, 401
Other stocks, bonds, and mortgages
1,111,229
Due from other banks and bankers
5'id, 056
Real estate, furniture, and fixtures
35,185
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
y 358,085
Silver certificates
I
Legal tenders and national-bank notes J
Other resources..'
234,204

Total

6,724, 652

Capital stock paid in
Other undivided profits

$2, 895, 615

,

State-bank notes outstanding
Dividends unpaid
Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Due to other banks and bankers
Other liabilities
Total

KANSAS.
June 30,1887.]

Loans on real estate
Loans on personal and collateral security
Other loans and discounts.'.
Overdrafts
U. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks —
Other stocks, bonds, and mortgages
Duo from other banks and bankers ...
Real estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes
Other resources
Total

Capital stock paid in
Surplus fund
Other undivided profits
State-bank notes outstanding

90, 274 Dividends unpaid
63,884 Individual deposits
769, 555 State, county, and municipal depos592,120
its
50, 020 Deposits of State, county, and mu
nicipal disbursing officers
1, 346, 484

Due to other banks and bankers
Other liabilities

$241,539
1, 474, 343
270, 506
' 32,8L4
5, 806
10,300
95, 040
375, f 85
520,916
40,180
229, 737

139, 085
56,804
70, 061
571, 778

6, 724,652

[55 banks.
$2, 852,934
505, 744
170, 357
1,155
13,807
2,426, 726
141,125
310,264
40, 766
794, 892

Total

Capital stock paid in.
Surplus fund
Other undivided profits.
State-bank notes outstanding
Dividends unpaidIndividual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers
Duo to other banks and bankers
Other liabilities

7, 257, 770

[34 banks.
$1,256,262
127,819
139, 833

1,639
., 538,131
64, 785

100,490
355, 624

281,817

Total

3,581,583
I

19

2,642,758

61, 431

NEBRASKA.

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
U. S. bonds
State bonds
R. R. bonds and stocks
Bank stocks . ..
Other stocks, bonds, and mortgages
Due from other banks and bankers
Real estate, furniture, and fixtures
CUT rent expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes.
Other resources




2,611,048
309,8:w
58,887

7,257,770

June 30,1887.]

8770 OUR 87

$1, 304,235

186,099
162,452

Total.

3, 584, 583

290

REPORT OF THE COMPTROLLER OF THE CURRENCY.
PRIVATE BANKS-UNOFFICIAL..
OREGON.

June 30,1887.]

[3 banks.
Resources.

Liabilities.

Loans on real estate
Loans on rjersonal and collateral security
Other loans and discounts
Overdrafts
IT. S. bonds
State bonds
It. It. bonds and stocks
Bank stocks
Other stocks,bonds, and mortgages
Duo from other banks and bankers
Heal estate, furniture, and fixtures
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes
Other resources

$190,227
855, 283
77,365
26,000
4,000
32,836
51,845
108,(563
4, 991
110, 478

5, 000
438, 409

State-bank notes outstanding
2, 603

Individual deposits
State, county, ami municipal deposits
Deposits of State, county, and municipal disbursing officers

818,181

Due to other banks and bankers
Other liabilities
'....

5. 609
1,858

6,707

Total . . . .

1, 464, 649

COLORADO.

Total.

J u n e 30,1887.]

Loans on real estate
Loans on personal and collateral security
Other loans and discounts
Overdrafts
IT. S. bonds
State bonds
II. It. bonds and stocks
Dank stocks
Other stocks,bonds, and mortgages
Duo from other banks and bankers
Real estate, furniture, and fixtures...
Current expenses and taxes paid
Gold coins
Gold certificates
Silver coins
[
Silver certificates
Legal tenders and national-bank notes.
Other resources




$186, 282

2, 901
1, 464, 649

Loans on real estate
Loans on personal and collateral secuiity
Other loans and discounts
Overdrafts
U.S. bonds
State bonds
II. It. bonds and stocks
Bank stocks
Other stocks,bonds, and mortgages
Due front other banks and bankers
Keal estate, furniture, and fixtures...
Current expenses and taxes paid
Gold (;oins
(iold certificates
Silver coins
Silver certificates
Legal tenders and national-bank notes
Other resources

Total

Surplus fund
Other undivided profits.
Dividends unpaid

Total.

June 30,1887.]

Capital stock paid in.

[8 banks.
$12,310

Capital stock paid in

588, 564
50, 402
4,687

Surplus fund

9, 279

Other undivided profits

$221,300
20, 095

State-bank notes outstanding

3,815
419,218
4.'{, 497
2r174

Dividends unpaid
Individual deposits
State, county, and municipal deposits
!
Deposits of State, county, and municipal disbursing officers

167,402

Due to other banks and bankers
Other liabilities

999,901

54, 607

6, 2G4

879
1,302,227

Total

NEVADA.
$30, 000
74,109
38, 561

Capital stock paid in
Surplus fund
Other undivided profits

1,302/227

[2 banks.
$108,150
19,093
3,122

State-bank notes outstanding
Dividends unpaid

1,686
30, (584
21,917
2,039

Individual deposits
State, county, and municipal deposits
Deposits of State, county, and municipal disbursing officers

24,616

Due to other banks and bankers
Other liabilities

223, 612

Total

93, 247

223 612

REPORT OF THE COMPTROLLER OF THE CURRENCY.

291

PRIVATE BANKS—UNOFFICIAL.
UTAH.
June 30,1887. J

[7 banks.
Resources.

Liabilities.

$814, 305
Loans on real estato
Loans on personal and collateral se1,400,570
curity
20, 055
Other loans and discounts
10(5, 074
Overdrafts
U. S. bonds
Stato bonds
'..
R. R. bonds and stocks
!
930
Bank stocks
;..
34,945
Other stocks, bonds, and mortgages
!
287, 709
Duo from other banks and bankers
j
59, 053
Real estate, furniture, and fixtures J
!
4, 098
Current expenses and taxes paid
Gold coins
)
Gold certificates
> \
330,440
Silver coins
V
Silver certificates
; j
Legal tenders and national-bank notes. : J
883, 031
Other resources
j

Total

I

Capital stock paid in

I

Surplus fund

\ 1, OGJ, 607

Other undivided profits

'..

$995,