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ANNUAL REPORT OF THE

Comptroller of the Currency
TO THE SECOND SESSION OF THE SIXTY-FIFTH
CONGRESS OF THE UNITED STATES




December 3, 1917

(IN TWO VOLUMES)

VOL. 1

WASHINGTON
GOVERNMENT PRINTING OFFICE
1918




TREASURY DEPARTMENT,

Document No. 2802.
Comptroller of the Currency*

CONTENTS.
Comparative growth of National and State banks since beginning of Federal
Reserve System
Comparison of National and State bank failures for 20 years
Banking power of the United States compared with banking power of whole
world
Financial and business conditions in 1917
Depression in railway securities owned by banks.
Maintenance of efficiency and credit of public utilities essential
Banks should not take ad vantage of war conditions to exact heavy interest...
United States a great creditor Nation.
Vast increase in national bank resources
Ratio of loans to deposits in national banks
Ratio of deposits to capital of national banks
New charters and liquidations
Earnings of national banks in 1917 greatest in their history
Number of depositors in national banks
National bank failures in 1917
Great reduction in proportion of losses to depositors through bank failures
National bank and Federal reserve notes issued
•
Government loans and the national banks
National banks and the Second Liberty Loan
Legislation recommended:
To prohibit officers of banks from borrowing from their own banks
To limit direct or indirect loans to one individual firm or corporation
To provide suitable penalty for making of excessive loans
To authorize the Comptroller to bring proceedings against directors for
losses sustained by bank through violation of the national-bank act
Authority for removal of directors guilty of persistent violations of the
national-bank act
Prevent delays in taking directors' oath
Establishment of appropriate penalties for violations of laws and regula-*
tions
Amendment to provide that suits against usurers be brought by Department
of Justice
To authorize special interest charges for small loans
To prevent or limit overdrafts
To limit interest paid on deposits
Limitation of deposits to eight or ten times capital and surplus
Amendment to District laws to prevent "wildcat'' banking
To require officers and employees to give surety bonds
To require certificates of deposit to be signed by two officers
To prevent erasures on the books of a bank
Standardization of by-laws
Rechartered banks should he allowed to use bank-note plates of original
bank
Engraved signatures for national bank notes
To authorize national banks to establish branches in the United States
To permit branch banks in Alaska and insular possessions
Provision for consolidation of national banks
To provide a penalty for making false financial statements for the purpose
of obtaining credit from national banks
To provide punishment for breaking and entering a national bank for the
purpose of theft or robbery
To limit investment in bank building
To authorize United States Treasurer to sell bonds securing circulation
30 days after a bank goes into liquidation
Guaranty of national-bank deposits




in

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IV

CONTENTS.

Legislation recommended—continued.
Page.
To exempt from State taxation shares of National bank whose capital is
invested in United States bonds
24
To authorize national banks to subscribe to Red Cross
25
Deposit of dormant balances with Government
26
Restriction on use of '' charge tickets " or *' debit slips'' recommended....
27
Cooperation between Federal and State banking authorities
27
National-bank examinations
,
28
List of national-bank examiners
28
National bank officers convicted of criminal violation of law
30
Federal Reserve System—three years' growth
„
33
Condition of national banks at date of each call during the report year
34
Resources
36
Loans and discounts
36
Classification of loans and discounts
37
Amount and classification of loans by national banks in the central
reserve cities
37
Comparative statement relative to loans by national banks in reserve
cities
37
Loans by national banks in New York in June, 1913 to 1917
38
Overdrafts
38
United States bonds
38
Other bonds, securities, etc
39
Stocks
39
Investment securities of national banks classified
39
Domestic and foreign securities held by national banks
40
Bank premises and other real estate owned
40
Due from«banks
40
National bank deposits with Federal reserve banks
41
Specie and other lawful money
41
Exchanges for clearing house
42
Liabilities of national banks
42
Capital, surplus, and undivided profits
42
Circulation outstanding
42
#
Due to banks
43
Individual deposits
43
Bonds and money borrowed
43
Acceptances
43
Changes in loans, bonds, cash, and deposits in national banks
43
Relation of capital to deposits, etc., of national banks
45
Percentage of principal items of assets and liabilities of national banks
45
Reserve:
Reserve required and held by national banks
46
Percentages of reserve required
47
Development in national banking
48
Productivity of loans and bond investments of national banks
•.
51
Organization of national banks
51
National banks organized and closed, 1863 to October 31, 1917
52
National banks organized during the past year and since 1900
53
State banks converted into national banks
53
National banks organized since March 14, 1900
54
Changes of title and location of national banks. „
55
Change of charter number of national bank
56
Increase in number of reserve cities
56
Foreign branches of national banks
56
Condition of foreign branches of national banks on June 20, 1917
57
Voluntary liquidation of national banks
58
National banks organized, failed, and reported in voluntary liquidation
during year ended October 31, 1917
59
Failures and suspensions of national banks
60
Condition of closed and active receiverships
62
Receiverships closed during the year
62
Causes of failures
63
National bank failures, 1881 to 1917, grouped by reserve cities and country
banks
64
National bank failures, 1881 to 1917, by fiscal years
66



CONTENTS.

V

Failures and suspensions of national banks—Continued.
Page.
National bank failures, 1881 to 1917, grouped according to capital stock ..
68
National bank failures, 1881 to 1917, grouped according to States . „
70
State and private bank failures, 1864 to 1917
72
Interest-bearing debt of the United States, national bank circulation, etc
74
Bonds available as security for circulation
75
Price and interest realized on investments in United States bonds
76
National bank investments in United States bonds
76
Federal reserve bank investments in United States bonds
77
All bank investments in United States bonds.
77
Monthly statement relating to national bank circulation
77
Redemption of national bank circulation
78
Increase or decrease of national bank circulation
79
Vault account of national bank circulation
79
Denominations of national bank circulation
80
Shipments of national bank circulation
81
Profit on national bank circulation
81
Taxes on national bank circulation, redemption charges, examiner's salaries
and expenses of the currency bureau
81
National and Federal reserve bank circulation issued, redeemed, and outstanding
82
Kates for money in New York
83
Sterling exchange
84
Discount rates, Federal reserve banks
84
Transactions of clearing-house associations
85
New York Clearing House
86
:-m
Clearings of associations in the Federal reserve bank cities, etc
87
Compilations of State bank returns since 1832
,
„
87
Legislation relating to returns from banks other than national
87
State, savings, private banks, and loan and trust companies
88
Summary of reports of condition of reporting banks, other than national...
89
Resources and liabilities of each class of banks other than national
90
State banks
91
Mutual savings banks
92
Mutual savings bank depositors and deposits
94
Stock savings banks
94
Stock savings bank depositors and deposits
96
Savings bank depositors and deposits, 1820 to 1917
97
Loan and trust companies
98
Private banks
:
99
Reports of condition of all banks in the United States
100
National, Federal reserve and State banks
101
Loans, deposits, and aggregate resources of national, State, and private
:
102
# banks
Banking power of the United States
102
Banking power of each class of banks i n t h e LTnited States
103
Summary of the combined returns from national and all other banks in June,
1917.....
103
Summary of reports of condition of all reporting banks in the United States
and island possessions
104 i
Banking resources and liabilities in each State
105
Comparative statement relating to all banks in 1912 and 1917
110
Growth of banking in the United States since 1863
Ill
Cash in all reporting banks
114
Classification of cash in banks in June, 1917
114
Distribution of the general stock of money in the United States
114
Stock of money in the United States, in the Treasury, in banks, and in
circulation
115
Individual deposits in all reporting banks
116
District of Columbia
117
Banks and banking in the District of Columbia
117
Building and loan associations
117
Building and loan associations in the United States
117
Receipts and disbursements for 1916
119
United States postal savings system
119
Savings banks in the principal countries of the world
121



VI

CONTENTS.
Page.

Federal reserve banks
Earnings and dividends
Comparative statement of principal items of resources and liabilities of
Federal reserve banks from November, 1914, to November, 1917
Federal reserve notes
Federal reserve note issues and redemptions
Federal reserve bank notes.
Federal farm loan banks
Statement of condition of Federal land banks on October 31, 1917
Conclusion
t

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140

APPENDIX.
Exhibit A.—List of national banks which subscribed to First Liberty Loan for
5 per cent or more of their total resources
Exhibit B.—List of national banks which sent in no subscriptions either for
themselves or customers to the First Liberty Loan
Exhibit C.—List of national banks which sent in no subscriptions either for
themselves or customers to the Second Liberty Loan
Exhibit D.—Form for computation of lawful reserve of national banks
Exhibit E.—Gold coin, gold certificates, and total cash on hand in all b a n k s . . .
Exhibit F.—Demand and time loans upon which interest was charged in excess
of 6 per cent per annum
Exhibit G.—Number of women and other shareholders in national banks
Number and amount of deposit balances dormant since 1912
Exhibit H.—Legislation enacted affecting or relating to national banks
Exhibit I.—Treasury regulations governing deposits with banks of proceeds of
war bonds
Exhibit J.—Subscriptions to the First Liberty bonds by national banks
located in cities with population of over 100,000
Exhibit K.—Subscriptions and payments on account of subscriptions for First
Liberty bonds by national banks
Exhibit L.—First Liberty bond subscriptions, allotments, sales, and percentages to total resources of national banks
Exhibit M.—-Subscriptions for and allotments of the Second Liberty bonds
and percentages of subscriptions to total resources
Exhibit N.—Liberty bonds on which loans have been made or agreed to be
made, and loans made on the security of the First and Second Liberty
bonds by national banks
:
Exhibit O.—Classification of loans made by national banks in all reserve and
other cities having a population of over 75,000
Exhibit P.—Loans made by national banks in all reserve and other cities
having a population of over 75,000, arranged according to location of borrowers in each geographical division
Exhibit Q.—Deposits held by national banks in all reserve and other cities
with a population of over 75,000, for the credit of other banks, State and
national, and trust companies
Exhibit R.—Loans secured by warehouse or terminal receipts
Exhibit S.—Acceptances executed for customers
Exhibit T.—Letter from Comptroller of the Currency to the Interstate Commerce Commission relative to railroad freight rates.. ~
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REPORT
OF THE

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

Washington, D. C, December 3, 1917.
SIR: AS required by section 333 of the Revised Statutes of the
United States, I respectfully submit herewith the Fifty-fifth Annual
Report of the operations of the Currency Bureau, covering the 12
months ending October 31, 1917.
I have the honor to inform the Congress that the national banks
of the United States are stronger, safer, more closely observant of
the laws, and more efficiently managed than ever beiore. This encouraging fact is especially impressive and important now while the
life of this Nation, and oi the great alliance of which we are part,
depends so largely on our ability to furnish the enormous financial
resources indispensable for victory.
There are now in operation nearly 7,700 national banks. Their resources amounted on November 20, 1917, to $18,553,197,000, exceeding by $2,009,698,000, the greatest resources ever before reported. They are $2,527,878,000 greater than the combined resources of all the State banks (doing commercial business) and of all
reporting private banks and trust companies, as of June 20, 1917,
the latest date for which we have those returns.
The resources of the national banks have doubled in less than
nine years, or since February 5, 1909, when the total resources of
all the national banks in the United States were shown by the reports
to be $9,221,194,000. The increase in the resources of national
banks in one year since November 17, 1916, was $3,032,992,000.
COMPARATIVE GROWTH OF NATIONAL AND STATE BANKS SINCE
BEGINNING OF FEDERAL RESERVE SYSTEM, 1914 TO 1917.

The 12 Federal reserve banks commenced business on November
16, 1914. The last statement of condition prior to that event was
made by the national banks on October 31, 1914, at which time the
resources of the national banks amounted to
$11,492,453,000.
After three years of operation under the Federal reserve act the
resources of the national banks at the date of the call of November
20, 1917, were reported at
$18,553,197,000
This was an increase of $7,060,744,000, or 61.44 per cent.
The last report compiled of the State banks, savings banks, private
banks, and trust companies of the country prior to the inauguration




1

2

REPORT OF THE COMPTROLLER OF THE CURRENCY.

of the Federal Reserve System was made on the date of June 30, 1914,
and the resources of all such reporting State banks and trust companies then amounted to
-$15,489,207,000.
After the lapse of three years the total resources of the banking
institutions under State supervision, according to the latest compiled
report—that of June 20, 1917—amounted t o . . . , -. $20,836,357,000,
an increase of 34.52 per cent.
The national banks, in the three years which have elapsed since the
inauguration of the Federal Reserve System, have increased their
resources at a far greater rate than that shown by the State banks
and trust companies for the three-year period ended June 20, 1917.
While the average increase in resources of all banks, both National
and State, was 45.49 per cent for the periods covered, it is worthy of
note that the increase in the national banks was 61.44 per cent and
in the State banking institutions only 34.42 per cent.
COMPARISON OF NATIONAL AND STATE BANK FAILURES FOR
20 YEARS.

An analysis of the record of bank failures for the past 20 years
furnishes gratifying evidence as to the strength and stability of
national banks, as compared with the record of banking institutions
not under Federal supervision.
The figures show that in June, 1897, there were 3,610 national
banks with resources of 3,563 million dollars, and that there were
5,847 reporting State banks, including private bankers and trust
companies, with resources of 4,258 million dollars. It is estimated
that these reporting banks represented approximately 90 per cent of
the total number.
Since June, 1897, 220 national banks have failed. In the same
period the records show that there have been 1,119 State bank
and Trust Company failures—five times as many failures of State
banking institutions as of national banks.
The resources of State banks on June 20, 1917, were reported at
20,836 million dollars. The resources of the national banks at the
same time were 16,151 million dollars. The liabilities of the State
banks that failed in this period are reported at $507,374,000, while the
total liabilities of the national banks which failed in the same period
are reported at only $155,170,000. The liabilities of the failea State
banks and trust companies therefore have amounted to more than
three times as much as the liabilities of the national banks which
have failed in the same period.
The percentage of liabilities of State banks which have failed in
this period to the total liabilities of all reporting State banks on
June 20, 1917, was 2.43 per cent. The percentage of liabilities of the
national banks which failed in the same period to total resources of
national banks in June, 1917, was 0.96 per cent.
OUR BANKING POWER NOW TWO AND ONE-HALF TIMES AS GREAT
AS' BANKING POWER OF THE WHOLE WORLD IN 1890.

The total banking power of the United States, as represented by
capital, surplus, and profits, circulation and deposits of our national
banks and other reporting banks and trust companies, together with




EEPOET OF THE COMPTROLLER OF THE CURRENCY.

3

the estimated funds of this character in nonreporting banks, and
including also the paid-in capital and deposits of the 12 Federal
reserve banks and the Federal reserve notes in circulation, is estimated at $37,529,000,000.*
The total banking power of this country on June 30, 1913, at the
commencement of the present administration amounted to
$23,181,000,000. The increase of our banking power from that
date to the present amounts, therefore, to $14,348,000,000.
The banking power of the world in 1890, as estimated by Mulhall,
was $15,558,000,000. The banking power of this country then was
placed at $5,012,000,000. The banking power of the United States
to-day is nearly two and one-half times as great as was the banking
power of the whole world, according to Mulhall7s estimate, in 1890;
and the total banking power of this country now is more than seven
times as great as it was in 1890.
Vast as the financial resources of our country are thus shown to be,
it behooves us to realize that our responsibilities and duties are proportionately great. We have the mighty task of supplying not only
our own vital needs, but of keeping ourselves strong and ready to
meet the demands which are being, and will continue to be made,
upon us by our allies in the titanic struggle now convulsing the
world. It is of supreme importance that allurements of profits
from commerce or industry in this country or in neutral countries,
for purposes not essential to our success in the war, may not induce
us to divert or dissipate the capital or financial resources of our people.
This country has become the great financial reservoir and banking
headquarters of the world and, in large measure, the dependence of
those great financial nations whose enterprise in the past had provided so largely the capital for the commerce and industries of two
hemispheres, but who now look to us to supply to so great an extent
the sinews of war, as well as the needs of industry and commerce.
FINANCIAL AND BUSINESS CONDITIONS IN

1917.

At this time a year ago this country was at the height of unexampled prosperity and business activity. Mills and factories were
running overtime and trade and commerce had attained volume and
speed unprecedented. This abnormal activity was the result, chiefly,
of tremendous demands upon us from the foreign nations then at
war and from neutral nations in South America and elsewhere, forced
to seek here supplies and products which the war prevented them
from obtaining in markets with which they formerly dealt.
England, France, Russia, and Italy had bought here vast supplies
of food products, munitions, and other war material and equipment.
In many instances, because of their urgent need, they offered and
paid heavy premiums for immediate or early delivery and competed
against each other in buying. Inevitably and quickly all prices
advanced to the maximums offered for quick delivery and for
promptness. #
'
Wheat, which in 1914 had sold as low as 87 cents a bushel, and in
1915 at $1.09 a bushel, had advanced by October, 1916, to $2.58
i In this estimate we are using the figures for the national banks as of Nov. 20,1917; Federal reserve banks
as of Nov. 23,1917; and the State banks and trust companies as of June 20, 1917—the latest date for which
their reports have been compiled. See statement, p. 109.




4

REFOET OF THE COMPTEOLLEB OF THE CUKBEXCY.

a bushel. Corn, which in 1914 sold at 69 cents a bushel, and in 1915
as low as 74 cents, rose in November, 1916, to $1.23 a bushel. The
price of pork, from $15 per hundred pounds in 1915, by December,
1916, had advanced to $32.
Steel billets, quoted in 1915 at $19 per ton, in December, 1916, were
selling at $60; and copper, from 14 cents per pound in 1915, by December, 1916, was in demand at 33 cents per pound.
The prices of other commodities and staple products and manufactures advanced in like proportions; so that our farmers, our miners,
and our manufacturers were receiving prices far beyond any the
country ever had known.
The enormous and abnormal profits of industrial corporations
based on the inflated prices of their products were expressed in the
market values of their shares of stock, which rose with astonishing
rapidity and to figures undreamed of. This can be understood by a
glance at the quotations of some prominent industrial companies,
as given in the following tables, showing vividly the advances
from the low points in 1914 and 1915 to the high points in the latter
part of 1916:
Stock of—
American Locomotive Co
Anaconda Copper Mining Co
Bethlehem Steel Corporation
Cuban-American Sugar Co
General Motors Corporation
International Mercantile Marine Co., preferred
Lackawanna Steel Co
New York Air Brake Co
Republic Iron and SteelCo
United States Steel Corporation

High
Low point latpoint 1914 ter part
and 1915. of 1916.
19
98J
24 J
105§
30
700
38
269|
581
850
7
125|
28
107
58
186
18
93
48
129f

As these inflations of stock prices were based to so large an extent
on the prices and profits resulting from the wars abroad, it was
obvious that many of them would shrink swiftly or vanish with the
return of peace. Consequently, when reports suggesting that the
Imperial German Government was preparing to submit peace terms
were circulated, in the latter part of December, 1916, the stock
market underwent a severe decline. Securities of corporations
whose earnings were supposed to depend on the continuance of war
and of war demands and prices suffered especially, and the speculation in them became conspicuously hazardous. The shrinkage in
security values generally from the high prices attained in the latter
part oi 1916 has been progressive through the year 1917.
The first of February, 1917, Germany served on the United States
formal and decisive notice that the ruthless and inhuman submarine
warfare against which our Government had protested as violative of
all the laws and customs of nations, would be resumed. Severance
of our diplomatic relations with Germany followed quickly and our
people began to prepare for war, which was declared by the Congress
on the 6th of April, 1917.
Our preparations for war, the huge appropriations for its conduct
quickly passed by the Congress, and the increased demands for
materials and proaucts needed for our own armies and for the civil
and military populations of our allies, caused a further and speedy
advance in commodity prices. By the summer of 1917 coal; one of




BEPOBT OF THE COMPTROLLER OF THE CURKESTCY.

5

the chief essentials for modern warfare and necessities of civil life
and industry, was selling, at the mines, in some cases at $6 and $7
a ton, although in the previous year it had sold, at the mines, at $1
per ton—an advance in the gross price of over 500 per cent, iri some
cases, while the increase in the net profits of operators was several
thousand per cent above pre-war profits. Some operators, who had
been satisfied in former years to realize a net profit of 15 cents to
25 cents per ton ; were now getting net returns of $3 to $5 per ton.
Steel billets, quoted, as stated, in 1915 at $19 a ton, soared to $100
a ton in the summer of 1917, the increase in the net profits arising
from the manufacture of a ton of steel amounting also in many
cases to several thousand per cent. Pig iron rose from $13.50 per
ton in 1915 to $50 per ton. Wheat advanced to $3.42 per bushel
in May, 1917, against the low price of 87 cents in 1914, and as compared with the high of $2.58 in the latter part of 1916; corn from
74 cents in 1915 rose to $2.49 in May, 1917, and cotton, which sold
in 1914, after the outbreak of the war, at 5 cents per pound, advanced
in August, 1917, to 28 cents per pound.
The difference between the lowest prices of 1914 and 1915 and the
highest prices of 1917, multiplied by this year's yield or output of
seven important products—namely? coal, pig iron, steel, copper,
wheat, corn, and cotton—would represent the enormous sum of
fifteen billion dollars. The significance of such figures may be perhaps better grasped when we realize that $15,000,000,000 is more
than three times as much as all the money in circulation in the
United States, as of December 1, 1916, including gold, silver, and
aper currency, which was reported on that date at $4,850,000,000.
tf course the full maximum prices were not realized by producers,
but the average returns were far ahead of all previous years.
Many industries which had received fabulous profits from war contracts wife foreign powers had allowed large increases of wages.
Some manufacturers were taking profits so fast that they were
ready to grant any demands of their workmen, this condition resulting in a general unsettlement and erratic advances in wages throughout the country.
The urgent demand for skilled and unskilled labor for the speedy
construction of cantonments and naval and military bases and for
other undertakings incidental to war came almost simultaneously
with the withdrawal from constructive and productive work of
a million young and able-bodied men for service in the field or at
sea. Therefore, still further heavy and abnormal increases of
wages became unavoidable.
The fact that we have come through these profound, swift, and
racking changes and have endured the shock of entrance into a great
war without symptom or apprehension of a financial panic or the
slightest general Tbusiness disturbance is decisive and triumphant
proof of the splendid efficiency of our new banking and currency
system and of the clean and strong condition of our banking institutions generally.
Yet other and extraordinary provision was necessary to meet the
unprecedented strain on the economic situation, caused by the disorderly inflations of prices of things of common use, the rushes upward and downward of security values, the feverish business activity
stimulated by war and hurried preparation for it, and the successive

S




6

REPORT OF THE COMPTROLLER OF THE CURRENCY.

advances in scales of wages. It became imperative to enact emergency laws intrusting the President with powers, unexampled in
this country, to fix and limit prices for fuel, food, and other necessities of life. Unquestionably the existence of this power and the
assurance of its prompt and energetic use whenever required have
averted calamities very seriously threatening us, and which no
financial system, however strong or powerful, would have been able
to prevent or overcome.
DEPRESSION IN RAILWAY SECURITIES OWNED BY BANKS.

For more than half a century most of the surplus earnings of the
people of the United States available for the purchase of public
securities have been invested in the bonds and shares of our transportation corporations, principally steam railroads and electric street
railways. The rates these corporations are allowed to charge for
transportation of passengers and freight are closely limited—for steam
railroads by both the Interstate Commerce Commission and the State
corporation commissions of the respective States; for the street railways by municipal and other local authorities. The average freight
and passenger rates permitted to our railroads in the past year were
about 30 per cent under the average rates of thirty years ago; while the
wages paid, in many instances, have increased 100 per cent, and the
cost of materials used for operation also has increased as to numerous
articles 100 per cent, and in some cases much more than 100 per cent.
In the fiscal year ending June 30, 1916, the railroad corporations
of the country, despite low rates, made the greatest earnings in their
history, both gross and net, owing to the great increase in the volume
of traffic. It became evident, however, that with the tremendous
advances in wages and in the cost of materials between July, 1916,
and December, 1917, the railroads would be unable hereafter to
approximate the net earnings realized in the last year or two,
without a material increase of the rates for transportation they are
allowed to charge, and that many of them lacking such increase, or
some other relief, would be unable to meet their fixed charges and
maintain solvency. The uncertainty on the part of investors as to
whether the Interstate Commerce Commission would grant the relief
the figures seemed to show to be needed was asserted—and apparently with reason—to have caused heavy declines in the quoted prices
of nearly all railroad securities. The shares of some of our most important transportation lines and "arteries of commerce" have recently fallen to the lowest level in the past quarter of a century.
There are faithful students of the situation who think it is as
important rightfully to protect for honest investors the value of the
securities of legitimate enterprises and to save them from ruin as to
restrain the prices charged the people for what they eat and wear and
i^se to keep their homes habitable. The investors and holders of securities representing the corporate business enterprises of the country
may be few in numbers, comparatively, but the effect of disaster or
ruin to them spreads widely and threatens the stability of our entire
economic and financial system, impairs ability to absorb future
loans needed by the Government, and checks hope of development.
Especially concerned because of the very large amount of railroad
securities held by our national banks, the Comptroller of the Cur-




KEPOKT OF THE COMPTKOLLER OF THE CUKRENCY.

7

rency thought it proper to issue the following circular and to give it
to the press under date of October 13, 1917: a
"After the outbreak of the European war in 1914, the Comptroller of the Currency
instructed national-bank examiners that national banks need not be required to
charge down the values of their high-grade bonds to meet the abnormal and sacrifice
quotations which for awhile were being made on the outside markets (the stock exchanges being closed) on securities which at that time were being thrown overboard
regardless of real worth.
"This office also earnestly endeavored to prevent the sacrifice by national banks,
while the exchanges were closed and there was no general market for securities, of
bonds and shares held as collateral for customers' loans.
"The policy pursued proved fortunate at that time. After the first pressure was
over and money conditions relaxed, the security market was reestablished, the grave
losses which were threatened by the temporary shrinkage in values were averted,
and borrowers from banks were enabled to meet their obligations without the sacrifice of their collateral.
"Since the commencement of war between this country and Germany there has
been a heavy depreciation in the quoted values of securities generally, including
those of the very highest grade, which have heretofore found a ready market in competition with Government issues, and in many cases prices have shrunk to figures
which are manifestly far below the prices which would prevail under any normal
conditions. This shrinkage or marking down of values is partly due to the efforts
of 1
investors to sell other high-class securities for reinvestment in Government bonds.
' In view of all conditions the Comptroller of the Currency has instructed nationalbank examiners that they need not at this time require national banks holding highgrade bonds of unquestioned intrinsic value and merit to charge such investments
down to present abnormal figures; but an intelligent and conservative discretion
will be exercised as to the prices at which national banks can safely and reasonably
be permitted to carry such high-class securities, and as to what proportion of the
depreciation should be charged off in any six months period."

The shrinkage which has taken place in the market quotations of
practically all public securities during the past 12 months—in which
decline the shares and bonds of railroad corporations have led the
way—has been so great that securities have now reached a level
where the discussion of peace proposals or increased prospects of
peace although still exerting an unsettling influence on the shares
of certain war specialties, exercise, as they should do naturally, a
strengthening influence on the financial markets generally.
While an early peace will probably end the abnormal profits of
concerns producing munitions and other war equipment, with the
declaration of peace we may look forward to an era of great activity
and development in the work of rebuilding and equipping with the
implements and equipments of peace and industry the countries
which for three and a half years past have been engaged in work of
unparalleled destruction.
MAINTENANCE OF EFFICIENCY AND CREDIT OF PUBLIC UTILITY COMPANIES ESSENTIAL.

National and State banks, and many thousands of small and large
investors, have suffered seriously from the decline of the earning
capacity of public utility corporations and the consequent shrinkage
in the value of their securities, representing investments of many
hundred millions of dollars. These losses naturally dimmish the
power and disposition of the public to respond to the calls of the
Government for money for war. This danger should arouse, I
venture to suggest, the anxiety and stimulate the efforts of the Con« A letter from the Comptroller of the Currency to the Interstate Commerce Commission, under date of November 1, 1917, in regard to the then pending application

for an increase in freight rates, is printed on page 217 in the appendix of this report.


8

KEPORT

THE COMPTBOLLEB OF THE CURBEFCY.

gress and of every patriotic citizen. A more urgent and pressing
peril is forced upon our attention by the obvious fact that we are dependent so largely on the efficiency and strength of these corporations
and on our railroads for speed and success in preparing for and prosecuting the war.
The corporations referred to supply light, heat, power, and electric
railway transportation for passengers and freight. They touch
intimately the daily life of the people. In normal times they have
been favorite targets for sneers and savage criticisms from large
parts of the public and the press. In some instances, doubtless,
they have deserved and invited hostility. In others, the attacks
upon them probably have been unjust and unreasonable. Frequently they have been the victims or beneficiaries of local politics,
suffering injury in the end in either case. Yet, generally, they were
able to serve the needs of their communities with reasonable efficiency
and to earn fair returns on the money invested in them. Now they
are threatened with ruin. If they are allowed to sink into inefficiency,
much of the most important war work of the Government will be
crippled or paralyzed.
The work of war has thrown upon inanv of these corporations
strains which they are unable to endure without prompt help. The
costs of their labor and of all material for operation, betterment, and
upkeep have increased heavily and suddenly. They are required
to increase radically and quickly their service and facilities. Industries manufacturing war munitions and materials demand of the
public utilities corporations constantly greater supplies of power and
light. At the industrial centers, car lines are being rushed and overburdened by new armies of workers. The gas companies are called
upon for gas for cooking and heating in quantities beyond all normal
calculations and far beyond their present capacities. They are
urged continually to furnish more coke and coal by-products, toluol,
and other elements absolutely essential in modern warfare. Where
cantonments have been established, the demands on the resources of
water, lighting, and transportation companies are especially severe;
ability to comply with such demands is necessary for the safety and
comfort of the fighting men in training.
A committee representing the four leading associations, which
include all the principal electric light and power companies, street
railway companies, and the most important gas companies of the
country, recently submitted to this office a report in which attention
was asked to the increase within the last two years in the cost of materials they must use for the maintenance of their properties. They
gave a list of percentages of additional cost, showing among others
the following items:
Increase from 1915 to 1917.
Per cent.

Per cent.

Copper wire
Pipe, cast-iron
Axles...
Acids.....
Brass
Car forgings

ISO
100
272
162
300
216

Castings, malleable
Copper, bar and sheet
Lead, pig and sheet
Nails
Steel, tool...
Tie-plates

198
147
127
110
400
276

The continued and increasing efficiency of these corporations is
important for the successful conduct of the war. This efficiency is not
 with present conditions. Corporations proved by their own
possible


REPORT OF THE COMPTROLLER OF THE CURRENCY.

9

figures to be approaching bankruptcy can not obtain money for improvements or maintenance. On the other hand, banks and citizens
suffering severe losses from investments in the securities of these
entirely legitimate and once promising enterprises will be discouraged
from lending money to the Government or deprived of the means to
lend.
The first and most direct relief to the public utilities corporations
can be given by the State public utilities commissions and municipal
and local authorities, with the broad-minded cooperation of the people
generally, understanding the necessities of war and realizing that the
more promptly its burdens are accepted the sooner they will be
lifted. It is essential that forbearance and consideration be exercised
by the State commissions and municipal authorities, and that the
corporations also be permitted to make such additions to their
charges for service as will keep in them the breath of solvency,
protect their owners against unjust loss, and give them a basis of
credit on which they may obtain the funds with which to meet
the strain put on them by the Government's needs. The breaking
down of these corporations would be a national calamity.
Because of the gravity of the situation in this regard, I am moved to
ask for it the careful attention of the Congress and the public. I am
impressed with the importance of early consideration by the Congress
of some measure to provide directly or indirectly for advance of
funds on some conservative bases to such of these corporations as need
help most urgently, so that they can give adequate service to the
Government. The remedy would be unusual; but the times are
unusual.
The amount of railroad and other public service bonds owned by
the national banks June 20, 1917, was reported at $763,000,000.
This is equal to approximately 70 per cent of the capital stock of the
banks.
With appropriate aid from the Government through the Congress;
with liberal recognition by local authorities of the present acute
conditions; and with some practical provision to enable the corporations to meet their own needs and those of the country, the danger
now pressing and becoming more serious with each day will be
removed, the general business interests of the country will be fostered, the ability and readiness of the public to respond to calls for
money will be maintained, and urgent requirements for the defense
of the country's life and assurance of our freedom and peace will be
met.
BANKS SHOULD NOT TAKE ADVANTAGE OF WAR CONDITIONS TO
EXACT HEAVY INTEREST.

While it is of great importance that fair and considerate treatment
should be accorded our public-utility corporations by State and
municipal authorities, and that unjust burdens, greater than they can
bear, should not be imposed upon them, it is of equal if not still
greater Importance that these corporations should not become the
prey of any profiteers, whether those who supply materials needed
ior operation or who furnish the funds and capital required for extensions and enlargements or for maturing obligations.



10

REPORT OF THE COMPTROLLER OF THE CURRENCY.

A disposition is being manifested on the part of some banks and
bankers to exact, from corporations of high financial standing, terms
in the shape of interest or commissions which are wholly unwarranted
under present if not under any conditions.
Instead of exercising moderation in fixing charges for providing
for the wants of customers applying for renewals or new credits,
these banks and bankers, as shown in cases which have come to light,
are exacting commissions and interest rates of corporations of
unquestioned credit which are intolerable and wholly without
justification.
The banker who imposes a 9 or 14 per cent rate upon a customer
or client, whether an individual or corporation, for a high-grade loan
which he has every confidence will be paid at its maturity, and
which in peace times he would have been glad to get at 6 per cent
or less, is paving the way for the well-merited condemnation of
patriotic men.
UNITED STATES A GREAT CREDITOR NATION.

The following table shows our exports and imports of merchandise
for the past four calendar years. Our favorable balance of trade
for this period has amounted to $8,465,217,666, an amount sufficient to pay off entirely our indebtedness to the rest of the world
as it existed at the outbreak of the European war, estimated at
not far from five billion dollars, and to leave us a creditor nation
to the extent of several billions of dollars.
Imports and exports of merchandise, calendar years 1914, 1915, 1916, and 1917,
Excess of
exports ovor
imports.

Imports of
merchandise.
1914
1915
1916
19171

...
Total 4 years

Exports of
merchandise.

$1,789,276,001
1,778,596,695
2,391,635,335
2,952,465,955

$2,113,624,050
3,554,67.0,847
5,482,641,101
6,226,255,654

$324,348,049
1,776,074,152
3,091,005,766
3,273,789,699^

. . . . . . . . . . . . . . . . . . . 8,911,973,986

17,377,191,652

8,465,217,666

i December estimated.

This huge credit balance has been settled partly by importations
of gold, of which we have received, since August 1, 1914, in excess
of the amount exported, $1,050,609,000, and partly by loans and credits
which we have made to the other countries, both belligerent and
neutral.
In addition to more than two billion dollars of bonds and obligations which various foreign nations have placed with individuals,
banks, and other corporations in this country, the United States
Government has advanced to our allies, to ^November 1, 1917, a
grand total of 2,717 million dollars. The granting of these large
Foreign credits by this Government has had a potential effect m
enabling the manufacturers and producers of this country to carry
on the unprecedented foreign commerce expressed in the above
statement.



11

REPORT OF THE COMPTROLLER OF THE CURRENCY.

We have thus converted the tremendous production and output
of our fields and mines and factories, not required for our own consumption, into huge credit balances with the allied belligerent
nations and with neutral countries. Our farmers, merchants, and
manufacturers have been enabled to receive cash for their products,
because our Government has sold some billions of dollars of United
States bonds, the proceeds of which it has loaned to the Allies, and
with these same funds the Allies have been enabled to pay us cash
for our surplus production of wheat and cotton, for coal, steel, iron,
copper, leather, and the thousands of other things embraced in our
enormous foreign commerce. These resulting credits are now being
largely reflected in our greatly augmented banking totals.
VAST INCREASE IN NATIONAL-BANK RESOURCES.

The resources of the national banks on November 17, 1916, had
reached their highest point since the establishment of the nationalbanking system, but the returns of November 20, 1917, show that
there has been an increase during the year over those record figures
of more than $3,000,000,000, bringing the aggregate on the latter
date up to the unprecedented total of $18,553,197,000.
The following table shows the comparative figures of resources
and liabilities of all national banks on November 20, 1917, as compared with November 17, 1916:
RESOURCES.
[In thousands of dollars.]
Comparison.
Nov. 20,1917. Nov. 17,1916.
Increase.
Loans and discounts
Overdrafts
Customers liability under letters of credit..
Customers liability account acceptances
United States bonds and certificates of indebtedness (other than Liberty bonds)
Liberty loan bonds
Other bonds, securities, etc
Stocks, other than Federal reserve bank
stock
Stock of Federal Reserve Bank
Banking house
Furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve Banks.
Items with Federal Reserve Bank in process
of collection
Cash in vault
Net amount due from national banks
Net amount due from other banks, bankers,
and trust companies
Exchanges for clearing house
Checks on other banks in the same place
Outside checks and other cash items
Redemption fund and due from United
States Treasurer
Interest earned but not collected
Other assets
Total,
Net...
12040°— CUR 1917—VOL 1 -




9,535, 527
15,044
26,944
147,992
1,651,262
702,921
1,906,782

8,345,784

9,317
29,001
101,581

724,473

42,837
55,698
273,941
32,917
46,112
1,077,701

"1,709,956
37,838
54,126
261,464
32,068
48,221
649,171

165,118
516,120
1,369,591

858,273

400,593
399,974
43,615
42,689

Decrease.

1,189,743
5,727
2,057

46,411
926,789
702,921
196,826
4,999
1,572
12,477
849
428,530
165,118

2,018,766

2,109
342,153
248,582

516,705
28,292
37,233

15,323
5,456

40,407
31,981
27,431

14,912

31,981
12,519

18,553,197

15,520,205

3,747,241
3,032,992

116,731
2,617
714,24*

12

REPORT OF THE COMPTROLLER OF THE CURRENCY.
LIABILITIES.
[In thousands of dollars.]
Comparison.
Nov. 20,1917. Nov. 17,1916. r
Increase.

Capital stock paid in
Surplus fund
Undivided profits, less expenses and taxes
paid
Interest and discount collected bat not
earned
Amount reserved for taxes accrued
Amount reserved for all interest accrued
National-bank notes outstanding
Due to Federal Reserve Banks
Net amounts due to national banks
Net amounts due to other banks, bankers,
and trust companies
Demand deposits
Time deposits
United States deposits
United States bonds borrowed
Other bonds borrowed
Securities borrowed
Bills payable, other than with Federal Reserve Banks
Bills payable with Federal Reserve Bank..
State bank circulation outstanding
Letters of credit and travelers' checks outstanding
Acceptances
Liabilities other than those above stated...
Total
Liabilities for rediscounts, including those
with Federal Reserve Banks
Total amount of reserve held
Total amount of reserve required
Excess reserve

1,071,116
739,336

774,575
369,801
39,529
14,434
13,530
669,662
4,223
1,257,537
1,845,707 I

21,091
35,239

332,458

1,092,207

Decrease,

37,343
39,529
4,878
4,106
4,403
4,220

9,556
9,424

665,259
3

245,458

3,348,752

2,231,865
1,352,006
110,190
65,674
276

7,211,403
1,893,813
35,308
26,588
a, 984
145

845,545
383,052
1,316,698
83,602
61,690
131

57,200
295,532
17

25,117
23

327,615

39.638
153,645
58,901

31,372
98,231
18,317

8,318
55,414
40,584

18,553,197

15,520,205

1,278,456

247,213

48,554

198,659

8,056,848

1,080,075
985,004

2,472,622
1,455,969 |

1,392,547
470,965

1,016,653

95,071

245,464

921,582

The following table shows the growth of the principal items of
resources and liabilities iit the time of the autumn calls every five
years from 1897 to November 20, 1917:
[In thousands of dollars.]

Bate.
Oct. 5,1897...
Sept. 15,1902
Aug. 22, 1907.
Sept. 4, 1912..
Nov. 20,1917.

Date.
Oet. 5 ,1897...
Sept. 15,1902
Aug. 22, 1907.
Sept. 4, 1912..
Nov. 20, 1917.

Number of
banks.
3,610
4,601
6,544
7,397
7,656
Number of
banks.
3,610
4,601
6.544
7,397
7,656

Total
deposits.
2,516,982
4,534,527
&, 076,650
8,129,685
14,798,336

Capital.
631,488
705,535
896,451
1,046,013
1,092,207

Loans and
discounts.
2,066,776
3,280,127
4,678,584
6,040,841
9,535,527

Surplus and
undivided
profits.
334,752
495,610
734,858
943,757
1,144,376

Reserve
held.

Excess reserves.
243,364

989,434
1,243,426
1,743,132
'1,080,075

Circulation,
198,921
317,992
551.949
713,823

292,121
318,324
3 95,071

Total resources.
3,705,134
6,113,929
8,390,328
10,963,401
18,553,197

1
Figures for reserve held include reserves of national banks located in Alaska and Hawaii which are
not members of the Federal Reserve System, consisting of cash on hand and balances due from approved
national bank reserve agents, amounting to $2,374,000.
2
New reserve requirements (except as to nonmember national banks in Alaska and Hawaii) went into
effect June 21, 1917, providing that only balances with Federal Reserve Banks should count as lawful reserve. Besides the $1,077,701,000 carried with Reserve Banks on Nov. 20, 1917, the national banks held
on that date
 cash in vaults amounting to $510,120,000 and had $1,770,184,000 due from other banks.


REPORT OF THE COMPTROLLER OF THE CURRENCY.

13

Ratio of loans and discounts to total Deposits.
Per cent.
82.11
72. 34
76. 99
74. 31
64.43

Oct. 5, 1897
Sept. 15, 1902
Aug. 22, 1907
Sept. 4, 1912
Nov. 20? 1917
Ratio of total deposits to Capital.

Per cent.
399
643
678
777
1,355

Oct. 5, 1897
Sept. 15, 1902
Aug. 22, 1907
Sept. 4, 1912
Nov. 20, 1917
RATIO OF LOANS TO DEPOSITS 1908, COMPARED WITH 1917.

On February 14, 1908, total deposits of national banks were reported at 5,924 million dollars; loans and discounts at 4,422 million
dollars; proportion of loans and discounts to deposits, 74.6,5 per cent.
On November 20, 1917, loans and discounts amounted to 9,535
million dollars; total deposits to 14,798 million dollars; and the proportion of loans and discounts to total deposits was only 84.43 per cent.
NEW CHARTERS AND LIQUIDATIONS.

During the 12 months ending October 31, 1917, 326 applications
were received for charters for new national banks, with a proposed
capital of $20,715,000, as compared with 223 applications received
during the 12 months ending October 31, 1916, with capital of
$11,285,000.
From October 31, 1916, to October 31, 1917, 176 charters were
granted, with capital aggregating $11,590,000. This compares with
122 charters granted in the previous year, with capital of $6,630,000.
During the past year 30 applications for charters were refused.
Sixteen charters were refused in the year previous.
During the year ending October 31, 1917, 80 national banks went
into wluntary liquidation (exclusive of those consolidating with
other national banks), against 95 banks in the previous year.
EARNINGS OF NATIONAL BANKS, GROSS AND NET, EXCEED ALL PREVIOUS YEARS.

National banks are required now to submit to this office statements showing in detail their earnings and expenses semiannually,
as of December 31 and June 30.
The earnings of the national banks of the country for the 12
months ending June 30,1917, both gross and net, far exceeded the best
earnings ever previously reported. Their gross earnings amounted
to $667,406,000, an increase of $76,764,000, or 13 per cent, over the
previous year; while net earnings for the same period aggregated
$191,321,000, an increase over the preceding year of $36,778,000, or
23 per cent.
During this past fiscal year the national banks earned 17.96 per
cent on their capital stock—the highest percentage ever reported.



14

REPORT OF THE COMPTROLLER OF THE CURRENCY.

This compares with 14.76 per cent the year before. The amount distributed m dividends to stockholders was $125,538,000, an increase
of $10,813,000, or an average of 11.61 per cent on capital stock*
LARGE INCBEASE IN NUMBER OF NATIONAL-BANK DEPOSITORS.

On March 5, 1917, the number of national-bank depositors was
reported at 15,738,000, an increase, as compared with May 1, 1916,
of 1,450,000, and an increase, as compared with June 30, 1910, oi
8,048,000 deposit accounts.
NATIONAL BANK FAILURES.

During the 12 months ending October 31, 1917, 7 national banks,
with capital of $1,230,000, failed and were placed in charge of receivers. In the year preceding there were 13 national-bank failures
with aggregate capital of $805,000.
HEAVY SHRINKAGE IN PROPORTION OF LOSSES TO DEPOSITORS.

Attention is invited to tabulated statements on pages 70 to 76,
giving details concerning all national banks which failed during the
past 36 years, or since the year 1881. These tables show that the
proportion of losses to the deposits of failed banks for the past
three years has averaged about three one-thousandths of one per cent
of total deposits, while similar losses for the 33 years prior to 1914
averaged annually twenty-eight one-thousandths of one per cent of the
total deposits in all national banks.
This great reduction in the percentage of losses of depositors is
the result, in a large measure, of the greater thoroughness in examinations, and the more rigid enforcement of the provisions of the nationalbank act, intended for the protection alike of the depositors and
shareholders, and of the public.
Thesefiguresshow that if in the future bank failures and losses to
depositors can be kept down to the basis of the past three years an
assessment of only $35 per million of deposits would be sufficient to
insure the payment in full of all depositors of all national banks
against losses from bank failures. The total losses to national-bank
depositors from bank failures during the past 36 years amount,
approximately, to $36,600,000, an average loss in this 36-year period
of slightly more than $1,000,000 per annum.
During these 36 years there were three States in which there was
not a single national-bank failure. These States are Maine, Delaware, and Utah.
It is also gratifying to report that in the same period there were
24 reserve cities in which no national bank failed. These were the
cities of Albany, Washington, Richmond, Charleston, Atlanta,
Savannah, Birmingham, Galveston, Houston, Waco, Chattanooga,
Cleveland, Milwaukee, St. Paul, Cedar Rapids, Des Moines, St.
Joseph, Omaha, Muskogee, Oklahoma City, Tulsa, Los Angeles, Salt
Lake City, and Ogden.



EEPOET OF THE COMPTROLLER OF THE CURRENCY.

15

NATIONAL-BANK NOTES AND FEDERAL RESERVE NOTES.

During the 12 months ending October 31, 1917, there were issued
through the office of the Comptroller of the Currency national-bank
notes and Federal reserve notes aggregating $1,301,970,430, of which
$325,570,430 were national-bank notes and $976,400,000 were Federal
reserve notes.
There were redeemed national-bank notes and Federal reserve
notes aggregating $464,410,082.50, of which $335,679,477.50 were
national-bank notes and $128,730,605 were Federal reserve notes.
During the year the amount of Federal reserve notes outstanding
increased $689,746,800. This is due chiefly to the issuance of
Federal reserve notes against the deposit of gold certificates or gold
with the Federal reserve agents, the amount of gold and gold certificates so held in the Federal reserve banks on October 31, 1917, being
approximately $600,000,000.
In the 12 months ending October 31, 1917, the amount of nationalbank notes redeemed or destroyed in excess of the amount issued
for the same period was $10,109,047.50.
The Comptroller of the Currency had on hand on October 31, 1917,
of Federal reserve notes and national-bank notes an aggregate of
$996,028,330, of which $341,088,330 were national-bank notes and
$654,940,000 were Federal reserve notes.
The amount of national-bank notes and Federal reserve notes
outstanding October 31, 1917, was $1,644,520,095, of which $716,276,375 were national-bank notes and $928,243,720 were Federal
reserve notes.
GOVERNMENT LOANS AND THE NATIONAL BANKS.

To provide funds for expenditures related to the war, the Congress
has, since the declaration of the war with Germany, authorized the
Secretary of the Treasury to sell United States Government bonds
from time to time as necessity may demand, up to an aggregate of
$12,538,945,460.
The national banks of the country have performed invaluable
services in connection with the flotation of these " Liberty bonds/'
and they have given their services not only without commission or
other remuneration, but in many cases at a considerable expense to
themselves in the shape of advertising, circulars, postage, and the
time and effort of officers and other employees.
The first issue of "Liberty bonds" was offered on May 14, 1917,
the books closing on June 15, 1917. The amount offered was
$2,000,000,000, and the rate of interest 3J per cent. Purchasers,
however, were given the right to convert these bonds dollar for
dollar into the bonds of future issues, should the latter be issued at
a rate of interest exceeding 3 | per cent.
This was by far the largest loan ever offered up to that time by
this Government. Subscriptions were payable, 2 per cent on application, 18 per cent on June 28, 20 per cent on July 30, 30 per cent on
August 15, and 30 per cent on August 30.
At the closing of the books June 15 it was ascertained that subscriptions had aggregated $3,035,000,000, and had come from
approximately four million subscribers.




16

REPORT OF THE COMPTROLLER OF THE CURRENCY.

The records show that of the $3,035,000,000 of subscriptions that
were sent in, $1,700,000,000, or 56 per cent of the total subscriptions,
were made by or through the national banks of the country, and of
the $2,000,000,000 of bonds which were alloted to subscribers,
$1,088,000,000, or 54 per cent, were allotted to those whose subscriptions were sent in through the national banks.
The 12 Federal reserve banks cooperated closely with the Treasury
Department in securing subscriptions and in the collection and
delivery to purchasers of the " Liberty bonds/ 7 To facilitate these
huge transactions temporary deposits of the proceeds of the bonds
as collected were ,made by the Secretary of the Treasury with
subscribing banks, with the understanding that the banks could
hold such deposits until they might be needed by the Treasury,
These deposits were therefore held only temporarily.
The settlements were completed for the entire two billion dollars
of bonds without producing strain or disturbance in the money markets, and by September 1st the proceeds of practically the whole
issue had been paid to the Government by the subscribers.
Notwithstanding the large withdrawals of funds from national
banks to provide for these payments, the reports to the Comptroller
of the Currency show that at the time of the call of September 11,
1917, the deposits of the national banks were actually 154 million
dollars greater than on May 1, 1917, before the "Liberty bonds"
were offered.
This loan, to that time unprecedented in size in this country,
was placed without involving the tying up or congestion of any great
amount of the banks' own funds, for the reports submitted to this
office by the national banks under date of July 28, one month after
the allotment was made, showed that the national banks owned at
that time only $88,000,000 of the 3 \ per cent Liberty bonds. Of this
amount $7,000,000 were held by the national banks of the central
reserve cities, $17,000,000 by the national banks in other reserve
cities, and $64,000,000 by other national banks.
There were 73 national banks, however, which according to their
sworn reports to this office, failed to send in any subscriptions for
Liberty bonds either for themselves or their customers. A list of
these banks is given on page 152; and on the other hand on page 145
will also be found a list, by States, of those national banks which
subscribed on their own account for the first Liberty loan an amount
not less than 5 per cent of their total resources.
To provide for advances to our allies, as well as to secure funds
for our own needs, the Secretary of the Treasury offered to public
subscription early in October the "Second Liberty loan" of three
billion dollars of 4 per cent 10-25 year bonds, subscriptions for which
closed on October 29, 1917.
In announcing the offering, the Secretary of the Treasury stated
that if the subscriptions received should exceed three billion dollars
he would accept only one-half of the additional amount which might
be subscribed for in excess of three billion dollars. Under the terms
of subscription 2 per cent was payable October 27; 18 per cent,
November 15; 40 per cent, December 15; and 40 per cent, January
15, 1918.
Upon the closing of the books on October 29 it was found that the
subscriptions received aggregated the vast sum of $4,617,532,200,




BEPOET OF THE COMPTROLLER OF THE CURRENCY.

17

•and that the applications had come from more than nine million
subscribers. THe amount allotted to subscribers on account of this
loan was $3,808,766,150.
The records show that although the amount payable under the
subscription agreements by December 1, 1917, aggregated but
$762,000,000, yet the amount actually paid into the Treasury to
that date was $2,813,000,000.
These excellent results were also accomplished through the cooperation of the Treasury Department, the twelve Federal reserve
banks, and the other banks of the country, without a jar, or the
least disturbance to the money markets.
STATIOl-AL BAISTKS AffD THE SECOND LIBEKTY LOAN.
The compilation of the figures concerning the part taken by the
national banks in the negotiation of the second Liberty Loan has
not yet been completed, but a preliminary report just prepared gives
the following interesting facts:
Of the $4,617,532,200 subscribed to the second Liberty Loan, subscriptions for $2,446,000,000 were made through the national banks
of the country, through whom approximately 3,500,000 subscribers
made their applications. Of the total $3,808,766,150 allotted in the
second Liberty Loan, approximately $2,000,000,000 were allotted to
the national banks and their customers on subscriptions received
through these banks.
Subscriptions made by the national banks for their own account
approximated $430,000,000, on which they were allotted approximately $348,000,000, their allotment amounting to approximately
1J per cent of the total resources of the national banks.
On November 20, 1917, the amount of money which the national
banks reported they were loaning on Liberty 3£ per cent bonds was
only $48,000,000, approximately. The amount of Liberty 4 per cent
bonds upon which the banks had agreed to advance funds if desired
by their customers was approximately $294,000,000.
These figures therefore show that the amount of Liberty 4 per cent
bonds allotted to the national banks for their own account plus the
amount of Liberty 4 per cent bonds upon which they had agreed to
loan was less than 3 per cent of their total resources.
The total subscriptions to the Liberty 4 per cent bonds sent in
through the national banks for themselves and customers amounted
to approximately 13.33 per cent of their total resources.
LEGISLATION HECOHMEUDED.
The efforts of the Comptroller's Office in the past three years have
brought about the reformation and elimination of many dangerous
and unlawful practices by national banks which in the past have
frequently brought ruin or serious losses; but to cure evils which
yet exist and which until they are removed menace alike depositors
and shareholders it will be necessary for the Congress to pass certain
new laws and to amend some existing.
In my annual report a year ago I very earnestly asked for certain
remedial legislation, and again I respectfully repeat those reconH



18

EEPOET OF THE COMPTROLLER OF THE CURRENCY.

mendations. If the Congress should deem it wise to act favorably
upon the recommendations here submitted, I believe it will be possible to prevent virtually any further failures of national banks,
with the resulting misery and ruin which these failures have so
frequently and so unnecessarily entailed. I therefore again respectfully urge that these changes are for the advantage and relief of the
banks themselves as well as of the public. Whatever defends a
bank from the results of possible carelessness, neglect, or folly, as
well as crime, increases public confidence and good will and real
stability and safety.
The recommendations which I made in my report a year ago and
which I respectfully repeat here, being more convinced than ever of
their importance, in the light of further experience, are as follows:
LEGISLATION WHICH IS AGAIN RECOMMENDED.
TO PROHIBIT OFFICERS

OF BANKS

FROM

BORROWING FROM THEIR OWN BANKS.

First. That the officers of a national bank be prohibited from borrowing funds of
the banks by which they are employed.
TO LIMIT DIRECT AND INDIRECT LOANS TO ONE INDIVIDUAL, FIRM, OR CORPORATION,

Second. That a conservative and proper limitation be placed upon the aggregate
amount of money any one person, company, corporation, or firm may obtain from a
national bank through the discounting of commercial paper and bills of exchange.
The limitation of 10 per cent of the capital and surplus under section 5200, United
States Revised Statutes, does not apply to " bills of exchange drawn in good faith
against actually existing values and the discount of commercial or business paper
actually owned by the person negotiating the same." It is suggested that the aggrgate
liability of any person, company, corporation, or firm on loans on commercial paper
or bills of exchange should in no event exceed 25 per cent of the capital and surplus
of the bank.
It is recommended also that a specific penalty be provided for the violations of
section 5200, enforceable against the officers and directors of the bank responsible
for the violation, in addition to the statutory penalty for forfeiture of charter for
violation of the national-bank act.
TO PROVIDE SUITABLE PENALTY FOR MAKING OF EXCESSIVE LOANS.

Third. That the penalty for an excessive loan be the disqualification of the officer
making or granting the loan, or the imposition of a suitable fine, or both, in addition
to the civil liability incurred by reason of making such loan.
A fruitful source of loss to banks has been the making of excessive loans, and yet
tho only penalty provided under the present law for this offense is the forfeiture of
the bank's charter, which, if resorted to, would result in most cases in a hardship to
the bank and its shareholders quite out of proportion to the offense.
TO AUTHOHIZE THE COMPTROLLER TO BRING PROCEEDINGS AGAINST DIRECTORS FOR
LOSSES SUSTAINED BY BANK THROUGH VIOLATION OF THE NATIONAL-BANK ACT.

Fourth. That the Comptroller of the Currency be authorized to bring proceedings
against directors of a national bank for losses sustained by the bank through violations
of the provisions of the national-bank act or the Federal reserve act.
Section 5239, United States Revised Statutes, provides as follows:
"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 title, all the rights, privileges, and franchises of the association shall be thereby forfeited. Such violations shall, however, 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,
before the association shall be declared dissolved. And in cases of such violation
every director who participated in or assented to the same shall be held liable in his



REPORT OF THE COMPTROLLER OF THE CURRENCY.

19

personal and individual capacity for all damages which the association, its shareholders, or any other person shall have sustained in consequence of such violation."
Banks often have sustained large losses as a result of the willful and persistent
disregard by its directors of the clear provisions of the national-bank act. These
losses, resulting from violation of the law by directors, fall upon the stockholders.
The directors who have occasioned these losses by involving the bank in unlawful
transactions to facilitate or promote schemes or enterprises in which the directors
may be concerned, are found sometimes to be holders or owners of but a few shares of
the stock of the bank the affairs of which they are directing and the funds of which
they frequently have tied up in the promotion of their own private schemes.
Very often stockholders never are informed of the losses the bank has suffered
through these irregular transactions. It is the practice of some banks to keep their
transactions from shareholders, especially those transactions which have resulted in
losses. Thousands of banks give stockholders, at the close of each fiscal year, little
or no information of the sources of the earnings and the details of the disbursements
and losses.
Even when shareholders have knowledge of the losses incurred through violations
of the law by the officers or directors of the bank, should they proceed to bring suit
against the unfaithful directors for the benefit of themselves and their fellow shareholders, such action might precipitate a run upon the bank and result in suspension
or unnecessary loss.
Experience has shown that losses occurring from faults or improprieties of directors
sometimes are charged to "profit and loss" account by the guilty directors themselves,
and the stockholders never are apprised of the results of the mismanagement. The
evil effects of the wrongdoing fall upon the innocent stockholders and the wrongdoers
escape.
AUTHORITY FOR REMOVAL OF DIRECTORS GUILTY OF PERSISTENT VIOLATIONS OF THE
NATIONAL-BANK ACT.

Fifth. That the Comptroller of the Currency be empowered, with the approval of
the Secretary of the Treasury, to require the removal of a director or directors or any
officer of a bank guilty of the violation of any of the more important provisions of the
act, and to direct that suit be brought in the name of the bank against such director or
directors, after they cease to be connected with the bank, for losses sustained by their
malfeasance or misfeasance in office.
PREVENT DELAYS IN TAKING DIRECTORS' OATHS.

Sixth. That the law provide that if a director when elected does not qualify and
forward his oath to the Comptroller within 30 days after his election a vacancy shall
be declared immediately, to be filled by the remaining directors, as provided by
section 5148, United States Revised Statutes, and the derelict director be ineligible
for reelection as director for that year.
ESTABLISHMENT OF APPROPRIATE PENALTIES FOR VIOLATIONS OF LAWS AND
REGULATIONS.

Seventh. That the Comptroller's office be empowered to penalize, by the imposition of appropriate fines, all infractions and violations of the law and the regulations
of this office made in pursuance of the provisions of the national-bank act, and that
these fines should be imposed upon the offending officers, as well as upon the bank.
Experience has also made it very clear that violations oi certain sections of the law
should be punishable with imprisonment, as well as fine, suits to enforce such penalties,
of course, to be instituted by the Department of Justice in the United States courts.
AMENDMENT TO PROVIDE THAT SUITS AGAINST USURERS BE BROUGHT BY DEPARTMENT
OF JUSTICE.

Eighth. That an amendment be adopted authorizing and directing the Department of Justice to bring suit against national banks guilty of usury upon information
furnished either through the Comptroller of the Currency or through other sources.
TO AUTHORIZE SPECIAL INTEREST CHARGES FOR SMALL LOANS.

Ninth. That section 5197, United States Revised Statutes, be so amended as to
authorize a national bank to make an interest charge of 25 cents on any loan, even
though that charge might exceed the legal rate authorized by law. The amendment




20

BEPOBT OF THE COMPTROLLER OF THE CUBBEKOY.

should be so framed, however, as to make it impracticable for a bank to evade the
intent of the law by requiring customers to make a multitude of small notes and then
charge 25 cents for each note.
Such an evasion of the law against usury might be prevented by providing that if
a minimum charge of 25 cents shall have been made to a customer on any particular
day, and this charge shall be in excess of the legal rate of interest, no similar minimum
eharge shall be made the same day to the same customer on any other note, if in excess
of the legal rate. This would prevent a bank from requiring a customer who might
want to borrow $100 for 30 days from giving 20 notes for $5 each, to be charged 25
cents on each note, which would amount to $5, or 60 per cent per annum for the
accommodation.
TO PREVENT OR LIMIT OVERDRAFTS.

Tenth. That the laws of the respective States in regard to overdrafts t>e made
applicable to national banks in those States, and that the individual liability prescribed by^ section 5239, United States Revised Statutes, shall be made applicable to
any violations of this provision, and also that the officers of the national bank shall be
required to bring before the directors, in writing, at each directors' meeting, a list of
all overdrafts made since the previous meeting of the board.
In some States directors, officers, and employees of banks who knowingly overdraw
their accounts are guilty of felony and may be imprisoned.
TO LIMIT INTEREST PAID ON DEPOSITS.

Eleventh. That the rates of interest which any national bank may pay on its
deposite shall not exceed 4 per cent per annum unless the highest rate for time paper
fixed by the Federal reserve bank of the district shall be more than 4 per cent, in
which event the rate of interest that may be paid may equal but not exceed such
discount rate charged at that time by the Federal reserve bank of the district: Provided, however, That if the laws of a State fix the maximum rate of interest that may be
allowed on bank deposits, the rate so fixed for State banks be applicable also to
national banks in that State.
LIMITATION OF DEPOSITS TO EIGHT OR TEN TIMES CAPITAL AND SURPLUS.

Twelfth. That the total deposits which a national bank may receive shall be limited
to eight or ten times the unimpaired capital and surplus of the bank.
The experience and observation of this office during the past year strongly emphasize the importance of such legislation, the reasons for which have been presented in a
pievious annual report.
AMENDMENT TO DISTRICT LAWS TO PREVENT "WILDCAT** BANKING.

Thirteenth. That the laws of the District of Columbia be amended to prevent
the irregularities and loose methods which arise from the establishment in the District
of Savings Banks and Building and Loan Associations organized in different States
and whose charters do not contain the restrictions and provisions which are necessary
for the sound and safe conduct of the banking business.
It is recommended that an act be passed providing specifically for the incorporation
of Savings Banksin the District, and prohibiting the establishment of any SavingsBank
or Building and Loan Association not incorporated under the laws of the Distiict for
the purpose of carrying on its business in the District of Columbia.
TO REQUIRE OFFICERS AND EMPLOYEES TO GIVE SURETY BONDS.

Fourteenth. That all officers of a national bank having the custody of its funds,
money, or securities, and all officers, tellers, or other employees of the bank engaged
in the handling of ita money shall furnish surety bonds, preferably the bonds of an
established surety company.
TO REQUIRE CERTIFICATES OF DEPOSIT TO BE SIGNED BY TWO OFFICERS.

Fifteenth. That ail certificates of deposit must be signed by two officers of the
bank, and a penalty provided for the issue of any such certificate not signed by two
officers.
The records of the ofBce show how heavy and needless losses have been sustained
by banks for failure to observe tMa safeguard.




REPORT OF THE COMPTROLLER OF THE CURRENCY,

21

TO PREVENT ERASURES ON THE BOOKS OF A BANK.

Sixteenth. That no officer or employee of a national bank shall erase or cause to
be erased or removed, either by acid or abrasion, any entries on the books of any
national bank.
Where entries have been made inadvertently or erroneously and it is desired to
correct them, they should be canceled by having three lines drawn across them in
black or red ink in such a manner as to indicate its cancellation, but not to make it
impossible to decipher the original entry.
National banks have suffered serious losses from erasures and changed entries by
dishonest bookkeepers and officers to conceal or to falsify transactions.
STANDARDIZATION OF BY-LAWS.

Seventeenth. That authority be given to standardize the by-laws of national banks
and provide, inter alia, for the annual meetings of stockholders and for the submission to shareholders of definite reports as to the bank's operations and earnings
and general condition.
Stockholders frequently have occasion to complain bitterly of the scant information
laid before them by their officers in charge.
RECHARTERED BANKS SHOULD BE ALLOWED TO USE BANK-NOTE PLATES OF ORIGINAL
BANK.

Eighteenth. That rechartered national banks be authorized to continue the use of
the old bank-note plates. The repeal of the act of July 12, 1882, to that extent is
recommended, as its enforcement merely subjects both the banks and the Government to needless expense.
The rechartered banks also should be permitted to utilize the notes of the original
bank which may have been prepared by the Bureau of Engraving and Printing, with
the proviso that these notes shall be given a mark of identification, to distinguish them
from the notes issued prior to the rechartering of the bank, the old plates also to be
given an appropriate mark of identification. Because of the present provisions of the
law $5,543,920 of unissued currency belonging to banks whose charters were renewed
was destroyed during the two fiscal years ending October 31, 1917.
ENGRAVED SIGNATURES FOR NATIONAL-BANK NOTES.

Nineteenth. That the engraving of the signatures of the bank's officers on nationalbank note plates be authorized.
TO AUTHORIZE NATIONAL BANKS TO ESTABLISH BRANCHES IN THE UNITED STATES.

Twentieth. That national banks, with the approval of the Comptroller of the Currency, shall be allowed to establish and maintain branches within certain limits, for
example, within city or county lines, but not without the boundaries of the State in
which the parent bank may be located, and if such State be partly within one Federal
reserve district and partly in another Federal reserve district such branches shall be
established only in that portion of the State which is in the same Federal reserve
district as the parent bank.
JTo national bank should be permitted, however, in* this country, to have more
than 12 branches. The capital of the parent bank should be increased, with the
establishment of each branch in the town in which the bank is located, in an amount
equal to not less than 50 per cent of the minimum capital which would be required
for the organization of a national bank in the city wherein the parent bank is located,
and the capital of the parent bank shall be increased with the establishment of each
branch outside the city where the parent bank is located in an amount equal to the
capital now required by the national-bank act for the organization of a national bank
in the place where the proposed branch is to be located.
TO PERMIT BRANCH BANKS IN ALASKA AND INSULAR POSSESSIONS.

Twenty-first. That national banks be permitted to establish branches in Alaska
and in the insular possessions of the United States.



22

EEPORT OF THE COMPTROLLER OF THE CURRENCY.
PROVISION FOR CONSOLIDATION OF NATIONAL BANKS.

Twenty-second. That provision be made for actual consolidation of national banks
along lines which would eliminate the embarrassments which arise under the present
method of bringing about the consolidation of banks and which involve the liquidation
of one of the banks.
TO PROVIDE A PENALTY FOR MAKING FALSE FINANCIAL STATEMENTS FOR THE PURPOSE
OF OBTAINING CREDIT FROM NATIONAL BANKS.

That the Criminal Code be so amended as to provide that any person, firm, or
corporation obtaining a loan or credit from a national bank based on a false statement,
wilfully made, of the financial condition of the borrower, shall be guilty of a felony
and that appropriate penalties be provided.
TO PROVIDE PUNISHMENT FOR BREAKING AND ENTERING A NATIONAL BANK FOR THE
PURPOSE OF THEFT OR ROBBERY.

It is recommended that the breaking or entering of a national bank or any place
or building occupied by such bank, for the purpose of theft or robbery, shall be made
a Federal crime to be prosecuted in the proper District Court of the United States.
The penalties provided by the Criminal Statutes of the various States for housebreaking and burglary vary and it frequently happens that criminals guilty of such
offenses, if apprehended, are not adequately punished.
TO LIMIT INVESTMENT IN BANK BUILDING.

It is respectfully recommended that section 5136 be amended to provide that no
national bank shall be permitted to tie up by investment in an office or bank building
an amount in excess of the paid-in capital of the bank. This provision shall also
apply to trust companies and banking institutions doing business in the District of
Columbia. A further limitation based on total resources would also be wise.
Section 5136, United States Revised Statutes, at present permits a national bank
to invest its funds in a bank building for its own use, but there is no limitation upon
the amount of money which a national bank may tie up in this manner. The records
of this office show various instances where banks have been brought to grief and
where their creditors have sustained serious losses because of the tying up of an
excessive proportion of their resources in elaborate, ostentatious, and unnecessary
bank buildings.
TO AUTHORIZE UNITED STATES TREASURER TO SELL BONDS SECURING CIRCULATION
30 DAYS AFTER A BANK GOES INTO LIQUIDATION.

Under section 5222, United States Revised Statutes, a national bank going into
voluntary or involuntary liquidation is given six months in which to settle its circulation liability before the Treasurer is authorized to sell the bonds securing the circulation.
As there is, however, no provision in the law by which a bank in liquidation can be
forced to maintain its 5 per cent redemption fund, and as the Treasurer is required
by law to redeem all bank notes as presented, it is respectfully recommended that the
Treasurer be authorized to sell the bonds securing circulation at any time after the
expiration of 30 days from tlie date on which the bank goes into liquidation.
IMPORTANT THAT BANK OFFICERS FURNISH SURETY BONDS.

In the Comptroller's report to Congress a year ago it was recommended that all officers of a national bank having the custody of
its funds, money, or securities, and all officers, tellers, or other
employees of the bank engaged in the handling of its money should
furnish surety bonds, preferably the bonds of an established surety
company.
The experiences of the past year have given new emphasis to the
importance of these recommendations. The records of the Department of Justice show that in the 12 months ending October 31, 1917,



REPORT OF THE COMPTROLLER OF THE CURRENCY.

23

51 offenders were convicted and sentenced for criminal violations
of the national banking laws, including 5 presidents of national banks,
2 vice presidents, 16 cashiers, and 28 minor officers, clerks, and
others. The sentences in the above cases were nearly all for 5
years in the penitentiary, although the term in three cases was
tor 7 years and 6 months, and m two cases for 10 years. In
addition to these convictions there were several other bank presidents who died during this period and whose embezzlements and
defalcations were discovered after death, the most conspicuous case
being that of J. B. Martindale, for more than six years the president,
and before that the vice president, of the Chemical National Bank
of New York City, whose embezzlements and forgeries covering a
period of years amounted to approximately $300,000, the loss falling
upon the Chemical National Bank.
VACATIONS AND DESK ROTATION FOR EMPLOYEES RECOMMENDED.

An investigation showed that Martindale's embezzlements had
been going on for about 16 years, and that for years past he had
made it a practice to be on hand at the bank at the close of each
month in order that he might personally prepare or direct statements rendered a particular depositor, through the manipulation of
whose account his embezzlements and forgeries were effected.
In explanation of a request which had been made a year or two
ago of national banks to furnish a list of employees who had been
allowed no vacation in five years, this office had said:
"Because most men are physically and mentally in shape to perform their duties
most efficiently when they have the benefit of a yearly vacation and because of other
obvious advantages, including better opportunity afforded of having an impartial check
made of the books^ and accounts of all employees while on vacation, besides the training
given understudies and assistants, the Comptroller commends the granting of a vacation period to all bank employees each year."

I would respectfully recommend that the Comptroller's Office be
given authority to require national banks to shift their bookkeepers
and other employees irom time to time from one desk or service to
another, so as to make it more difficult, if not impossible, for employees of banks to hide their defalcations or to manipulate the books.
EXCESSIVE INTEREST RATES.

The records show that the efforts of the Comptroller's Office to
abolish and prevent the excessive and usurious interest charges
which so long prevailed in certain sections of the country, and which
still exist to a greatly reduced extent in many places, are securing
results, and the evil is being gradually but steadily eradicated from
national banks.
Communications are being received from time to time from national
banks stating that they have given up the practice of charging
interest rates forbidden by the national bank act and that they will
hereafter adhere to the rates permitted by law. There are yet,
however, a considerable number of banks which persist in their
defiance of the laws against usury, and it is desirable in order to deal
with them effectively to have appropriate legislation.



24

REPORT OF THE COMPTROLLER OF THE CURRENCY.

NEW BECOMMEffDATIONS FOE LEGISLATION
GOVERNMENT GUARANTEE OF ALL NATIONAL BANK DEPOSITS FOR
$5,000 OR LESS.

I respectfully submit for the consideration of the Congress the
expediency and advantage of providing for the Federal insurance
or guarantee of all bona fide deposits in national banks where the
balance to the credit of any one individual amounts to a sum not
exceeding $5,000.
One of the beneficial effects of such a plan would be to bring out
of its hiding places and into circulation the large amount of money
which is being hoarded, and which the owners have been unwilling
to place with any bank which is not guaranteed by the Government.
Such a law would also have the advantage of furnishing—particularly to the poorer classes, whose surplus earnings are represented
solely by their savings deposits—a guarantee which would contribute
greatly to their peace of mind and comfort. It would give them the
assurance that their funds can not be lost by bank failure or by any
financial panics. There have been too many cases where the failures
of banks have brought ruin to hundreds of individuals and families
and have sometimes driven men and women to suicide.
By limiting the amount guaranteed to $5,000 for any one depositor,
we prevent the ably, efficiently, and honestly managed bank from
being placed on the same competitive plane with the bank whose
management is less efficient, or less commendable; for depositors
whose balances will amount to more than $5,000 will necessarily
exercise the same care and discrimination in the selection of their
bank depositaries that they now use when there is no such Government guarantee.
It may be well to provide that only those deposits should receive
the Government's guarantee upon which the rate of interest paid
by the bank shall not exceed 3 per cent per annum. It is suggested
that the Government provide a fund to meet any losses which may
arise under this guarantee by the imposition of a tax not exceeding
one-tenth of 1 per cent per annum on the average amount of deposits
affected by the guarantee, as ascertained by the banks' periodical
reports to the Comptroller of the Currency.
To EXEMPT FROM STATE TAXATION SHARES OF NATIONAL BANKS
WHOSE CAPITAL I S INVESTED IN UNITED STATES BONDS.

Under existing laws all bonds of the United States Government
in the hands of individuals are exempt from all direct taxation by
State or Federal authorities, but if these individuals should organize
anationalbank association with a capital of, say, $100,000 and should
invest the entire capital in Government bonds, the stock of such
bank thus invested would be liable to taxation by State authorities
as the property of the respective stockholders, and no exemption
from taxation is secured by virtue of such investment in United
States bonds.
In certain States, however, where the shareholders of national
banks are subjected to the full rate of taxation, even though their
entire capital may be invested in Government bonds, the banks are




REPORT OF THE COMPTROLLER OF THE CURRENCY.

25

allowed to deduct from their taxable assets investments which they
may have made in certain State securities. This provision seems
to be hardly fair to national banks holding United States bonds.
In order that the ownership of United States Government bonds
by national banks may secure to these banks the benefit of the
same exemption that the ownership of certain State securities in the
hands of State banks gives, it is recommended that section 5219,
U. S. E. S., be so amended as to provide that in determining the
value of the shares of national banks for the purposes of taxation by
State authorities, the par value of any bonds or other interest-bearing obligations of the United States Government owned by a national
bank shall be deducted from its assets.
The passage of such an amendment would furthermore greatly
increase the desirability, from an investment point of view, with
all national banks, of United States Government bonds.
To AUTHORIZE NATIONAL BANKS TO SUBSCRIBE TO THE R E D CROSS
FOR WAR RELIEF PURPOSES.

National banks have no authority under existing laws to subscribe
for humane, benevolent, or philanthropic purposes. The expenditures of national banks are limited to expenses of operation, losses,
dividends and investments which may be made in the ordinary
conduct of banking business. Other appropriations of funds belonging to a bank can not be made except by the unanimous consent of
the shareholders.
Many national banks throughout the country have expressed a
desire to contribute to the Red Cross. In response to their inquiries
to this office, they have been informed that they could not do so
legally without the consent of their shareholders. On June 19,
1917, this office sent the following circular letter to national banks:
"The officers of a national bank have no authority under the law
to donate the funds of the bank to the Red Cross or any other similar
cause, however meritorious, without the consent and approval of
every shareholder of the bank.
" As it is usually difficult, if not impossible, to meet this condition,
the Comptroller of the Currency suggests that, in order to facilitate
contributions to the American Red Cross on the part of owners of
national banks, the national banks consider the desirability of declaring
a special dividend out of the undivided profits of the banks, for
such an amount as the directors may think advisable for the stockholders to give; and checks for such special dividend can be mailed
to stockholders with a circular letter suggesting, but not requiring,
that those shareholders who are willing or desire to do so shall indorse
and return the dividend checks to the bank with instructions that
they be sent (along with the dividend checks of other shareholders)
to the Red Cross committee. Or, if the stockholder prefers, he can
send his dividend check, properly indorsed, direct to the American
Red Cross as an independent contribution.
"The national banks of the country paid on their capital stock
last year, in dividends, an average of about 11 per cent and earned
much more. If all national banks should now declare an extra
dividend of only one-half of 1 per cent on their capital stock, and
their shareholders should be willing that such dividends should be



26

REPORT OF THE COMPTROLLER OF THE CURRENCY.

donated to the Red Cross, it would provide toward this great cause
over $5,000,000."
Many national banks and other corporations throughout the
country, when the Red Cross fund of $100,000,000 was being obtained
in the summer of 1917, did declare extra dividends and sent the checks
for them to stockholders with the suggestion that they be given to
the Red Cross. A very large number of the stockholders to whom
the checks and requests were sent used the checks for their own
purposes and failed to comply with the suggestion as to the Red
Cross. Of course there was no authority or power, aside from their
own patriotism and conscience, to require the recipients to use the
extra money thus allotted to them for the performance of a duty
presented.
The Red Cross offers one of the few possible opportunities for serving simultaneously and directly and on a grand scale the purposes
of war and the highest dictates of mercy. Unquestionable evidence
tells us of the work the Red Cross is doing to afford comfort and
alleviate and prevent suffering amoug our soldiers and those of our
allies and to preserve their lives. The results of its achievements are
not only for the present but are for the immediate and distant future.
No better service can be done for any great cause than the preservation of the health and lives of the brave men who battle for it, that
they may be sturdy and vigorous citizens.
As a matter of merely economic consideration the men kept off the
pension rolls and saved for usefulness by Red Cross activities would
far more than repay any country the cost of aiding and succoring
them. Endless arguments and reasons might be presented to prove
both the moral and humane obligations and the practical pecuniary
advantages which should urge every American citizen to intense
earnestness and the most liberal aid in behalf of this noble enterprise. I venture to suggest that any measure that Congress can
ena.pt to spur the people to help the Red Cross and its work, and to
facilitate such help will be important in promoting the success of our
cause.
Therefore, I respectfully recommend the passage of an act to authorize all national banks to contribute to the Red Cross, for war relief
purposes, such amounts as directors may conclude they can give
wisely, justly, and prudently; that this be limited to the duration of
the present war, and that the funds so contributed shall be used by
the Red Cross only for war purposes, to help our soldiers and sailors
at home and abroad, and for the relief, succoring and strengthening
of our allies. I submit that there need be no fear of evil results in
anything that, in this emergency, will make corporate patriotism
easier and stimulate a benevolence which tends so strongly to hasten
victory and peace.
DEPOSIT OF DORMANT DEPOSIT BALANCES WITH GOVERNMENT,

Reports made to this office show that the national banks held on
March 5, 1917, $27,000,000 of money on inactive accounts, belonging to 736,000 customers who have made no deposits and who have
drawn no checks on their accounts for a period of five years or more.
In many cases it is claimed that the banks do not know the whereabouts or present address of the depositor. There is reason to believe




KEPORT OF THE COMPTROLLER OF THE CURRENCY.

27

that in many cases depositors are not aware of these balances remaining to their credit^and as the banks consider it to their interest
to hold on to deposits as long as possible, it is obvious that some
banks have not used due diligence to locate the owners of these
dormant balances.
In many cases it would be a great benefit and relief to the owners
of these deposits, or their heirs, to get possession of them. It is,
therefore, respectfully recommended that the Congress consider the
desirability of passing a law requiring all national banks to pay into
the Treasury of the United States all sums of money held by them to
the credit of depositors who have not checked against their account
or who have not added to their balance by new deposits (exclusive of
items which may have been credited to those accounts by the bank
itself on account of interest or other collections not made directly
by the depositor) for a period of seven years or more, such sums
when transferred to the Treasury by the national banks to be accompanied with all information which the bank may possess as to the
whereabouts or last known address and next of kin of the depositor.
It may be well to require banks, before thus turning over these dormant balances, to publish a list of them twice in a daily newspaper,
in or nearest to the city or town in which the bank is located.
RESTRICTION ON USE OF "CHARGE TICKETS" OR "DEBIT SLIPS77
RECOMMENDED.

The ease and freedom with which certain national bank officers
are permitted to sign "charge tickets77 and "debit slips77 against
the credit balances of depositors has been much abused, and has
led to serious frauds and defalcations.
I respectfully recommend that provision be made whereby no
national bank shall have the right to make a charge against the account of a depositor except on a charge ticket or order signed by at
least two officers of the bank.
COOPERATION BETWEEN FEDERAL AND STATE BANKING AUTHORITIES.

I have the honor to inform the Congress that good progress has
been made during the past 12 months toward securing closer cooperation between the Comptroller's Office and the banking departments
of the several States, to mutual advantage. As a result of efforts in
this direction the National Bank Examiners and this office have
received much information of material value, especially 77 in pre(a)
venting or discovering irregular practices and "kiting between
national and State banks; (0) in preventing the granting of excessive
or dangerous lines of discount; (c) in minimizing the borrowing by
indirect methods of national banks from State banks or State banks
from national banks; (d) in determining the real value of bank stocks
and other collateral; and (e) in preventing excessive borrowings by
bank officers on the stocks of their banks from other banks on the
strength of balances carried by the borrowing officers7 bank with the
lending institution.
This closer cooperation, it is believed, will prove distinctly advantageous to both national banks and State banks and will assist in the
12040°—CUB 1017—VOL 1




3

28

REPORT OF THE COMPTROLLER OF THE CURRENCY.

correction of various unlawful and irregular methods and transactions. A number of defalcations have been discovered during the
year as a result of this cooperation and the offenders duly brought to
justice.
NATIONAL BANK EXAMINATIONS.

The Comptroller's Office included on October 31, 1917, a field force
of 121 National Bank Examiners and 147 assistants, who are under the
immediate supervision of 12 Chief Examiners, located in the 12 Federal
reserve cities of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Mo.T
Dallas, and San Francisco. The work of National Bank Examiners is
being conducted with increased thoroughness and efficiency. A number of delicate and threatening situations have been dealt with during the past 12 months, various failures have been averted, and banks,
which through neglect or violation of law or other irregularities on
the part of the management had become involved, have been straightened out and strengthened and given a fresh start under improved
and encouraging conditions.
The National Bank Examiners were given instructions a year
ago to have meetings called of the directors of each bank at the
time of examination, and to read to the assembled directors a circular
letter, setting forth and explaining the duties and responsibilities
of national bank directors. This procedure has been productive
of excellent results; bank directors generally have been thus aroused
to a sense of their responsibility, and are now giving the banks under
their supervision closer and more vigilant attention than ever
before. The national banks have benefited greatly from the closer
scrutiny and supervision by their directors, and the improved
management is bearing fruit in the shape of increased earnings
and reduced losses.
The following is a list of National Bank Examiners in the service
of this office on October 31, 1917:
CHIEF EXAMINERS.

Federal Reserve District—
No. 1—James D. Brennan, Boston, Mass.
No. 2—William P. Malburn, New York, N. Y.
No. 3—Edward I. Johnson, Philadelphia, Pa.
No. 4—Silas H. L. Cooper, Cleveland, Ohio.
No. 5—James K. Doughton, Richmond, Va.
No. 6—Elmore F. Higgins, Atlanta, Ga.
No. 7—-Shenill Smith, Chicago, 111.
No. 8—Joseph M. Logan, St. Louis, Mo.
No. 9—Peter M. Kerst, Minneapolis, Minn.
No. 10—Jay D. Rising, Kansas City, Mo.
No. 11—John C. Chidsey, Dallas, Tex.
No. 12—Claud Gatch, San Francisco, Cal.
SUPERVISING NATIONAL-BANK EXAMINER.

Stephen L. Newnham, Washington, D. C.
FIELD EXAMINERS.
First District. •

N. 8. Bean, Manchester, N. H.
George M. Coffin, New Ycr* City.
Otis M. Freeman, Providence, K. I.



1 T. J. Goodwyn, Montpelier, Vt.
j Herbert W. Scott, Boston, Mass.

REPORT OP THE COMPTROLLER OF THE CURRENCY.

29

Second District
R. W. Byers, Watertown, N. Y.
Bertram Chesterman, Forest Hills, N. Y.
Edward J. Donahue, Ithaca, N. Y.
William J. Duane, Hempstead, N. Y.
Harry L. George, Albany, N. Y.
Benjamin Marcuse, New York City.

Daniel C. Mulloney, New York City.
David Murphy, Buffalo, N. Y.
Ebenezer Southall, New York City.
Hubert F. Thomas, New York City.
George B. Wilkinson, Kingston, N. Y.

Third District.
Daniel C. Borden, Philadelphia, Pa.
Kinzie B. Cecil, Wilkes-Barre, Pa.
Charles H. Chapman, Philadelphia, Pa.
James M. Dunbar, Johnstown, Pa.
L. L. Gellerstedt, Lancaster, Pa.
Henry G. Hanna, Elizabeth, N. J.

William W. Paddock, Philadelphia, Pa.
John L. Proctor, Bowling Green, Ohio.
Carl M. Sisk, Reading, Pa.
George E. Stauffer, Philadelphia, Pa.
E. Willey Stearns, Harrisburg, Pa.

Fourth District.
George E. Armstrong, Cleveland, Ohio.
Charles E. Boyd, Pittsburgh, Pa.
Albert B. Camp, Toledo, Ohio.
John B. Chenault, Maysville, Ky.
George De Camp, Cleveland, Ohio.

Charles R. Kuchins, Pittsburgh, Pa.
Robert C. McConaughy, Cincinnati, Ohio.
J. Frank Miller, Wilkinsburg, Pa.
George J. Stevens, Wheeling, W. Va.
Thomas C. Thomas, Columbus, Ohio.

Fifth District.
R. J. C. Dorsey, Washington, D. C.
R. Gordon Finney, Parkersburg, W. Va.
Claude Gilbert, Cumberland, Md.
Richard L. Hargreayes, Raleigh, N. C.
Robert L. Harris, Richmond, Va.

L. W. Hoffman, Huntington, W. Va.
J. W. Pole, Columbia, S. C.
Morton M. Prentis, Richmond, Va.
J. B. Stringfellow, Forest Depot, Va.
James Trimble, Washington, D. C.

Sixth District.
Thomas E. Fletcher, Cordele, Ga.
William T. Marfield, New Orleans, La.
W. C. Roberts, Birmingham, Ala.

Walter B. Roper, Jacksonville, Fla.
Edgar D. Walter, Chattanooga, Tenn.

Seventh District.
Claude H. Beatty, Chicago, 111.
Hiram C. Blackman, Hillsdale, Mich.
Edgar F. Gossett, Milwaukee, Wis.
Daniel V. Harkin, Chicago, 111.
Nels E. Haugen, Des Moines, Iowa.
Raby L. Hopkins, Milwaukee, Wis.
Robert C. Houston, South Bend, Ind.
Joseph L. Kennedy, Sheldon, Iowa.
John C. McGrath, Chicago, 111.

Charles R. Mertens, Shelbyville, 111.
William G. Minor, Cannelton, Ind.
Robert Montgomery, Des Moines, Iowa.
Paul Partridge, Davenport, Iowa.
Charles F. Riddell, Indianapolis, Ind.
Ellis D. Robb, Waterloo, Iowa.
William J. Schechter, Chicago, 111.
William H. White, Paxton, 111.

Eighth District.
Richard H. Collier, Memphis, Tenn.
E. H. Gough, Centralia, 111.
Harry L. Machen, St. Louis, Mo.
William M. Morgan, Louisville, Ky.

William R. Parker, Little Rock, Ark.
John S. Wood, Boonville, Ind.
Hal Woodside, Springfield, Mo.
William R. Young, Hannibal, Mo.

Ninth District.
Harry E. Albert, Minneapolis, Minn.
Christopher H. Anheier, Fargo, N. Dak.
Ward M. Buckles, Helena, Mont.
Thomas H. Campbell, Huron, S. Dak.



Oscar A. Carlson, Minneapolis, Minn.
James B. Greenfield, Fargo, N. Dak.
Claude A. Jubenville, Menominee, Mich.
John H. Smith, Minneapolis, Minn.

30

REPORT OF THE COMPTROLLER OF THE CURRENCY.
Tenth District.

Sherwood Crocker, Denver, Colo.
William E. Fair, Cheyenne, Wyo.
Thurston P. Farmer, Muskogee, Okla.
Charles H. Filson, Guthrie, Okla.
George W. Goodell, Denver, Colo.
Orviile A. Griffey, Kansas City, Mo.
GranvilleM. McClerkin, Lincoln, Nebr.

John D. Mossman, Topeka, Kans.
Luther H. Patton, Enid, Okla.
Rex W. Peel, Kansas City, Mo.
William H. Reed, Kansas City, Mo.
Max C. Wilde, Norfolk, Nebr. #
Thomas M. Williams, Kansas City, Mo.
Lewis Wilson, Hutchinson, Kans.

Eleventh District.
Lee R. Buchanan, Wichita Falls, Tex.
Charles W. Foster, San Antonio, Tex.
William Z. Hayes, Tyler, Tex.
William E. Hutt, Sherman, Tex.

Jesse L. Penix, Austin, Tex.
Allison D. Thompson, Waco, Tex.
John K. Woods, El Paso, Tex.

Twelfth District.
Fred Brown, Boise, Idaho.
H. R. Gaither, Portland, Oreg.
William M. Gray, San Francisco, Cal.
Ben Hayes, jr., Los Angeles, Cal.
A. L. James, Sacramento, Cal.
Martin McLean, Seattle, Wash.

Charles C. Otto, San Francisco, Cal.
Lewis M. Sawyer, jr., San Francisco,Cal.
Douglas A. Swan, Salt Lake City, Utah.
Oscar Thompson, Los Angeles, Cal.
Walter E. Wilcox, Los Angeles, Cal.
Claude S. Woten, San Francisco, Cal.

BANK OFFICERS CONVICTED OF CRIMINAL VIOLATIONS OF
LAW DURING THE YEAR ENDED OCTOBER 31, 1917.

The following statement relating to officers and employees of
national banks convicted of criminal violations of the national
banking laws and sentenced during the year ended October 31, 1917,
is submitted by the Department of Justice.




Criminal cases under the national banking laws resulting in conviction during the year ending Oct. SI, 1917.
Name of officer.

Position of officer.

Title and location of bank.

Offense.

Sentence.

Date of sentence.

5 years
Misapplication, abstraction
November, 1916.
Aiding and abetting Hooser in misapplying and abstracting funds.
Wharton National Bank, Wharton, Tex.3... Conspiracy with B. R. Taylor, cash- 2 years
President
November, 1916.
Bolton, H. J
»
ier, to violate section 5209, R. S.
Conspiracy with H. J. Bolton, presido
Cashier
do.8
Do.
Taylor, B. R
dent, to violate section 5209, R . S .
5 years
Do.
King, David
Broad and Market National Bank, Newark, Misapplication
Vice president
N. J.
Woods-Rubey National Bank, Golden, Colo. Embezzlement, false entries
do
Smith, John Gordon
Do.
Assistant cashier
Arkansas National Bank, Hot Springs, Ark.. Embezzlement
6 years
. . do
, Do.
McCallum Thos D
First National Bank, Casselton, N. D a k A . . . Embezzlement, misapplication, false 7 years 6 months.
KitteLR.C
President
Do.
entries.
December, 1916.
Cashier
5 years
Kittel, W. F
do
Do.
.....do
LaFetra, William
Bookkeeper
Citizens National Bank, Englewood, N. J . . .
do
Assistant cashier
Do.
Dorgelon, Henry I
Coal & Iron National Bank-, New York, N. Y.
do
do.
do
Do.
Cordes, H H
Abstraction, misapplication
First National Bank, Waterloo, Iowa
Do.
Brudluy, A. L
. . . . . . . Clerk... . . . . . . . . . . . Iowa National Bank, f>es Moines, Iowa
Abstraction, niisap plication, false ......tio-.
entries,
do .
January, 1917.
Liberty National Bank New York, N Y
Miller James P
. . ..do
do
do
Do.
Canfield, Frank N
Teller
First National Bank, New Milford, Conn... Embezzlement . .
Do.
do
Miner, J. R
First National Bank, Ambridge, Pa
Misapplication, false entries
President
j
February, 1917.
Cashier
American National Bank, Pawhuska,6 Okla.. Embezzlement
Rodfus, C D
do
do
Do.
do
First National Bank, Fort Lee, N. J.
.do
Do.
7 vears 6 months
Davis, Chas. H
President
Second4 National Bank, Cincinnati, Ohio *.. Misapplication
Do.
do
Galbreath, E. E
Vice president
do.
do
Do.
5 years
Wall, Thomas
Cashier
First National Bank, Poteau, Okla
Embezzlement
Do?
10 years
Therek, Edw
National Shawmut Bank, Boston, Mass
Messenger
do
March, 1917.
Conspiracy to violate section 5209, R. S. SI. 500 fine
First National Bank, Sutton, Nebr
Darr, Geo B
April, 1917
6 years
Mackev, E. C
First National Bank, Lancaster, S. C
Embezzlement
Cashier
Do.
5 vears
Marshall, Geo. O
Teller
Security National Bank, Kansas City, Mo... •.
do
do
Do.
Monzet, Chas. W
First National Bank, East Islip, N Y
Assistant cashier
do
Probert, C. D
May, 1917.
do
Cashier
First National Bank, Oconomowoc, Wis. 5 ... Misapplication
Do.
Theoboid, E. C
Assistant cashier
Conspiracy to violate section 5209, R. S. SI, 500 fine
Do.
Dixon, L. D
SI, 000 fine
Cashier
First National Bank, Fort Lee, N. J.6
False certification of checks
Do.
Muh, Arthur
5 years
Teller
Jackson State National Bank, Jackson, Miss. Embezzlement
Do.
Corbett, W . J
do
Assistant cashier
First National Bank, Marinette, Wis
do
Whito, H. H
Cashier
First National Bank, Albright, W Va
do
do
Morse, H. W
First National Bank, Clayton, N. Y
June, 1917.
Misapplication, false entries
5 years
Kammerer, F. 0
Teller..
Utica City National Bank, Utica, N. Y
Embezzlement
^
do
Do.
1 Cashier of this bank and one other, not an employee of bank, convicted.
* President and vice president of this bank convicted.
2
6
Convicted, no record of sentence.
Cashier and assistant cashier of this bank convicted.
s President and cashier of this bank convicted.
< Two cashless oi this bask convicted, Dixon succeeded Haig to 10U,
Hooser, W. H




Cashier

First National Bank, Wartrace, Tenn.i

o
w
H

w
fed

o
o

3
fcd
O
t1

•w
O

CO

Criminal cases under the national banking laws resulting in conviction during the year ending Oct. SI, 1917—Continued.
Name of officer.

Position of officer.

Title and location of bank.

Offense.

Cooperstown National Bank, Cooperstown,

Whipple, James F .
RebhrnVyV. H . . . .
Sharpe, H . H

Assistant cashier.
Cashier

Butterwick, B.K
Fee, Jesse D
Behrbaum, William
Wogan^C. J
Sharp, Heber C

Bookkeeper
Assistant cashier.
do
Bookkeeper
Assistant cashier.

,

Humphries, J. M

Bookkeeper

Showalter, Howard W.
Briere, Clara

President.
Clerk

Lewis, W . H

Cashier..

Goodwyn, George N .
Carlisle, James A
Lindsey, A. D
Apgar, Harvey D
Piersol, George J

Bookkeeper
Assistant cashier.
Cashier
do
do




Abstraction, false entries.

Merchants National Bank, Butler, Pa
Bennington County National Bank, Bennington, Vt.
First National Bank, High Bridge, N. J
First National Bank, New Richmond, Ohio.
First National Bank, New Salem, N. Dak...
First National Bank, Hennessey, Okla
Commercial National Bank, St. Anthony,
Idaho.
Merchants & Planters' National Bank,
Gaffney, S. C.
First National Bank, Fairmount, W. Va
New Britain National Bank, New Britain,
Conn.
Merchants National Bank, Clarksburg, W.
Va.
First National Bank, Atlanta, Tex
Union National Bank, Columbia, S. C
People's National Bank. Bronson,Mich
Union National Bank, Monroe, La
First National Bank, Clarkfield, Minn

Sentence.

to

Date of sentence.

5 years,

June, 1917.

..do..
.do..

July, 1917.
Do.

Embezzlement.
do

1

Co

Embezzlement, false entries.
Misapplication
Embezzlement
Abstraction
Embezzlement

do...
do...
do...
do...
10 years.

Abstraction

5 years..

Misapplication..
Abstraction

C1)
5 years.

Do.
Do.
August, 1917.
September, 1917.
Do.
Do.

0)
September, 1917.

Embezzlement.

5 years.
do..
do..

October, 1917.
Do.
Do.

5 years.

October, 1917.

H
Q
O

0)

Abstraction
Misapplication
Embezzlement, false entries.
Misapplication
Embezzlement

o

o

g

Convicted, no record of sentence

o
w
w
w
i
o

33

REPORT OF THE COMPIBOLLEB OF THE CURRENCY.

The statement shows that during the year there were 51 convictions, as compared with 45 fo^ the preceding year. Among those
convicted were 5 presidents of (national banks, 2 vice presidents, 16
cashiers, and 28 minor officers, clerks and others.
FEDERAL RESEBVE SYSTEM.
The Federal Reserve System commenced operations upon the
opening of the 12 Federal reserve banks oil November 16, 1914,
The following table shows the growth during these three years:
GROWTH OF FEDERAL RESERVE BANKS.

The 12 Federal reserve banks opened for business on November
16, 1914. Statements of their assets and liabilities are issued weekly.
The consolidated statements of the banks for the stated date in
November 1914, 1915, 1916, and 1917 are as follows:
Nov. 27,1914. Nov. 26,1915. Nov. 24,1916. Nov. 16,1917.
ASSETS.

Gold
Other lawful money
Bills discounted and bought
United States bonds
One-year Treasury notes
Municipal warrants
Federal reserve notes—net
Due from Federal reserve banks—net
All other assets
„
Uncollected items
Total

.

. .

$227,840,000
34,630,000
7,383,000

$321,068,000
37,212,000
48,973,000
12,919,000

5459,935,000 $1,584,328,000
17,974,000
52,525,000
122,593,000 1 681,719,000
39,427,000
241,906,000
11,167,000
22.166,000
1,273,000
15,414,000
43,263,000
2,121,000
22,111,000
428,544,000

165,000

27,308,000
19,176,000
14,053,000
4,633,000

270,018,000

485,342,000

735,060,000

3,012,406,000

18,050,000
249,268,000

54,846,000
15,000,000
397,952,000

55,711,000
26,319,000
637,072,000

06,691,000
218,887,000

2,700,000

13,385,000
4,159,000

14,296,000
1,028,000
634,000

1,501,423,000
2
972,585,000
8,000,000
4,383,000
240,437,000

435,342,000

735,060,000

3,012,406,000

LIABILITIES.

Government deposits
Member bank deposits—net
Due to member and nonmember banks
Federal reserve notes—net.
Federal reserve bank notes in circulation
All other liabilities
Collection items
Total
1

270,018,000

United States Government long and short term securities.

2

In actual circulation.

Our reserve banking system has fully vindicated the claims made
for it by those to whose labors and sagacity it owes its creation,
and has fully proven its ability to meet strain, and pressure, and
shock greater than any which possibly could have been foreseen
at its inception.
In times of far less strain and danger in the past our merchants
and business men have found it difficult, if not impossible, to obtain
money or credit, and sometimes have had to pay for temporary
accommodations rates of interest as high as 100 per cent or more.
During these past three years of extraordinary trial, including alike
periods of extreme depression and of abounding prosperity, there
has not been a time when business men entitled to credit were
unable to obtain needed accommodation for the ordinary require*



34

REPORT OF THE COMPTROLLER OF THE CURRENCY.

ments of business and commerce in every part of the country, and
at rates, for the most part, from 3 to 6 per cent. For much of the
time the rates were nearer to 3 than 6.
The assistance which the Federal reserve banks have rendered
in the placing of the Government certificates of indebtedness or
temporary short time loans, of which there had been issued from
the breaking off of diplomatic relations with Germany to December
1, 1917, a total of $4,380,320,000 (of which $3,050,239,000 had been
paid off) and in the handling as agents for the Government of the
two Liberty bond issues aggregating $5,808,766,150, has been of
inestimable value to the country.
COETDITIOIT OF KATIOKTAL EALTKS AT BATE OF EACH CALL
THE KEPORT YEAE.
The national banks were called on for six reports of condition
during the report year ended October 31, 1917, and details of the
resources and liabilities, as reported at the time of each call, are
shown in the following table:
Abstract of reports of condition of national banks in the United States from Nov. 17,1916-,
to Sept. 11, 1917.
[In thousands of dollars.]
Nov. 17,
1916—
7,584
banks.

Dec. 27,
1916—
7,584
banks.

Mar. 5,
1917—
7,581
banks.

May 1,
1917—
7,589
banks.

June 20,
1917—
7,604
banks.

Sept. 11,
1917—
7,638
banks.

RESOURCES.

8,345,784 8,340,626 8,712,852 8,751,679 8,818,312 9,055,248
Loans and discounts
7,666
8,069
9,619
9,607
9,317
10,403
Overdrafts
Customers' liability under letters of
29,001
32,443
26,703
29,439
21,135
24,512
credit
Customers' liability account of accept135,734
132,948
101,581
98,192
94,421
105,653
ances
768,114 1905,127 1941,082
714,523
716,960
724,473
United States bonds
Payment on account subscription for
I 171,129
Liberty loan bonds
217,900
Liberty loan bonds
Other bonds, securities, etc
1,709,956 1,725,347 1,770,083 i*856,983Yi,*843,647 1,863,621
Stocks, other than Federal reserve
42,134
39,182
39,074
39,144
38,938
37,838
bank stock
54,329
55,480
54,112
54,695
54,827
54,126
Stock of Federal reserve banks
272,190
262,489
262,815
266,880
269,947
261,464
Banking house
32,611
32,392
31,798
32,594
32,068
32,179
Furniture and fixtures
48,064
48,277
46,656
46,273
48,221
47,212
Other real estate owned
750,202
820,584
707,497
649,171
761,995
Due from Federal reserve banks
Lawful reserve with Federal reserve
1,046,102
banks
Items with Federal reserve banks in
126,708
process of collection
61,352
59,
65,657
77,049
56,003
Notes of other national banks
(2)
1,
2,248
2,083
2,049
1,377
Federal reserve bank notes
17,080
19,
22,973
16,623
12,549
Federal reserve notes
116,
116,983
120,396
118,433
127,599
Gold coin
342,
241,210
349,263
386,607
362,312
Gold Treasury certificates
59,
67,259
67,315
55,985
65,623
Clearing-house certificates
13,025
13,
13,434
13,083
11,991
Silver dollars
97,240
102,
105,336
104,600
97,921
Silver Treasury certificates
23,378
23,738
23,
22,498
21,402
Silver fractional coin
686,848
677,099
705,9
659,501
556,686
Total coin and certificates
108,847
103,828
105,147
Legal-tender notes
101,496
107,994
493,609
Cash in vault
1,292,192
Net amounts due from national banks.
Due from approved reserve agents
948,069
827,943
1,035,107
945,812 1,077,727
Net amounts due from other banks,
939,054
bankers, and trust companies
890,592
809,233 8 341,412
898,890
1 Includes U. S. certificates of indebtedness and excludes Liberty loan bonds.
2 Included under heading "Cash in vault."
» This
 item formerly included due from national banks other than approved reserve agents.


35

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Abstract ofreportc of condition of national banks in the United States from Nov. 17,1916,
to Sept. 11, 1917—Continued.
[In thousands of dollars.]
Nov. 17,
Dec. 27,
1916— I 1916—
7,584
7,584
banks.
banks.

Mar. 5,
1917—
7,581
banks.

May 1,
1917—
7,589
banks.

June 20,
1917—
7,604
banks.

Sept. 11,
1917—
7,638

BESOUECES—continued.
Exchanges for clearing house
Checks on other banks in the same
place
Outside checks and other cash items..
Redemption fund and due from U . S .
Treasurer
Other assets
Total

$516,705

$402,591

$419,204

$578,145

$445,471

$401,742

28,292
37,233

28,386
38,550

30,919
37,906

58,564
45,878

47,958
37,031

39,647
36,335

43,024
14,91.2

48,301
21,652

41,199
25,779

39,547
25,884

41,363
18,304

43,498
23,721

|15,520,205 15,333,552 15,979,122 16,144,403 16,151,040 16,543,499
LIABILITIES.

1,071,116 1,070,793 1,073,875 1,079,669 1,082,779 1,090,318
Capital stock paid in
754,621
761,654
739,336
744,653
Surplus fund
762,367
769,050
Undivided profits, less expenses and
329,712
343,139
317,412
332,458
353,407
taxes paid
354,023
9,556
9,453
Amount reserved for taxes accrued...
7,680
11,569
7,772
5,862
Amount reserved for all interest ac8,562
10,997
9,424
9,586
10,142
11,405
crued
661,157
656,100
666,409
660,431
665,642
National-bank notes outstanding
665,259
8
48
Due to Federal reserve banks
3,757
3
7,873
8,579
11,233
12,686
Due to approved reserve agents
9,124
Net amounts due to national banks...
1,196,330
Net amounts due to other banks,
bankers, and trust companies
3,339,628 3,248,929 3,675,384 3,370,558 3,014,333 1,848,463
4,741
2,184
1,390
1,155
11,291
Dividends unpaid
2,464
Individual deposits subject to check., 6,350,751 6,254,549
Certificates of deposit due in less than
423,493
415,842
30 days
127,947
205,865
Certified checks
112,467
125,056
Cashier's checks outstanding
35,418
35,308
United States deposits
80,970
Postal savings deposits
77,367
State, county, or other municipal deposits
58,591
57,627
Deposits requiring notice, but less
55,831
than 30 days
53,908
Other demand deposits
Total demand deposits.
Time deposits:
Certificates of deposit
State, county, or other municipal
deposits
Postal savings deposits
Other time deposits
Total time deposits.
United States bonds borrowed
,
Other bonds borrowed
Securities borrowed
Bills payable, other than with Federal reserve banks
Bills payable, with Feder-al reserve
banks
State bank circulation outstanding..,
Letters of credit and travelers' checks
outstanding
Acceptances
Liabilities other than those above
stated
Total.
Liabilities for rediscounts, including
those with Federal reserve banks...
1
2

6,368,293

6,627,833

6,560,268

6,915,933

429,561
129, 215
125,410
34,695
86,321

428,959
144,913
149,987
35,626
88,235

431,985
129,929
159,912
132,965
89,142

412,560
99,716
110,655
2 210,395
(3)

62,424

66,834

67,545

66,225

53,191

48,777
26,847

48,042
33,348

44,945
28,045

7,148,302

7,289,110

7,618,011

7,653,136

,8 88,474

734,613

745,753

788,520

837,348

824,898

863,997

4,638

6,762

6,277

6,776

5,916

1,077,195

1,102,225

1,189,853

1,234,324

1,259,805

5,157
98,433
1,328,395

1,816,448

1,854,740

1,984,650 2,078,448

2,090,619

2,295,982

26,588
3,984
145

25,985
5,070

26,871
4,949
77

28,445
4,904
182

32,758
176

65,415

24,539

27,008

17,660

25,460

48,926

51,880

578
23

8,123
23

8,827
23

184,736
23

63,790
17

31,372
98,231

35,009
100,342

29,476
101,485

23,620
110,549

27,082
144,414

36,752
138,231

18,317

20,655

15,913

16,151

7,322,6

S

45,175

31,076

15,520,205 .5,333,552 .5,979,122 .6,144,403 16,151,040

6,543,499

139,366

169,434

48,554

54,627

49,068

58,027

This item formerly included due from national banks other than approved reserve agents.
Should be deducted from deposits in computing reserve.
3 Included with time deposits.
* Does not include dividends unpaid.




36

EEPOKT OF THE COMPTROLLER OF THE CURRENCY.

EESOUECES.
LOANS AND DISCOUNTS.

Loans and discounts, including rediscounts of $169,434,000, increased
steadily during the year, reaching their maximum of $9,224,682,000
at the call of September 11, 1917.
The proportion of loans and discounts to total deposits at the
time of the last report, September 11, was 69.7 per cent, as compared with 67.22 per cent on November 17, 1916. The amount of
loans and discounts September 11, 1917, shows an increase as compared with September 12, 1916, of $1,311,451,000.
Two changes have been made in the classification of loans and
discounts. First, provision has been made for "acceptances of
own bank purchased or discounted." This heading has been added
in order that information may be at hand showing the extent to
which the national banks have resorted to the practice of purchasing
or discounting drafts accepted by themselves under the provisions oi
section 13 of the Federal Reserve Act.
Second, loans secured by real estate which conform to the provisions of section 24 of the Federal Reserve Act have been separated from
those which are not in conformity with the provisions of that section.
Included under the latter heading are loans upon which real estate
security has been taken for debts previously contracted to prevent
loss, under authority of section 5137, United States Revised Statutes,
and also loans unlawfully made upon the security of real estate.
The changes in the amounts and percentages of the various classes
of paper held by the banks at the dates of the June calls in 1915,
1916, and 1917 are shown in the following table:
[In thousands of dollars.]
June 23,1915.

June 30,1916.

June 20,1917.

Class.
Amount. cent. Amount. cent. Amount. Per
cent.
On demand, paper with one or more individual or
firm name's (not seeured by collateral)
611,698
On demand, secured by stocks and bonds
883,812
On demand, seeured by other personal securities,
including merchandise, warehouse receipts, e t c . . .
184,822
On time, paper with one or more individual or firm
names (not secured b y collateral)
3,264,347
On time, secured by stocks and bonds
866,767
On time, secured b y other personal securities, in697,930
cluding merchandise, warehouse receipts, etc
Secured oy real ©state mortgages or other liens on
realty not in accordance with section 24, Federal
150,595
Reserve Act, as amended
Secured by improved real estate under authority of
section 24, Federal Reserve Act, as amended .
Acceptances of other banks discounted
Acceptances of this bank purchased or discounted..
Total

9.2
13.3

660,213
1,159,007

8.6
15.1

700,198
1,261,631

7.9
14.1

2.8

223,639

2.9

300,879

3.3

49.0
13.0

3,760,225
1,029,612

49.0
13.4

4,561,790
1,064,254

50.9
11.9

10.4

661,338

S.6

772,983

8.5

2.3

160,633

2.1

107,361

1.2

.3

78,063
73,610
31,929

.9
.9
.4

7,679,167 100.0

8,957,678

100.0

6,659,971 100.0

24,500

The above table indicates a tendency on the part of the national
banks to increase their holdings of commercial paper and of paper
eligible for rediscount with the Federal reserve banks, and to limit
their loans upon stocks and bonds.
The increase from June, 1915, to June, 1917, in paper not secured by
collateral was $1,385,943, while the increase for the same period in
loans secured by stocks and bonds, including acceptances, was
$685,845.



37

EEPOET OF THE COMPTROLLEB OF THE CURRENCY.

AMOUNT AND CLASSIFICATION OF LOANS BY NATIONAL BANKS IN THE
CENTRAL RESERVE CITIES, ETC.

In connection with the foregoing general statement, and for
purposes of comparison, there is submitted herewith similar information based upon the June 20, 1917, returns from the national banks
in each of the central reserve cities, other reserve cities, and elsewhere
in the country. It will be noted that the increase in total loans
already mentioned is quite generally distributed among all classes of
banks.
Total loans on June 20, 1917.
[In thousands of dollars.]
New
York,
On demand, paper with one or more
individual or firm names (not secured by collateral)
On demand, secured t>y stocks and
bonds
On demand, secured by other personal securities, including merchandise, warehouse receipts, etc..
On time, paper with one or more
individual or firm names (not secured by collateral)
On time, secured by stocks and
bonds
On time, secured by other personal
securities, including merchandise,
warehouse receipts, etc
Secured by real estate mortgages or
other liens on realty not in accordance with section 24, Federal Reserve Act, as amended
Secured by improved real estate
under authority of section 24,
Federal Reserve Act, as amended.
Acceptances of other banks discounted
Acceptances of this bank purchased
or discounted
Total

St.
Chicago. Louis.

Other
reserve
cities.

Central
reserve
cities.

Country
banks.

Total
United
States.

32,767

26,535

9,685

68,987

223,977

407,234

581,659

38,360

14,181

634,200

335,941

291,490 1,261,631

66,650

30,140

I
4,253 ! 101,053

102,071

805,189

264,318

271,780

63,345

66,602

43,050

767

1,113

63,360

2,035

124

65,519

1,136

250

14,066

11,999

97,755

700.193

300,879

72,112 1,141,619 1,284,574 2,135,597 14,561,790
16,274

351,399

342,216

7,380

117,032

227,852

370,639 11,064,254
i
428,079 ! 772,933

12,680

84,400

7,651

1,901,464

20,292

70,412

78,053

9,463

3,628

78,610

53864

31,929

107,361

470,032 125,048 2,496,544 2,566,036 3,895,098 18,957,678

THREE-YEAR COMPARATIVE STATEMENT OF LOANS BY NATIONAL BANKS
IN RESERYE CITIES AND IN COUNTRY BANKS.

The amount, distribution, and proportion of loans and discounts
in the banks in the city of New York, in all central reserve cities,
other reserve cities, and in country banks in June, 1915, 1916, and
1917, are shown in the accompanying table:
[In thousands of dollars.]
Loans.
Banks i n -

June 23, 1915.
Amount.

New York
New York
Chicago . .
St. Louis
Other reserve cities . .
All reserve c i t i e s . . .
Country
Total United States




June 30,1916.

Per
cent.

Amount.

Per
cent.

June 20,1917.
Amount.

Per
cent.

1,232,566

18.5

1,587,656

20.7

1,901,464

I 1,678,657

25.2

2,119,645

27.6

2,496,544

21.2
27.8

1,764,775
3,443,432
3,216,539

26.5
51.7
48.3

2,111,979
4,231,624
3,447,543

27.5
55.1
44.9

2,566,036
5,062,580
3,895,098

28.7
56.5
43.5

6,659,971

100.0

7,679,167

100.0

8,957,678

100.0

38

REPORT OF THE COMPTROLLER OF THE CURRENCY.

CLASSIFICATION OF LOANS BY NATIONAL BANKS IN NEW YORK CITY,
JUNE, 1913 TO 1917.

As about 21 per cent of the loans of all national banks on June
20, 1917, were made by banks located in the city of New York, the
following statement is of interest as showing the amount and character of loans by banks in that city at date of the June calls, 1913
to 1917, inclusive:
[In thousands of dollars.]

Classification.

June 4, June 30, June 23, June 30, June 20,
1914—
1915—
1913—
1916—
1917—
36 banks. 33 banks. 33 banks. 33 banks. 33 banks.

On demand, paper with one or more individual
or firm names (not secured by collateral)
13,487
On demand, secured by stocks and bonds
On demand, secured by other personal securities, 1 302,904
including merchandise, warehouse receipts, etc.
On time, paper with one or more individual or
firm names (not secured by collateral)
367,784
On time, secured by stocks and bonds
On time, secured by other personal securities,
including merchandise, warehouse receipts, etc. 202,792
Secured by real estate mortgages or other liens on
realty
.
Acceptances of other banks discounted
Acceptances of this bank purchased cr discounted
Total

836,967

12,953
30,867
372,092 \f 357,146
29,635

29,233
531,580
46,267

32,767
581,659
66,660

473,652

574,530

805,189

f 248,947
254,668 1 83,600
(
8,719

328,095
61,294
874

271,780
66,602
'767

15,783

63,360
12,680

1,587,656

1,901,464

421,383

1,001,096 1,232,566

It will be noted from the above table that while loans on time,
secured by stocks and bonds, increased from June, 1915, to June,
1917, only $22,833,000, or about 10 per cent, paper on time not
secured by collateral, increased during the same period $331,537,000,
or approximately 70 per cent.
OVERDRAFTS.

There has been no great fluctuation in the amount of overdrafts
outstanding at the time of the various calls during the year, but the
percentage of total overdrafts to total deposits shows a diminishing
tendency.
The expressions of commendation which the Comptroller's office
has received from banks throughout the country, regarding the
efforts of the office to correct and eliminate an abuse for which there
was no excuse, and which had become a source of serious loss to
some banks, have been gratifying.
UNITED STATES BONDS.

The aggregate holdings of Government bonds declined during the
first three report dates to $714,523,000 on March 5, 1917, the lowest
amount reported. From that date on United States obligations held
by the banks have increased owing to the purchase of United States
certificates of indebtedness, which are reported under bonds, making
the increase from March 5 to September 11, 1917, $226,559,000.
In addition the banks reported on September 11, 1917, $217,900,000
of Liberty 3+ per cent bonds held, making an actual increase since
March 5, 1917, of $444,459,000 in the bonds of the United States
held by the banks. Of the total amount held on September 11,
1917, $1,158,982,000, the bonds deposited to secure circulation
amounted
 to $678,180,970, or more than one-half of the total holdings.


39

PJEPOKT OF THE COMPTROLLER OF THE CURRENCY.
OTHER BONDS, SECURITIES, ETC.

An increase of $238,994,000 is shown in these investments between
September 12, 1916, when they aggregated $1,624,627,000, and
September 11, 1917, when they amounted to $1,863,621,000. The
increase was practically continuous throughout the year, each
succeeding report, with one exception, showing a greater amount
than the preceding report.
STOCKS.

Stocks other than stock of Federal reserve banks increased
$2,768,000 since September 12, 1916.
Stock of the Federal reserve banks increased $1,557,000 between
September 12, 1916, and September 11, 1917. This investment
increases with the number of member banks and with the increase of
capital and surplus of already existing member banks, while a
reduction in capital or surplus or liquidation of member banks will
reduce the capital of the Federal reserve banks, and consequently
the stock holdings of the member banks, proportionately.
INVESTMENT SECURITIES OF NATIONAL BANKS CLASSIFIED.

The investments of national banks in United States bonds, and
in other bonds and securities and stocks on June 20, 1917, amounted
to $3,013,068,000, an increase of $661,108,000 since June 30, 1916.
The following table shows the character of the investments held by
the national banks in June, 1916 and 1917:
[In thousands of dollars.]
| June 30,1916. June 20,1917.

Domestic securities:
State, county, or other municipal bonds..
Railroad bonds
Other public service corporation bonds...
All other bonds (domestic)
Claims, warrants, judgments, etc
oig
o e m e t bonds
Foreign Government b o d
Other f i
Oh foreign bonds and securities
t
bd
d
Stocks, Federal reserve bank
Stocks, all other
Total
United States bonds (other than Liberty loan)...
Payment in subscription for Liberty loan bonds.
Total bonds of all classes.

278,180
467,629
274,928
301,503
48,521
116,768
40,303
53,651
39,272

315,511
467,291
295,835
361,954
49,847
284,123
68,486
54,827
38,938

1,620,755
731,205

1,936,812
905,127
171,129

2,351,960

3,013,068

A very large increase will be noted in the amount invested in both
domestic and foreign Government securities. The amount of foreign Government securities owned has more than doubled during the
year, and investments in securities of the United States have increased $345,051,000. The increase in investments in domestic
bonds (exclusive of United States bonds) as indicated by the first four
items of the table, amounts to $118,351,000.
This table shows graphically the extent to which the national .banks
of this country have assisted during the year in furnishing credit to
this country and its allies. Of an increase in this period of 28 per cent
in security holdings, practically 22 per cent consisted of bonds of this
and foreign Governments, the latter being principally Governments
now allied
 with the United States in war against Germany.


40

REPORT OF THE COMPTROLLER OF THE CURRENCY.

DOMESTIC AND FOREIGN SECURITIES HELD BY NATIONAL BANKS.

The following table shows domestic and foreign securities held in
June of each year since these securities have been separately classified:
—

[In thousands of dollars.]

Classification.

June 14,
1912.

June 4,
1913.

June 30,
1914.

State, county, and municipal bonds
Railroad bonds
. . .
Other public service corporation bonds..
All other bonds

179,322
354,321
195,453
223,501

175,345
345,204
197,460
220,121

176,017
341,691
218,215
227,605

244,473
379,191
220,304
246,630

278,180
467,629
274,928
301,503

315,511
467,291
295,835
361,954

952,597

938,130

963,523

1,090,598

1,322,240

1,440,591

8,615
4,426

17,961
3,510

10,019
5,609

33,787
13,402

116,768
40,303

284,123
68,486

13,041

21,471

15,628

47,189

157,071

352,609

Total
Foreign Government bonds
Other foreign bonds and securities
Total

June 23,
1915.

June 30,
1916.

June 20,
1917.

BANK PREMISES AND OTHER REAL ESTATE OWNED.

The amount invested in banking house and furniture and fixtures,
which was $291,335,000 on September 12, 1-916, increased by $13,466,000 during the year, and on September 11, 1917, stood at $304,801,000, or 13.6 per cent of the capital, surplus and profits of the
banks. Other real estate owned declined from $47,627,000 on September 12, 1916, to $46,273,000 on September 11, 1917.
DUE FROM BANKS.

The amendment to the Federal Reserve Act approved June 21,
1917, provided among other things that thereafter all lawful reserves
of national banks which are members of the Federal reserve system
should be carried in their respective Federal reserve banks, thus
eliminating from the reserve calculation lawful money in vault, and
the amounts due from reserve agents in reserve and central reserve
cities.
The reports of condition rendered by the national banks as of
June 20, 1917, were the last required under the law permitting the
inclusion in lawful reserve of balances due from approved reserve
agents, and showed the banks to be in a position which easily permitted the transfer of reserves to the Federal reserve banks.
The transfer was accomplished without disturbance to money conditions, and by the time of the succeeding report, rendered as of
September 11, 1917, balances carried by national banks With Federal
reserve banks had increased in the sum of $352,226,000 and aggregated $1,172,810,000. The amount transferred to the Federal reserve banks during this period of less than three months, exceeded
by more than $35,000,000, the total balances carried by national
banks with the Federal reserve banks September 2, 1915, just two
years previous. During the report year under consideration, balances due to national banks from Federal reserve banks increased
$641,782,000, or from $531,028,000 on September 12, 1916, to
$1,172,810,000 September 11, 1917.



41

REPORT OF THE COMPTROLLER OF TEE CURRENCY.
NATIONAL BANK DEPOSITS WITH FEDERAL RESERVE BANKS.

The following table shows increases and decreases of deposits with
the Federal reserve banks since the beginning of the system:
[In thousands of dollars.]
Due from
Federal
reserve
banks.

Date.

Increase.

261,
290,
290,
312,
315,
386,
403,
431,
42S,
478,
531,
649,
707,
750,
761,
820,
1,172,

Dec. 31, 1914.
Mar. 4, 1915..
May 1, 1915..
June 23, 1915.
Sept. 2, 1915.
Nov. 10, 1915
Dec. 31, 1915.
Mar. 7,1916..
May 1,1916..
June 30, 1916.
Sept. 12, 1916
Nov. 17, 1916,
Dec. 27, 1916.
Mar. 5, 1917..
May 1, 1917..
June 20, 1917.
Sept. 11, 1917

29,218
22, 245
2,751
50, 776
37,800
27,210
47,912
54,925
118,143
58,328
42,705
11,793
58,589
352, 226.

Decrease.

265

3,004

The amount due from all banks other than Federal reserve banks
declined from $1,716,939,000 on September 12, 1916, to $1,633,604,000 on September 11, 1917, a reduction of $83,335,000.
Balances of all classes of banks combined aggregated $2,806,414,000
on September 11, 1917, an increase of $558,447,000 over the amount
shown on September 12, 1916.
SPECIE AND OTHER LAWFUL MONEY.

As national banks are no longer required to maintain a portion
of their reserves in lawful money in the vault, the classification of
"Money on hand" was discontinued in the abstract for September
11, 1917.
The following table, however, shows the changes in holdings of
various classes of coin and certificates between the calls of June 30,
1916, and June 20, 1917, the net result being a decrease in the aggregate amount held of $83,793,000.
Comparison of coin and certificates held by all national banks on June SO, 1916, with June
20, 1917.
[In thousands of dollars.]
June 30, June 20,
1917.
1916.
Gold coin . *
Gold certificates. .
Gold Treasury certificates
Clearing-house certificates*
Silver dollars
Silver certificates
Fractional silver coin
Total
Net decrease




. . . .

Decrease.

117 199
284,089
40,735
66,971
11 812
93, 505
21,168

116 983
224, 515
16, 695
55,985
13,434
105; 336
23, 738

216
59,574
24,040
10,986

640,479

558,688

94, 816
11,023
83,793

Increase.

1,622
6, 831
2,570
11,023

42

REPORT OF THE COMPTROLLER OF THE CURRENCY.

The total cash in vault, which includes Federal reserve banknotes,
Federal reserve notes, and notes of other national banks (not included
in the above table), as well as legal-tender notes and other lawful
money of the United States reported on September 12, 1916, was
$845,185,000, while on September 11, 1917, it was $493,609,000, a
reduction of $351,576,000. This is accounted for by the change in
reserve requirements, the banks at this time keeping on hand only
such cash as they need for use in current business. In the same
time the balances carried with the reserve banks increased from
$531,028,000 to $1,172,810,000, as heretofore stated.
EXCHANGES FOR CLEARING HOUSE.

Between September 12, 1916, and November 17, 1916, exchanges
increased from $392,684,000 to $516,705,000, They show a decline
on December 27, 1916, and reached the highest point for the year on
May 1, 1917, when they amounted to $578,145,000. After that date
they again showed a reduction at each call, and amounted to
$401,742,000 on September 11, 1917. The net increase in exchanges
between September 12, 1916, and September 11, 1917, was but
$9,058,000, and they did not at any time rea.ch the high aggregate
shown for the preceding year.
LIABILITIES, CAPITAL, SUEPLUS, AND UNDIVIDED PROFITS,

The capital stock of the national banks on September 11, 1917,
stood at $1,090,318,000, an increase as compared with September 12,
1916, of $22,753,000. Surplus during t.he same period increased
from $731,409,000 to $769,050,000, while undivided profits advanced
from $317,050,000 to $354,023,000.
The total capital, surplus, and undivided profits on September 11,
1917, stood at $2,213,391,000, an increase during the year of
$97,367,000.
CIRCULATION OUTSTANDING.

Outstanding national bank circulation decreased between September 12, 1916, and September 11, 1917, by $8,473,000, the amount on
the latter date standing at $665,642,000. The amount declined to
May 1, 1917, but shows an increase at the time of both calls since
that date.
The volume of circulation outstanding at the date of each call
during the year ended September 11, 1917, issued by national banks
in New York, the three central reserve cities, other reserve cities,
and in the country outside of reserve cities is shown in the following
table in millions of dollars:

Dates.

Nov. 17,1916.
Dec. 27,1916.
Mar. 5, 1917..
May 1,1917..
June 20, 1917,
Sept. 11, 1917




New
York
banks.

30.6
29.5
29.2
29.4
30.2
32.3

New
York,
Chicago,
and St.
Louis
banks.
46.9
45.9
44.2
40.5
41.6
44.7

Other
reserve
city
banks.

157.2
157.0
156.3
156.4
158.7
159.5

All
reserve
citj

204.1
202.9
200.5
196.9
200.3
204.2

Country
banks.

461.1
463.5
460.6
459.2
460.1
461.4

Total,
United
States.

665.2
666.4
661.1
656.1
660.4
665.6

REPORT OF THE COMPTROLLER OF THE CURRENCY.

43

DUE TO BANKS.

The amounts due to Federal reserve banks, national banks, and
other banks, bankers, and trust companies aggregated $3,048,550,000
on September 11,1917, or $132,887,000 more than on September 12,
1916.
INDIVIDUAL

DEPOSITS.

The total deposits other than bank deposits and dividends unpaid aggregated $10,184,456,000 on September 11, 1917, being
$1,738,807,000, or 20 per cent, more than on September 12, 1916.
This increase consists of $1,179,591,000 in demand deposits, and
$559,216,000 in time deposits.
United States deposits are included in this aggregate for comparison
purposes, but they are exempted by law from reserve requirements.
Postal savings deposits are specifically required by section 19 of
the Federal Reserve Act, as amended, to be included with "time
deposits'; in computing reserve.
BONDS AND MONEY BORROWED.

The aggregates of United States bonds borrowed, other bonds
borrowed, securities borrowed, and bills payable with the Federal
reserve bank and other banks have all increased largely, the greatest
amount being reported on June 20, when these liabilities were
$284,444,000. On September 11, 1917, the aggregate had decreased
to $202,382,000, a liability $132,689,000 greater than that shown on
September 12, 1916.
In addition to direct borrowings, paper amounting to $169,434,000
had been rediscounted on September 11, 1917, as compared with
$53,394,000 on September 12, 1916.
.
.
.
The large increase in these liabilities is due mainly to the flotation
of Liberty bonds and United States certificates of indebtedness.
BANK ACCEPTANCES.

This item appeared first in the report of condition for September
2, 1915, and at that time amounted to $13,077,000. The amount
has grown practically continuously since that date. The highest
point was reached on June 20, 1917, when liabilities on account of
acceptances aggregated $144,414,000. The amount outstanding on
September 11, 1917, was somewhat less—$138,231,000.
CHANGES AT TIME OF EACH CALL, BY GEOGRAPHICAL DIVISIONS, OP
PRINCIPAL ITEMS IN REPORTS OF CONDITION.

In connection with the general summary of the condition of national
banks, as shown by their returns at date of each call during the year,
there is submitted herewith a statement, by geographical divisions,
based upon the returns for each call during the year, of the volume
of loans, investments in bonds, cash and cash items, and deposits.
12040°—CUR 1917—VOL 1



i

44

EEPOET OF THE COMPTROLLEK OF THE CURRENCY.

Changes in volume of principal assets and in deposits, by geographical divisions, 1916-17.
[In thousands of dollars.]

Division and dates.

New England States:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917
Eastern States:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917
Southern States:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917
Middle Western States:
Nov. 17.1916
Dec. 27,'1916
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917
Western States:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917
Pacific States:
Nov. 17,1916
Dec. 27,1916
Mar. 5,191?
May 1,1917
June 20,1917
Sept. 11,1917
Nonmember banks (Alaska and Hawaii):
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917
Total United States:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20, 1917
Sept. 11,1917




Loans (in- Bonds, etc.
(includes
cluding
Cash and
overdrafts subscrip- cash items.
tions to
and redisLiberty
counts).
loan).

Demand
deposits.

Time
deposits.

663,660
660,040
635,667
674,389
685,569
686,656

224,814
223,424
229,068
235,227
242,879
246,582

74,022
71,710
71,101
87,642
71,365
53,363

623,372
622,549
616,194
631,388
595,334
608,873

113,473
112,048
123,493
128,948
131,168
138,729

3,307,144
3,218,797
3,428,386
3,410,520
3,552,363
3,645,819

1,219,244
1,223,352
1,247,108
1,326,099
1,492,024
1,550,091

860,418
770,385
795,039
911,675
719,530
503,596

3,129,320
2,948,889
3,043,316
3,276,786
3,198,676
3,274,017

567,294
580,005
618,657
657.229
652,607
743,994

1,035,069
1.052,940
1,039,446
1,059,663
1,055,135
1,100,513

233,026
234,863
239,164
256,135
280,802
302,761

100,458
106,273
101,944
100,545
97,653
88,242

834,136
845,508
836,800
826,712
811,183
863,390

223,892
227,085
248,041
258,259
257,385
280,978

2,274,628
2,312,6S5
2,426,683
2,435,703
2,401,256
2,469,372

551,147
551,117
559,605
572,369
642,306
648,897

270,692
268,098
274,162
231,354
260,205
206,460

1,693,481
1,691,216
1,739,392
1,772,873
1,739,773
1,785,529

588,696
602,194
636,619
660,620
665,514
718,065

577,318
596,901
621,948
646,380
66S,046
695,343

126,404
138,433
129.741
136^ 280
155,003
160,813

57,550
59,586
63,454
64,026
59,455
50,795

517,886
521,603
553,464
560,104
547,718
571,440

179,404
183,396
199,154
213,353
219,188
233,042

543,036
581,442
564,582
588,603
600,310
634,151

170,145
172,652
171,631
191,276
198,564
209,597

76,458
73,762
75,715
80,213
74,040
67,817

519,790
513,274
494,687
546.230
534,599
572,870

143,278
148,715
158,308
161,743
184,476
180,836

2,800
2,851
2,884
2,517
2,539
2,435

1,613
1,722
1,800
1,480
1,490
1,476

905
1,414
1,037
1,188
923
1,060

4,703
5,263
5,257
3,918
3,746
3,251

409
337
373
296
281

1,440,503
1,351,228
1,382,502
1,526. 643
1,283,171
971,333

7,322,688
7;148,302
7,289,110
7,618,011
7,431,029
7,679,370

1,816,446
1,854,740
1,984,650
2,078,448
2,090,619
2,295,982

8,403,655
8,405,656
8,769,596
8,817,775
8,965,218
9,234,289

2,526,393
2,545,563
2,578,117
2,-/18,866
3,013,068
3,120,217

45

REPORT OF THE COMPTROLLER OF THE CURRENCY.

RELATION OF CAPITAL TO DEPOSITS, ETC., OF NATIONAL BANKS.

The proportion and variation from year to year of capital to individual deposits in national banks, capital to loans, capital to aggregate
resources, capital and surplus and other profits to individual deposits,
and cash on hand and balances with Federal reserve banks to individual deposits, are shown in the table following for the years 1912
to 1917, inclusive:
Sept. 4,

Items.

Aug. 9,
1913.

1912.

Capital to individual deposits
Capital to loans
Capital to aggregate resources
Capital and surplus and
other profits to individual deposits
Cash on hand and balances with Federal reserve "bank to individual deposits1

Sept. 12,
1914.

Sept. 2,
1915.

Sept. 12,
1916.

Sept. 11,
1917.

$1.00 to $5.63 $1.00 to $5.45l $1.00 to $5.79 $1.00 to $6.32 $1.00 to $7.91 $1.00 to $9.34
1.00 to 5.77 1.00 t o 5.84J 1.00 to 6.04 1.00 to 6.32; 1.00 to 7.30 1.00 to 8.31
1.00 to 10.48

1.00 to 10.30! 1.00 to 10.83

1.00 to 11.471 1.00 to 13.50

1.00 to 2.96

1.00 to 2.82 1.00 to 2.96

1.00 to 3.23

1.00 to 3.99

1.00 to 6.28 1.00 to 6.18 1.00 to 6.36 1.00 to 5.53 1,00 to 6.14

1.00 to 15.17
1.00 to 4.56

1.00 to 6.62

i At the time of the reports referred to prior to Sept. 2, 1915, the Federal reserve banks had not come
into existence.

The statement shows that the individual deposits have increased
more rapidly than capital, surplus, and profits, taken collectively or
separately. The ratio of deposits to capital is $9.34 to $1. A year
ago it was $7.91 to $1, and the ratio to capital, surplus, and profits is
$4.56 to $1, as compared with $3.99 to $1 in September, 1916.
PERCENTAGE

OF PRINCIPAL ITEMS OF ASSETS AND LIABILITIES
NATIONAL BANKS.

OF

On an average, approximately 62 per cent of the banks' assets are
represented by loans and United States bonds; and about 72 per cent
of the liabilities by capital, surplus and profits, and individual deposits. The following table is of interest as indicating the percentage
of each of the items in question, based upon reports from banks at the
date of the fall call of each year from 1907 to 1917, inclusive:
Items.

Loans and discounts
United States bonds
Total
Capital
Surplus and profits
Deposits
Total




1907

1908

1909

1910

1911 1912

1913

1914

1915

1916

1917

P.ct. P.ct. P.ct. P.ct. P.ct. P.ct. P.ct. P.ct. P.ct. P.ct. P.ct.
56.1 52.9 53.5 55.6 54.5 55.1 5(3.9 55.7 55.0 54.5
55.2
7.9
7.9
7.5 7.4
7.1
6.8
6.4
7.6
7.3
5.1
6.9
64.0

60.8

61.1

63.1 61.9

62.2

64.2

62.5

61.4

59.6

62.1

10.7
8.8
51.5

10.2
8.5
50.4

9.8
8.4
52.3

10.2 9.9
8.9 8.7
52.4 52.9

9.4
8.7
53.8

9.7
9.1
53.0

9.2
8.9
53.5

8.7
8.3
55.1

7.4
7.3
58.6

6.5
6.8
60.9

70.9

69.1

70.5

71.5

71.9

71.8

71.6

72.1

73.3

74.2

71.5

46

BEPORT OF THE COMPTROLLER OF THE CURRENCY.
RESERVE.

The following table shows the amounts and percentages of lawful
reserve held by the national banks at each report date, and that
there, has been a large surplus in the reserve in every section
throughout the year:
[In thousands of dollars.

Date of call.

Per
Amount
Amount
of reserve cent of of excess
reserve reserve.
held.
held.

584,634 20.50
583,880 21.22
646,589 21.31
596,212 20.47
556,535 19.70
1
432,156 14.04

71,360
88,638
100,419
71,856
47,975
55,508

725,457
683,264
749,974
689,263
663.952
i 291)425

24.88
23.47
24.48
22.84
22.45
10.33

288,012
246,563
290,370
236,663
220,520
9,424

1,310,091 22.71
1,267,144 22.38
1,396,563 22.90
1,285,475 21.68
1,220,487 21.11
1723,581 12.65

359,372
335,201
390,789
308,519
268,495
64,932

COUNTEY BANKS.
New England States:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917...
Eastern States:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917.
Sept. 11,1917
Southern States:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917

Per Amount
Amount
of reserve cent of of excess
reserve reserve.
held.
held.

COUNTRY BANES—Con.

RESERVE CITIES.

Central reserve cities:
Nov. 17.1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917 .
Sept. 11,1917
Other reserve cities:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917 ..
Sept. 11,1917
Total reserve cities:
Nov. 17,1910
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20.1917
Sept. 11,1917

Date of call.

93,166
95,724
95,476
102,971
90,016
1
28,710

22.10
22.52
22.63
24.15 21.67
7.13

42,583
44,713
44,829
51,819
40,168
571

282,985 23.36
284,098 23.28
298,237 24.11
300,840 24.06
279,821 22.42
190,639
7.22

137,646
137,638
149,828
150,776
130,021
2,966

224,758
229,509
225,866
200,693
184,074
150,486

136,178
139,474
137,212
114,942
99,774
4,498

30.45
30.59
30.57
28.08
26.20
7.62

Middle Western
States:
Nov. 17,1916...
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917......
Sept. 11,1917
Western States:
Nov. 17,1916
Dec. 27,1916
Mar. 5, 1917
May 1,1917
June 20,1917
Sept. 11,1917
Pacific States:
Nov. 17,1916
Dec. 27,1916 . . .
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917
Nonmember banks
(Alaska and Hawaii):
Nov. 17, 1916
Dec. 27,1910
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917
Total States (country
banks):
Nov. 17,1916
Dec. 27,1916
Mar. 5, 1917
May 1,1917
June 20,1917
Sept. 11,1917
Total United States:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
M a y l , 1917
June 20,1917
Sept. 11,1917

276,551
292,015
344,599
313,047
304,106
178,734

26.92
27.58
29.89
27.98
26.86
7.40

153,254
164,957
206,260
178,787
168,262
4,498

184,247
175,543
189', 252
179,920
146,146
i 34,992

36.17
34.47
35.10
33.43
29.48
7.61

123,119
114,437
124,543
115;338
86,658
3,070

98,838
92,973
89,622
89.086
84', 140
121,762

33.34
31.32
30.32
29.53
27.62
7.51

63,267
57,347
54,136
52,891
47.583
1)595

1,986
2,249
2,306
1,361
1,570
2,323

39.62
40.49
41.24
45.21
39.26
62.61

1,234
1,416
1,468

1,162,531
1,172,111
1,245,358
1,187,918
1,089,873
i 324,844

27.62
27.47
28.36
27.29
25.33
7.44

657,281
659,982
718,276
665,462
573,436
18,965

2,472,622
2,439.255
2,641,921
2,473,393
2,310,360
1
1,048,425

24.78
24.57
25.18
24.05
22.91
10.40

1,016,653
995,183
1,109,065
973,981
841,931
83,897

909
970

1,767

1
Decrease in amount of reserve held and excess reserve reported Sept. 11,1917, is due to elimination from
lawful reserve of cash on hand and balances due from approved national bank reserve agents under
amendment to Federal Reserve Act approved June 21,1917.




EEPOBT OF THE

COMPTEOLLEB OF THE

Reserve required and held by national

CUBEENCY.

banks, together with the excess or deficiency,

47
1916-17.

[In thousands of dollars.]

Reserve held.
Dates.

New York:
Nov. 17,1916
Dec.27,1916
Mar. 5,1917...
May 1,1917
June 20,1917
Sept. 11,1917
Chicago:
Nov. 17,1916
Dee. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917
St. Louis:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917..
June 20,1917
Sept. 11,1917
Other reserve cities:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1, 1917
June 20,1917
Sept. 11,1917
Country banks:
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917
All national banks:
Nov. 17,1016.......
Dec.27, 1916
Mar. 5, 1917
May 1,1917
June 20,1917
Sept. 11,1917

Amount
on which Reserve
reserve is required.
computed.

In
bank.

With
Federal
reserve
bank.

Total
reserve.

With
reserve
agents.

Per
cent.

Excess.

2,189.961
2,090^00
2,327.568
2,24i; 406
2,177,483
2,267,971

394.193
376;236
418,962
403,453
391,947
294,836

285,006
281,029
312,022
256,720
165,332
C1)

176,368
176,543
200,719
214,476
269,861
348,307

461,374
457,572
512,741
471,196
435,193
348,307

21.07
21.89
22.03
21.02
19.98
15.36

67,181
81,336
93,779
67,743
43,246
53,471

526,454
519,109
557, 315
536,835
519,934
506,166

94,762
93,440
100,317
96,630
93,588
65,801

56,353
50,201
53,927
54,732
48,784
(*)

41,313
49,424
50,465
45,243
47,336
67,243

97,666
99,625
104,392
99,975
96,120
67,243

18.55
19.19
18.73
18.62
18.49
13.28

2,904
6,185
4,075
3,345
2,532
1,442

135,109
142,038
149,395
134,849
127,918
123,161

24,319
25,566
26,891
24,273
23,025
16,011

9,208
9,749
9,399
8,535
8.176
1

16,386
16,934
20,057
16,506
17,046
16,006

25,594
26,683
29,456
25,041
25 222
16,606

18.94
18.78
19. 72
18.57
19.71
13.48

1,275
1,117
2,565
768
2,197
595

2,916,299
2,911,340
3,064,033
3,017,338
2,956,218
2,820,009

437,445 192,916
430, 701 185,400
459,G04 189,709
452, C O 188,707
O
443,432 186,770
282,001
O)

194,654
230,951
232,191
233,306
237,292
291,425

337,887
266,853
328,074
267,250
239,890
0)

725,457
683,264
749,974
689,263
063,952
291,425

24.88
23.47
24.48
22.84
22.45
10.33

288,012
246,563
290,370
236,663
220,520
9,424

4,209,157
4,266,354
4,390,906
4,353,046
4,302,645
4,365,472

505,250
512,129
527,082
522,456
516,437
305,879

220,450
233,645
246,770
252,464
249,049
324,844

697,220
678,959
749,653
680,819
588,053
O)

L, 162,531
L, 172, 111
,245,358
L, 187,918
1,089,873
324,844

27.62
27.47
28.36
27.29
25.33
7.44

657,281
659,982
718,270
665,462
573,436
18,965

9,976,980
9,929,039
10.489,217
10', 283,474
10,084,198
10,082, 779

1,455,969
1, 444,072
1,532,856
1,499,412
1, 408,429
964,528

>, 472,622
1,439,255
2,641,921
2,473,393
?,310,360
L, 048, 425

24.78 1,016,653
24.57
995,183
25.18 1,109,065
24.05
973,981
22.91
841,931
10.40
83,897

C)

244,861
259,507
248,935
254,635
252,771
C1)

788,344
649,171 1,035,107
707,497
785,946
945,812
750,202 1,077,727
813,992
761,995
763,329
948,0G9
820,584
661,833
827,943
1,048,425
C1)
O)

•

i Eliminated from reserve calculation under amendment to Federal Reserve Act approved June 21,1917.

The amendment to the Federal Reserve Act adopted on June 21
last, changed the reserve requirements and provided that from and
after that date reserve should be carried in the following amounts:
Central reserve cities: On demand deposits, 1§ instead of 18 per
cent; on time deposits, 3 instead of 5 per cent.
Reserve cities: On demand deposits, 10 instead of 15 per cent;
on time deposits, 3 instead of 5 per cent.
Countryx banks (located outside of reserve and central reserve
cities): On demand deposits, 7 instead of 12 per cent; on time deposits,
3 instead of 5 per cent.
The act also provided that thereafter legal reserve should consist
only of balances with Federal reserve banks.
By the act of April 24, 1917, United States deposits were exempted
from reserve requirements, and under the provisions of the act of
June 21, above mentioned, for the purpose of computing reserve,



48

REPORT OF THE COMPTROLLER OF THE CURRENCY.

postal savings deposits are to be considered as "time deposits71
against which a reserve of 3 per cent must be maintained.
Lawful money in vault and balances due from national banks,
formerly reserve agents, no longer may be counted as a part of the
legal reserve which national banks are required to maintain.
Forms prescribed for the calculation of reserve in the different
classes of national banks will be found on pages 161, 162, and 163.
DEVELOPMENT IN NATIONAL BANKING.

The following table shows the growth in the aggregate resources
and liabilities and in the various items making up the total since the
Federal reserve system went into effect. The first figures given are
those shown by the fall report of the year preceding the establishment of the Federal reserve banks; next come the first figures
rendered after the establishment of the reserve banks, the fall
calls for 1915 and 1916, and four calls for 1917.
It will be noted that because of the reduction of reserve requirements $447,797,000 less cash is held than on October 21, 1913,
while between the date of the opening of the Federal reserve banks,
November 16, 1914, and September 11, 1917, balances with Federal
reserve banks were built up from nothing to an aggregate amount
of $1,172,810,000.
During the period from October 21, 1913, to September 11, 1917,
the combined capital, surplus and profits increased by $146,410,000;
total deposits increased from $8,346,011,000 to $13,234,297,000,
and loans and discounts from $6,288,338,000 to $9,234,289,000.
Liabilities of national banks on account of acceptances, which were
not authorized prior to the passage of the Federal Reserve Act,
amounted to $138,231,000 on September 11, 1917.
Principal items of assets and liabilities of national banks, 1913-1917,
[In thousands of dollars.)

Date.

Central
reserve citybanks.

Other
reserve citybanks.

1,348,251
1,453*275
2,060,444
2,343,162
2,248,935
2,474,215
2,400,022
2,497,076
2,539,246

1,649,905
1,702,882
1,870,810
2,383,982
2,433,248
2,525,843
2,560,649
2,567,767
2,665,731

3,290,182
3,207,278
3,309,886
3,676,511
3,723,473
3,769,538
3,857,104
3,902,454
4,029,312

16,288,338
16,363,435
17,241,140
8,403,655
8,405,656
8,769,596
8,817,775
8,967,297
9,234,289

85,478
81,802
76,510
53,953
51,465
50,481
68,649
209,587
207,623

187,783
196,955
193,328
175,530
173,484
173,252
194,759
255,317
273,366

527,264
516,321
507,927
494,990
492,011
490,790
504,706
611,352
677,993

800,525
795,078
777,765
724,473
716,960
714,523
768,114

Country
banks.

Aggregate.

LOANS AND DISCOUNTS.

[Including overdrafts and rediscounts.}
Oct. 21,1913..
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Dec. 27,1916..
Mar 5, 1917...
May 1,1917...
June 20, 1917..
Sept. 11, 1917.
UNITED STATES BONDS.

Oct. 21, 1913...
Dec. 31,1914...
Nov. 10,1915...
Nov. 17,1916...
Dec. 27,1916...
Mar. 5,1917....
May 1,1917
June 20,1917*..
Sept. 11,1917 2.

*Includes overdrafts not included in 1916 report.



2

1,076,256

1,158,982
Includes Liberty loan bonds.

BEPOET OF THE COMPTROLLER OF THE CURKENCr.

49

Principal items of assets and liabilities of national banks, 1913-1917—Continued.
[In thousands of dollars.]
Central
reserve city
banks.

Other
reserve city
banks.

207,335
230,281
285,736
345,693
341,534
335,003
353,237
363,107
376,735

251,802
317,478
324,254
402,420
402,962
414,060
442,751
432,186
425,736

647,950
722,164
733,832
961,843
980,851
1,021,020
1.060,995
1,047,754
1,061,150

1,107,087
1,270,443
1,343,823
1,709,956
1,725,347
1,770,083
1,856,983
1,843,047
1,863,821

10,178
10,507
10,512
10,530
10,742
10,751
10,791

14,139
14,367
14,420
29,541
14,645
14,744
15,236

29,200
29,252
29,180
14,258
29,308
29,332
29,453

£3,517
54,126
54,112
54,329
54,695
54,827
55,480

133,560
211,776
234,067
242,901
271,241
276,225
334,243
472,396

59,992
73,459
194,654
230,951
232,191
233,306
237,292
363,503

67,908
80,951
220,450
233,645
246,770
252,464
249,049
336,911

281,460
366,186
649,171
707,497
750,202
761,995
820,584
1,172,810

242,575
185,319
210,470
285,619
254,282
257,386
260,115
237,063
218,680

586,462
444,400
708,259
788,380
671,646
757,157
662,045
604.886
603;242

710,834
529,271
684,494
944,767
918,774
1,002,238
916,501
795,227
811,682

1,539,871
1,158,990
1,603,223
2,018,766
1,844,702
2,016,781
1,838,661
1,637,176
1,633,604

380,796
204,340
445,632
358,231
350,823
384,141
330,448
233,240
101,686

256,236
203,357
204,843
217,978
218,289
219,143
215,392
219,119
147,464

304,374
267,010
269,905
282,064
312,589
291,189
298,216
300,352
244,459

941,406
734,708
920,380
858,273
881,701
894,473
844,056
752,711
493,609

2,485,195
2,599,688
3,684,992
4,176,732
3,959,102
4,243,065
4,311,678
4,417,867
4,386,455

Date.

3,102,543
3,154,413
3,644,370
4,469,025
4,432,310
4,624,473
4,655,136
4,632,564
4,823,657

5,713,820
5,602,985
5,906,969
6,923,002
6,996,767
7,160,652
7,235,616
7,239,975
7,502,821

11,301,558
11,357,086
13,236,331
15,568,759
15,388,179
16,028,190
16,202,430
16,290,406
16,712,933

182,650
175,900
177,290
182,650
182,650
183,150
1S4,150
184,350
187,100

263,018
280,963
283,311
281,736
283,136
284,636
289,324
291,994
294,686

613,735
609,088
608,048
606,730
605,007
606,089
606,195
606,435
608,532

1,059,403
1,065,951
1,068,649
1,071,116
1,070,793
1,073,875
1,079,669
1,082,779
1,090,318

Country
banks.

Aggregate.

OTHER BONDS.

Oct. 21,1913..
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Dec. 27,1916..
Mar. 5,1917...
May 1,1917...
June 20,1917..
Sept. 11,1917.
STOCK IN FEDERAL RESERVE BANKS.

Nov. 10, 1915.
Nov. 17,1916.
Dec. 27,1916..
Mar. 5,1917..
May 1,1917...
June 20,1917.
Sept. 11,1917.
DUE FROM FEDERAL RESERVE BANKS.

Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Dec. 27,1916..
Mar. 5,1917...
May 1,1917...
June 20,1917..
Sept. 11,1917.
DUE FROM ALL OTHER BANKS.

Oct. 21,1913..
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Dec. 27,1916..
Mar. 5,1917...
May 1,1917...
June 20,1917..
Sept. 11,1917.
TOTAL CASH IN BANKS.

Oct. 21,1913..
Dee. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Dec. 27,1916..
Mai'. 5,1917...
May 1,1917...
June 20,1917..
Sept. 11,1917.
AGGREGATE ASSETS.

Oct. 21,1913...
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Dec. 27,1916..
Mar 5,1917...
May 1,1917...
June 20,1917..
Sept. 11,1917..
CAPITAL STOCK.

Oct. 21,1913...
Dec. 31,1914..
Nov. 10,1915..
Nov. 17,1916..
Dec. 27,1916..
Mar. 5,1917...
May 1,1917....
June 20,1917..
Sept. 11,1917..




50

REPORT OF THE COMPTROLLER OF THE CURRENCY.
Principal items of assets and liabilities of national banks, 1913-1917—Continued.
[In thousands of dollars.]
Central
reserve city
banks.

Date.

Aggregate.

SURPLUS AND OTHER PROFITS.
225,640
225,359
234,091
252,157
255,861
257,990
262,710
267,330
278,532

254,142
262,985
268,115
279,097
282,388
281,742
200,199
298,341
303,127

527,796
520,517
537,908
559,520
568,582
546,725
557,226
569,188
563,125

1,007,578
1,008,861
1,040,114
1,090,774
1,106,831
1,086,457
1,110,135
1,134,859
1,144,784

76,978
87,844
63,634
46,995
45,977
44,171
40; 548
41,588
44, 764

163,959
222,655
172,078
157,166
156,987
156,339
156,352
1.38,699
159,531

486,142
538,308
477,754
461,098
463,445
460,647
459,200
460,144
461,347

727,079
848,807
713,466
665,259
666,409
661,157
656,100
660,431
665,642

S65,229
878,377
1,467,834
1,553,234
1,518,387
1,738,245
1,590,321
1,433,289
1,408,107

918,624
755,368
972,339
1,363,209
1,315,967
1,491,680
1,383,930
1,210,652
1,254,948

297,183
236,026
269, 501
432,312
427,266
453,340
424, 887
381,673
385,495

2,181,036
1,869,771
2,709,674
3,348,755
3,261,620
3,683,265
3,379,138
3,025,614
3,048,550

992,365
1,175,524
1,618,422
1,960,715
1,764,613
1,839,805
2,031,577
1,967,438
2,118,336

Oct. 21.1913...
Dec. 31', 1914..
N o v . 10,1915..
N o v . 17,1916..
Dec. 27,1916..
Mar. 5,1917...
May 1,1917....
J u n e 20,1917..
Sept. 11,1917..

1,304,136
1,415,490
1,660,375
2,015,366
1,997,001
1,697,480
2,114,505
2,099,106
2,234,302

2,683,682
2,004,461
2,793,046
3,347,997
3,388,812
3,452,980
3,476,670
3,366,949
3,537,127

4,980,183
5,195,475
6,071,84a
7,324,078
7 150,486
7,290,265
7,022,752
7,433,493
7,889,765

15,113
17,922
39,781
76,272
79,138
83,498
99,430
85,330
117,537

157,588
171,037
215, 739
287,922
290,002
306,272
323,055
329,027
372,776

1,012,091
982,263
1,120,436
1,452,252
1,485,600
1,594,880
1,655,963
1,675,662
1,805,669

1,184,792
1,171,222
1,375,956
1,816,446
1,854,740
1,984,650
2,078,448
2,090,619
2,295,982

2,380,348
2,341,895
2,848,453
3,666,497
3,603,030
3,795,432
3,801,490
3,639,385
3,862,026

3,992,956
3,822,750
4,182,983
5,232,561
5,301,678
5,501,200
5,557,520
5,424,284
5,728,291

8,346,011
8,236,468
10,157,473
12,489,279
12,266,846
12,958,180
13,080,338
12,549,726
13,234,297

2,551
6,732
4,292
14,407
23,441
26,664
27,672
53,002
58,911

13,216
20,469
37,725
23,528
18,256
13,776
15,651
31,487
56,492

16,516
35,587
43,888
48,554
54,627
49,068
58,027
137,287
169,434

CIRCULATION OUTSTANDING.
Oct. 21,1913...
Dec. 31,1914..
N o v . 10,1915..
N o v . 17,1916..
Dec. 27,1916..
Mar. 5,1917...
May 1,1917....
June 20,1917..
Sept. 11,1917..
DUE TO ALL BANKS.
Oct. 21, 1913...
Dec. 31,1914..
N o v . 10,1915..
Nov 17,1916..
Dec. 27,1916..
Mar. 5,1917...
May 1,1917....
June 20,1917..
Sept. 11,1917..
DEMAND DEPOSITS.
[Including U. S. deposits.]
Oct. 21,1913
Dec. 31,1914
N o v . 10,1915
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917
Sept. 11,1917
TIME DEPOSITS.
Oct. 21,1913
Dec. 31,1914
N o v . 10,1915
N o v . 17,1916
Dee. 27,1916
Mar. 5,1917
M a y ] , 1917
J u n e 20,1917
Sept. 11,1917

,
,

TOTAL DEPOSITS.
Oct. 21,1913
Dec. 31,1914
N o v . 10,1915
N o v . 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
J u n e 20,1917
Sept. 11,1917

,
,
,

1,972,707
2,071,823
3,126,037
3,590,221
3,362,138
3,661,548
3,721,328
3, 486,057
3,643,980

NOTES AND BILLS REDISCOUNTED.
Oct. 21,1913
Dec. 31,1914
Nov. 10,1915
Nov. 17,1916
Dec. 27,1916
Mar. 5,1917
May 1,1917
June 20,1917
for FRASER
Sept. 11,1917

Digitized


,
,
,

749
8,386
871
10,619
12,930
8,628
14,704
52,798
54,031

EEPOET OF THE COMPTROLLER OF THE CURRENCY.

51

Principal items of assets and liabilities of national banks, 1913-1917—Continued.
[In thousands of dollars.]
Central
reserve city
banks.

Other
reserve city
banks.

7,249
5,860
3,407
336
1,779
64
1,375
148,252
21,626

14,315
15,374
5,424
2,383
9,792
5,039
11,309
42,759
38,693

62,380
75,622
51, 736
22,398
23,560
15,556
21,603
42,651
55,351

83,944
96,856
60.567
25,117
35,131
20,059
34,287
233,662
115,670

40,268
14,837
15,302
14,766
8,640
11,242
16,565

34,611
15,283
18,347
13,303
13,775
14,691
19,218

592
1,252
1,300
1,407
1,205
1,149
969

75,741
31,372
35,009
29,476
23,620
27,082
36,752

16,634
57,171
55,672
52,345
57,874
82,830
78,704

Date.

10,004
35,393
39,412
43,691
47,391
56,109
54,602

170
5,667
5,258
5,449
5,284
5,475
4,925

26,808
98,231
100,342
101,485
110,549
144,414
138,231

Country
banks.

BILLS PAYABLE.

Oct. 21,1913
Dec 31 1914
Nov. JO, 1915 .
Nov. 17,1916
Deo 27 1916
Mar. 5,1917 .
May 1,1917
June 20,1917
Sept. 11,1917

...

Aggregate.

LETTERS OF CREDIT.
Oct. 21,1913
Dec 31,1914
N o v . 10,1915
N o v . 17,1916
D o c 27,1916
Mar. 5,1917 .
May 1,1917
J u n e 20 1917
S e p t . 11,1917

.

.

.

.

.

.

.
.

. .

ACCEPTANCES.

Oct. 21,1913
Dec. 31,1914
Nov 10,1915
Nov. 17,1916
Dec. 27,1916
Mar 5 1917
Mav 1,1917
June 20,1917
Sent. 11,1917

*
PRODUCTIVITY

OF

LOANS

AND BOND
BANKS.

INVESTMENTS

OF

NATIONAL

Gross assets of national banks as shown by the returns of June 20,
1917, were $16,290,000,000. Their loans and discounts were $8,967,000,000 and their investments in bonds, stocks, and other securities,
$3,013,000,000; or a total of these assets of $11,980,000,000, over 70
per cent of gross assets.
It will be noted by reference to the table following that the gross
earnings were equivalent to an average of 5.6 per cent of the amount
of loans and investments in bonds, stocks (other than Federal Reserve
Bank stock), and other securities. The percentage ranged, from a
minimum of 5 per cent for banks in Eastern States to a maximum of
7.21 per cent in Western States. The rate in Hawaii was 7.28 per
cent. The table in question follows:
[In thousand s of dollars.]
Loans
(including
overdrafts).

Division.

New England States
Eastern States .
.
Southern States
Middle Western States
Western States
Pacific States
Hawaii .
Total

....

Bonds, etc.

$685,569
3,552,363
1,055,135
2,403,335
668,046
600,971
1,878

$238,101
1,471,327
272,505
628,648
151,588
195,053

8,967,297

2,958,241

1.019

Total
investment.

Gross
earnings.

Per cent
of gross
earnings
to total
investment.

$923,670
5,023,690
1,327,640
3,031,983
819,634
796,024
2,897

$47,975
251,193
90,099
171,250
59,066
47,612
211

5.19
5.00
6.79
5.65
7.21
5.98
7.28

11,925,538

667,406

5.60

National banks organized, liquidated, and closed annually from
1917, are shown in the table following.

1863 to October 31,



52

REPORT OF THE COMPTROLLER OF THE CURRENCY,

Number and authorized capital of national banks organized and the number and capital
of banks closed in each year ended October 31 since the establishment of the national bank"
ing system, with the yearly increase or decrease.
Closed.

Year.

Organized.

In voluntary
liquidation, including those consolidated with
national and
other banks.

No.
No.
Capital.
134 $16,378,700
3
453 79,386,950
6
1,014 242,542.982
4
62
8,515,150
12
10
4,260,300
18
12
1,210,000
17
1,500,000
9
14
22
2,736,000
11
170 19,519,000
11
175 18,988,000
21
7,602,700
68
20
71
6,745,500
38
107 12,101,000
32
36
3,189,800
26
29
2,589,000
41
28
2,775,000
33
38
3,595,000
9
57
6,374,170
26
86
9,651,050
78
227 30,038,300
40
262 28,654,350
30
191 16,042,230
85
145 16,938,000
25
174 21,358,000
25
225 30,546,000
34
132 12,053,000
1888
41
211 21,210,000
1889
50
307 36, 250,000
1890
41
193 20,700,000
1891
53
163 15,285,000
1892
46
119 11,230,000
1S93
79
50
3,285,000
1894
49
43
4,890,000
1895
37
28
3,245,000
1896
70
44
4,420,000
1897
69
56
9,665,000
1898
64
78 16,470,000
1899.
43
383 19,960,000
1900
39
394
21,554,500
1901
71
470 31,130,000
1902
72
553 34,333,500
1903
65
431 21,019,300
1904
121
^3,532,500
1905
81
21,413,500
1906
84
34,967,000
1907
80
22,823.000
1908
22,830; 000 149
1909
113
30,760,000
1910
98
12,840,000
1911
16,080,000
1912
10,175,000
1913
113
18,675,000
1914
82
9,689,500
1915
135
6,630,000
1916
107
11,590,000
1917
Aggregate.
1,133,955,982 2,874
Deduct decrease
Net increase
A d d for
banks restored to
solvency..
Total net
increase.

1863
1S64
1865
1866
1867
1868
1869
1870
1871.
1872
1873
1874
1875
1876
1877
1878
1879
18S0
1881
1882
1883
1884
1885
1886

Capital.
$330,000
650,000
2,160,000
2,445,500
3,372,710
2,550,000
1,450,000
2,180,500
3,524,700
2,795,000
3,820,200
2,565,000
2,539,500
4,237,500
3,750,000
570; 000
1,920,000
16,120,000
7,736,000
3,647,250
17,856,590
1,651,100
2,537,450
4,171,000
4,316,000
5,050,000
4,485,000
6,157, 500
6,035,000
10,475,000
6,093,100
3,745,000
9,659,000
12,509,000
24,335,000
12,474,950
7,415,000
22,190,000
30,720,000
20,285,000
24,409,500
13,223,000
11,745,000
12,415,000
14,225,850
29,123,500
11,010,000
21,605,250
14,571,010
26,487,000
13,795,000
14,828,000
14,367,500
502,330,160

Net yearly
increase.

Insolvent.

No.

No.

Capital.

134
450
,007
56

$50,000
500,000
1,370,000
210,000
50,000
250,000

No.
Capital.
$16,378,700
79,366,950
242,162,982
7,365,150
730,300

7

1,806,100
3,825,000
250,000
1,000,000
965,000
3,344,000
2, 612,500
1,230,000
700,000

18,069,000
159
158 15,001,400
253,000
36
' 48 3,700,500
7,283,800
64

45
60
1,561,300 146
250,000 220
1,2S5,000 150
600.000
56
650; 000 141
1,550,000 192
1,900,000
00
168
250,000
248
750,000
3,622,000 127
2,450,000
93
10,910,000
2,770,000
5,235,020
3,S05,000
5,&51,500
1,200,000
2
850,000
1,800,000 334
1,760,000 344
450,000
3,480,000
1,535,000 346
2,035,000 363
6S0,000 366
425
775,000
6,560,000 222
768,500 151
875,000 192
113
275,000
97
1,100,000
86
4,350,000
61
1,810,000
48
1,830,000
805,000
1,230,000 i 62
95,770,920 7,941
307

Net yearly
decrease.

Capital.

§1,445,500
1,922,710
64,000

340,200
3,294,500
4,075,000
1,385,000

5,104,170
7,731,050
12,357,000
20,668,350
11,109,980
19,056,900
26,458,550
5,982,000
16,674,000
30,450,000
12,593,000
6,677,500

1,518,590

5,715,000
7,980,000
6,338,120
4,405,000
11,090,500
4,044,000
8,715,000
5,685,050
12,379,500
8,490,000
133,500
800,700

7,088,000
7,510,500
22,447,000
3,848,000
7,835,650
761,500
1,555,000
6,625,250
8,746,010
9,622,000
5,935,500
26
9,003,000
1
4,007,500
642,907,982 307~ 107,053,080

J7,634

107,053,080
535,854,902

37

10,535,000

7,671 3546,389,902

1
The increase during the year was 63 banks and the net decrease in capital was $3,957,500, as one
insolvent bank with a capital oi $50,000 was restored to solvency by its shareholders and permitted to
resume operations.
2
Includes 37 banks restored to solvency.
3
Changes due to increases and decreases in capital stock of existing banks do not appear in this table.
The total authorized capital stock on Oct. 31 was $1,096,637,865; the paid-in capital, $1,096,199,747, including the capital stock of liquidating and insolvent banks which have not deposited lawful money for the
retirement of their circulating notes.




REPOBT OF THE COMPTROLLER OF THE CURRENCY.

53

NET RESULT OF ORGANIZATIONS, LIQUIDATIONS, ETC., DURING PAST
YEAR.

In addition to the capital of new banks organized during the 12
months ended October 31, 1917, 165 of the banks organized prior
thereto increased their capital during the period by $23,854,990,
making the gross increase for the year $35,444,990, while 14 banks
reduced their capital by $898,000. Taking into consideration reductions of capital, voluntary liquidations, and failures, the net increase
in capital was $18,999,490, the authorized capital stock of all banks
at the close of the year standing at $1,096,637,865.
NATIONAL BANKS ORGANIZED SINCE 1900.

Since March 14, 1900, the date of the act authorizing the organization of banks with minimum capital of $25,000, charters have been
granted to 5,830 associations, with authorized capital of $377,522,800,
of which 3,721, with aggregate capital of $97,030,000, were organized
under the act of that date, generally with individual capital of
$25,000, although a limited number of banks were organized with
capital in excess of $25,000, but all less than $50,000. The average
capital, however, of banks of this class was slightly in excess of
$26,000.
During the same period 2,109 national banks were organized under
the act of 1864, the aggregate capitalization being $280,492,800 and
the individual capital $50,000 or over—the approximate average
being $133,000 each.
STATE BANKS CONVERTED INTO NATIONAL.

Further classifying these banks, it appears that 1,019 were conversions of State banks, capital $75,120,300; 1,688 reorganizations
of State or private banks, capital $123,637,000; and 3,123 with
capital of $178,765,500, primary organizations.
In the following table will be found a classification of banks organized from March 14, 1900, to October 31, 1917, based upon capital
stock, together with the number of banks and their reported capital
on September 11, 1917, by States and geographical divisions.
Summary, by State, geographical divisions, and classes, of national banks organized from
Mar. 14, 1900, to Oct. Si, 1917, and the paid-in capital stock of all reporting national
banks on Serpt. 11, 1917.
Capital,
$25,000.

Capital over
$25,000 and
less $50,000.

Capital, $50,000 Total organizaand over.
tions.

National banks
reporting Sept.
11,1917.

States, etc.
No.

Capital. No. Capital. No.

Capital.

No.

Capital.

No.

Capital
paid in.

New England States.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

5
4
5
2
5

125.000

Total

21

525,000




$125,000
100,000
125,000
50,000

1

$30,000

1

30,000

7 $385,000 12
$510,000
2
200,000!
7 . 330,000
2
275,000
150, O O
Oi
7
24 5,100,000 26 5,150,000
1
500,000
500,000
1
6
875,000
750,000 11
42

7,085,000

64

7,640,000

63
55
48
151
17
69

$6,965,000
5,235,000
4,985,000
53,165,000
5,570,000
19,999,000

403

95,919,000

54

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Summary, by State, geographical divisions, and classes, of national banlcs organized from
Mar. 14, 1900, to Oct. 31, 1917, and the paid-in capital stock of all reporting national
banks on Sept. 11, 1917.
Capital,
$25,000.

Capital over
$25,000 and
less $50,000.

Capital, $50,000 Total organizaand over.
tions.

National banks
reporting Sept.
11,1917.

States, etc.
No.

Capital. No. Capital. No.

Capital.

No. Capital. No.

Capital
paid in.

Eastern States.
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia.
Total.

134 $3,350,000
65 1,625,000
242 6,050,000
150,000
800,000
32

10

47911,975,000

50 1,631,500

1,550,000
1,050,000
650,000
575,000
675,000
300,000
1,000,000
225,000
375,000
6,450,000
800,000
1,375,000
1,000,000

501.000
555;000
195,000
102,000
715,000
225,000
379,500
125,000
30,000
3,028,500
95,000
230,000
270,000

$317,500
240,000
807,000
95,000
172,000

US$20,920,000

45 3:810,000
234 24,940,000

1,480,000
2,175,000
412 53,325,000

257 $24,587,500
118 5,675,000
500 31,797,000
9
245,000
50 2,452,000
2,175,000

4' $175,448^000
203 22,307,000
832 117,814,000
22
1,589,000
95
15,955,000
14
7,177,000

941 66,931,500; 1,644

340,350,000

Southern States.
Virginia
West Virginia...
North Carolina.,
South Carolina..
Georgia
Florida
Alabania
Mississippi
,
Louisiana
Texas
,
Arkansas
,
Kentucky
,
Tennessee
,
Total.
Middle Western Statei
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Total
Western States.
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma

42
26
23
27
12
40
9
15
258
32
55
40

641116,025,000 197 6,451,000
112
9G
184
20
47
195
125
38

2,800, 000
2,400, 000
4,600, 000
500 000
1,175', 000
4,875,000
3,125,000
950,000

14'
115|
80
76
100
55
91
34
33!
540!
67j
133
112

19,918,000
10,055,000
8,810,000
9,267,000
13,008,000
6,460,000
10,566,000
3,825,000
7,835,000
54,829,000
5,511,000
16,7G6,000
14.300.000

644 75,880,000 1,482 98,356,000| 1,583

181,150,000

658,000
91 13,075,000
548', 000 77 11,100,000
733,500 106 15,600,000
190,000 33 11,365,000
160,000 34 3,825,000
606,000 36 5,650,000
810,000
73 4,470,000
510,1—
46 18,210,000

817 20,425,000

4,215,500

139
90
105
107
70
16
5'
26
384

215,000
190,000
750,000
460,000
335,000
70,000
426,000
155,000;
1,040,00OJ

,475,000
3;
i, 250,000

2,625; 000
!, 675,000
1, 750, 000
400,000
,425,000
650,000
i, 600,000

371
258|
467
105
142
288
351
132

64,639,000
28,557,000
77,650,000
17,940,000
18,725,000
31,446,000
24.400.000
39; 105,000

496 83,295,000 1,440 107,935,500 2,114) 302,462,000
600,000 157 4,290,000
1,100,000 112 3,540,000
3,395,000 165 6, 770, 000
2,960,000 15' 6,095,000
2,090,000 105 4,175,000
675,000 30 1,145,000
3,310,000 108 5,161,000
750,000 44 1,555,000
6,155,000 494 16,795,000

78,538,000

70,000
91,000
190,000
200,000
30,000

Total
Island possessions.
Hawaii
Porto Rico
Total.

263

611,000

75,000

533,
048, OC
933,500
055,000
160, QOO
131,000
405,000
670,000

3,641,000| 2C9| 21,035,0001,372 49,526,000 1,349]

950,000
925,000
3'
133 ;, 325,000
39 975,000
7 175,000
75,000
3
125,000
5
25,000
1

75,000

222
190
311
59
86
250
222
100

5,825,000
5,465,000
15,225,000
13,562,000
7,026,000
2,115,000
10,540,000
2,565,000
16,215,000

994 24,850,000

>, 575,000

129
041,000
102
170,000
69
780,000
69
302,000
104
840,000
53
700,000
93
364,500
41
915,000
40
015,000
522 31, 413,500
625,000
71
975,000
98
91 6. 215,000

158
127
191
230|
105
36
121
41
340

Total
Pacific States.
Washington
Oregon..
California
Idaho
Utah
Nevada
Arizona
Alaska

Grand total

990,000
505,000
935,000
625,000
450,000
175,000
985,000
535,000
610,000
935,000
36 2, 730,000
36 5, 370,000
42 4, 945,000

53
44
37
43
56
34
41
28
24
170

30,000

36 3,845,000
28 2,345,000
136 28,722,800
19 1,310,000
7 1,325,000
9 1,225,000
300,000
6
50,000
1

7( 4,865,
68 3,361,
27; 32,237,
64 2,485,
15 1,530,
12 1,300,
455,
12
75,
2

62:
24
10
14
3:

11,810,000
10,091,000
59,526,000
3,761,000
3,406,000
1,435,000
1,195,000
125,000

242| 39,122,800

524 40,308,!

543;

91,349,000

3
1

650,000
100,000

725,000
100,000

550,000

750,000

825,000

550,000

3,218 80,450,000 503; 16,580,000.2,109280,492,800 5,830 377,522,800 7,638 1,090,318,000




55

BEPOBT OF THE COMPTROLLER OF THE CURRENCY.

The number and capital, by classes, of conversions, reorganizations, and primary organizations, are shown in the following table:
Summary, by classes, of national banks organized from Mar. 14, 1900, to Oct. 31, 1917,
Conversions.

Reorganizations.

Primary organizations.

Total.

Classification.
Number.
Capital less than $50,000..
Capital $50,000 or over
Total

Capital.

603 $16,017,500
416 59,102,800
1,019

75,120,300

Number.

Capital.

1,053 $27,887,000
635 95,750,000
1,688 123,637,000

Number.

Number.

Capital.

2,065
1,058

$53,125,500 3,721
125,640,000 2,109

3,123

178,765,500

Capital.
$97,030,000
280,492,800

5,830 377,522,800

Number of national banks organized in each month from Mar. 14, 1900, to Oct. 31, 1917,
Months.

lnnftiimn 1
1
1900 190119021903 1904 1905 1906 1907 1908 1909 1910 19111912 1913 1915 1916 1917
1914

January....
February..
March
April
May
June
July
August.....
September.
October
November.,
December..

36
31
35
30
54
40
41
27
23
27
32
36

Total.

412

13
14
11
14
21
27
16
24
9
13

515 460

462

206

162

167 200 Ac138
«JU

Number and classification of national banks organized during the year ended Oct. 31, 1917,
Conversions.

Reorganizations.

Primary organizations.

Total.

Months.
Number.
November..
December...
January
February
March
April
May
June
July
August
September.
October
Total

Capital.

3
4
2
2
5
6
5
4

1,955,000

Capital.

Number.

$125,000
25,000
1005 000
50,000

$175,000
100,000
50,000
50,000
165,000
350,000
890,000
150,000

32

Number.

75,000

25,000
1,035,000

Number.

Capital.

$75,000
555,000
730,000
575,000
800,000
460,000
855,000
855,000
1,840,000
905,000
200,000
750,000

275,000
60,000
200,000
125,000
18

Capital.

126

8,600,000

$200,000

580,000
1,005,000
725,000
850,000
585,000
1,020,000
1,480,000
2,790,000
1,255,000
325,000
775,000
176

11,590,000

CHANGES OF TITLE AND LOCATION OF NATIONAL BANKS.

Under the law, any national bank, upon authorization by shareholders representing two-thirds of the stock and with the approval
of the Comptroller of the Currency, may change its corporate title,
or its location to a place not exceeding 30 miles distant, within the
same State. Nine changes of this character occurred during the past
year, a list of the banks concerned being submitted herewith-




56

REPORT OF THE COMPTROLLER OF THE CURRENCY.
Changes of corporate title and location, 1917.
Title and location.

No.

Date.

The Peoples National Bank of Perry, Iowa, to "The Perry National B a n k "
Feb.
The Citizens Central National Bank of New York, N . Y., to "The Citizens National
Citizei
Mar.
Bank of New York"
63S0 The Morgan County National Bank of New Decatur, Ala., to "The Morgan County
National Bank of Albany" (to conform to the name of the place, which has been changed
to Albany). PGst office New Decatur
Mar.
10423 The Central National Bank of New Decatur, Ala., to "The Central National Bank of
Albany" (to conform to the name of the place, which has been changed to Albany;.
Post office New Decatur
Mar.
371 The First National Bank of Columbia, Pa., to "The First-Columbia National B a n k " . . . .
3732 The German National Bank of Hastings, Nebr., to "The Nebraska National Bank of Apr.
Hastings"
11 The First National Bank of Fort Wayne, Ind., to "The First and Hamilton National Apr.
Bank of Fort Wayna"
! May
Sept.
6931 The First National Bank of Yorkville, S.C., to " The First National Bank of York"
10765 The Farmers National Bank of Hutchinson, Kans., to "The American National Bank of !
Hutchinson"
! Oct.
10130
1290

23
1
16
23
12
27
10
7
26

CHANGE OF CHARTER NUMBER.

On April 11,1917, the Comptroller of the Currency authorized a change
in the charter number of The First National Bank of Geneva, Ohio, from
2719 to 153, which was the original charter number of the bank.
INCREASE IN NUMBER OF RESERVE CITIES.

By the act of December 23, 1913, section 11, paragraph E, the
Federal Reserve Board was authorized to designate additional reserve
cities, and during the past year the following cities have been so designated: Tulsa, Okla., on June 9, 1917; Ogden, Utah, on July 11,
1917; and on October 31, 1917, the cities of Buffalo, N. Y., Toledo,
Ohio, Peoria, 111., Memphis, Tenn., Grand Rapids, Mich., and Oakland, Cai, were so designated to become effective on January 1,
1918. Including the three central reserve cities of New York, Chicago,
and St. Louis, but not including the six cities designated as reserve
cities effective January 1, the total number of reserve cities is 57.
FOEEIGff BRANCHES OF IJATIOEAL BA1OCS.
Under section 25 of the Federal Reserve Act, as amended, the
Federal Reserve Board has authority to approve the application of
any national bank possessing a capital and surplus of $1,000,000 or
more to establish branches in foreign countries or dependencies or
insular possessions of the United States for the furtherance of foreign
commerce, and to act, if required to do so, as fiscal agents of the
United States Government.
The Federal Reserve Board also may approve the application of
any national bank possessing a capital and surplus of $1,000,000 or
more to invest an amount not exceeding in the aggregate 10 per cent
of its paid-in capital and surplus in the stock of any banks or corporations incorporated under the laws of the United States or any State
thereof and principally engaged in international or foreign banking,
or banking in any of the dependencies or insular possessions of the
United States. The business of such international corporations must
be conducted upon conditions and under regulations prescribed by
the Federal Reserve Board.
The Federal Reserve Board has authorized The National City Bank of
New York to establish the following foreign branches and subbranches:
Branch at Buenos Aires, Argentine Republic. Subbranch at
Montevideo, Uruguay.



57

EEPOET OF THE COMPTROLLER OF THE CURRENCY.

Branch, at Rio de Janeiro, Brazil. Subbranclies at Santos, Sao
Paulo, Pernambuco, Para, and Bahia, Brazil.
Branch at Habana, Cuba. Subbranclies at Santiago, Matanzas,
Cienfuegos, Guantanamo, Camaguey, Cardenas, Manzanillo, Cuba;
Kingston, Jamaica; and Santo Domingo, Santo Domingo.
Branch at Valparaiso, Chile. Subbranches at Antofagasta and
Santiago, Chile.
Branch at Genoa, Italy. Subbranches at Turin, Milan, Venice,
Florence, Rome, Naples, and Palermo, Italy.
Branch at Petrograd, Russia. Subbranches at Moscow, Odessa,
Warsaw, Riga, Baku, Astrakhan, Vladivostok, Sebastopol, Helsingfors, and Vilna, Russia.
Branch at Lima, Peru. Subbranches at Payta, Callao, and Mollendo, Peru.
Branch at Caracas, Venezuela. Subbranches at La Guayra, Porto
Cabello, and Maracaybo.
Under like authorization The Commercial National Bank of Washington, D. C, has established branches at Panama City, Panama, and
Cristobal, Canal Zone.
The Federal Reserve Board has also authorized The First National
Bank of Boston, Mass., to establish a branch at Buenos Aires, Argentine Republic.
The following table shows the principal assets and liabilities of
these branches. It will be noted that the reports are for June, 1917,
in all cases except for the branches at Bahia, Brazil, Buenos Aires,
Argentine, and Petrograd, Russia, the report for Bahia being for
September 11, 1917, that for Buenos Aires, July 31, 1917, and that
for Petrograd, March 5, 1917.
Condition offoreign branches of national bankson June 20 1917.
[In thousands of dollars.]
Foreign branches of The National City Bank of New York, N.Y.
West

I n d i a n Santiranch, ago
Hade
bana, Cuba.
Cuba.

Buenos Monte- Rio
Aires, video, de JaArgen- Uru- neiro,
tine. guay. Brazil.

PetroSao Bahia, ValpaSanPaulo, Bra- raiso, Genoa, grad,
tos,
Brazil. Brazil. zil.* Chile. Italy. Russia.2

RESOURCES.

Loans and discounts
(including overdrafts)
Letters of credit and
acceptances
Bonds
Due from home onlce .
Due from branches
Due from other banks
Checks and cash items
Cash
Other assets
Aggregate

4,534

738

8,508

866

9,988

11

129

8

160

27
21
212

36
257

4,268

373
183
567
94
6,922

1,043

703
270
4,640
4
1,477
3 21
15,752

1,000
69

11

1,000
63

9,970

1,502

12

675

18
1,153

665

1,565

188
139
333

3,968

368
21
20
505
3 65
36
2,307 11,080

2 383
3
559
39
5,116

641

776
908 1,222
189
35
146 1,466
210
3
3 33
1,283 13,366 2,294

1 416
'lO3
454
5
6,887

159
1
12

1 398
6
5,384

LIABILITIES.
Capital
Profits

. ...

Due to homo office .
Due to branches.
Due to other banks....
Individual deposits
Bills pavable
Letters "of credit and
acceptances
Other liabilities
Ascrecate

250

5

1,000
100
31

64
2,684
474

933
4,399
3,459

1,076
1,083

2,356
660

2
1
1,283 13,366

4
2,294

3,573
8
1.296
4,536
10
11
6,922

t Report
 for Sept. 11,1917.


1,007
17
1,043

119
276
13,558
155
581
15,752

4
1,022

1

2 Report for Mar. 5,1917.

649

8

6,887

92
12
34
1,474
668

1,000
129
4,310
893
4,138

5
2
22
588
2,307 11,060

1,000
18
50
578
3,281

50
1,767
957
2,610

189
5,116

5,384

Includes furniture and fixtures.

58

KEPOKT OF THE COMPTROLLER OF THE CURRENCY.
Condition offoreign branches of national banks on June ;
[In thousands of dollars.]

1917—Continued.

Commercial National
Bank, Washington,
D.C.
Cristobal,
Canal
Zone.

First
National
Bank,
Boston,
Mass.,
Buenos
Panama,
Aires,
Panama. Argentine.*

RESOURCES.

Loans and discounts (including overdrafts).
Bonds
Due from other banks
Checks and cash items
Cash..
Other assets.
Aggregate.

231
59
245
8
166
28

474
75
692
17
341
2 15

717

1,614

55
659
2

12

717

1,614

648
1
2,624
434
2 75
3,783

LIABILITIES.

Profits..
,
Due to home office...
Due to other banks.
Individual deposits.
Other liabilities
Aggregate.

1 Report for July 31, 1917.

2

17
509
15
3,242
3,783

Includes furniture and fixtures.

VOLUNTARY LIQUIDATION OF NATIONAL BANKS.

Any national bank may be placed in voluntary liquidation by the
vote of shareholders representing at least two-thirds of the stock (sec.
5220, R. S.). Meetings of shareholders for this purpose are called in
conformity with the requirements of the articles of association, at
which meeting, in addition to adopting a resolution for the liquidation, provisions are made, where practicable, either for immediate
liquidation of the assets, and settlement with creditors and shareholders, or the appointment of a liquidating agent to settle the affairs
of the bank as speedily as possible in the interest of both creditors
and shareholders.
Liquidations during the past year numbered 107, the capital of the
banks being $14,367,500 and their total assets at date of closing or at
the time the business was transferred to other banks aggregating
$138,137,304.56.
Of these banks, 21, with capital of $4,970,000 and assets of
$50,777,687.65, were consolidated with other national banks; in a
majority of these cases the capital of the continuing bank being increased, and the increase taken by the shareholders of the liquidating
bank.
Two banks with capital of $275,000 and assets of $3,480,338.53
were absorbed by other national banks, the shareholders of the liquidating banks acquiring no interest in the continuing business; 3 banks
with capital of $325,000 and assets of $1,622,481.20 reorganized as
national banks; 1 bank with capital of $100,000 and assets of
$494,955.40 expired by statutory limitation and reorganized as a
national bank.
Twenty-five banks with capital of $4,130,000 and assets of
$39,962,661.88 were absorbed by or consolidated with State banks
and trust companies; 53 banks with capital of $4,517,500 and assets




59

EEPOET OF THE COMPTROLLER OF THE CURRENCY.

of $41,598,875.65 liquidated and reorganized as State banks; and
2 banks with combined capital of $50,000 and assets of $200,304.25
liquidated for the purpose of discontinuing business.
Trom the foregoing it appears that 27 banks, with an aggregate
capital of $5,670,000, liquidated for the purpose of reorganizing as
national banks or consolidating their business with other national
banks, which in many instances increased their capital stock and
otherwise enlarged and strengthened their business and reduced
expenses proportionately.
The following table, arranged by States and geographical divisions,
shows that during the year ended October 31, 1917, 176 national
banks were authorized to begin business, with an aggregate capital
of $11,590,000; that during this period 7 national banks, with aggregate capital of $1,230,000 and gross assets at date of suspension of
$6,707,643.20, were placed in charge of receivers, and that 107
national banks were reported in voluntary liquidation, their aggregate capital being $14,367,500 and gross assets $138,137,304.56 at the
time the business was transferred or discontinued:
National hanks organized, failed, and reported in voluntary liquidation during the year
ended Oct. SI, 1917.
Organized.
States.

Maine
New Hampshire
Massachusetts
Connecticut
Total New England States
New York
New Jersey
Pennsylvania
Maryland
Total E a s t e r n
States
Virginia
West Virginia
North Carolina
South Carolina
Georgia . .
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee. . . . .
Total Southern
States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota .
Iowa
Missouri
Total M i d d l e
States

Voluntarily liquidated.

Failed.

Num- Author- Num- Capital. Gross assets. Num- Capital.
ized
ber. capital. ber.
ber.

5

4
1
7
3

$650,000

5

650,000

13
4
5

1,250,000
175,000
225,000

1

$25,000

$254,636.99

12 2,882,500
2
125,000
4
950,000
2
75,000
1
25,000

28,182,521.59
2,827,406.01
5,994,027.38
718,615.55
251,443.26

1

1,650,000

4
1
1
2
1
3
2

300,000
30,000
50,000
50,000
200,000
425,000
50,000

13
2

25,000

254,636.99

21 4,057,500

37,974,013.79

275,000
100,000
25,000
30,000
1,830,000
300,000
100,000
100,000
400,000
350,000
75,000
185,000
125,000

2,457,037.17
1,642,561.87
96,496. 83
224,160. 64
17,680,630.38
1,863,639.94
1,834,937.48
815,198.62
2,863,404.29
1,586,181.08
278,815.71
1,106,803.50
2 880,392.30

1,130,000
50,000

1

25,000

30

2,310,000

1
5
4
2
4
7

25,000
235,000
525,000
300,000
225,000
515,000

1

1,500,000

24

$4,241,238.28
558,981.36
19,833,165.91
5,957,089.76

15 3,100,000 30,590,475.31

;;;;;;;;;;
22

$450,000
50,000
1,900,000
700,000

Gross assets.

3,325,000

2

80,000

276,850.70

1 2 1,050,000 5,030,504.15

1 4 1,130,000 5,307,354.85

1

50,000

910,113.60

1

25,000

235,537.76

2

75,000 1,145,651.36

2
1
1
11
1
1
2
1
5
2
3
2

33 3,895,000 33,330,259.81
2
1
6
2

75,000
300,000
450,000
55,000

783,167.65
4,438,845.24
4,817,850.46
900,484.39

2
2

360,000
400,000

3,979,276.72
2,005,867.60

15

1,640,000

16,925,492.06

Includes 1 bank with capital of $50,000 and assets aggregating $408,737.59, subsequently restored to
L bank figures used are for call for Sept. 11,1917.


12040°—CUR 1917—VOL 1


5

60

KEPOUT OF TPTE COMPTROLLER OF THE CURRENCY.

National hanks organized, failed, and reported in voluntary liquidation during the year
ended Oct. 31, 1917—Continued.
Organized.
States.

North Dakota
South Dakota
Nebraska
Kansas
Montana 1
"Wyoming

Colorado
New Mexico
Oklahoma
...
Total W e s t e r n
States
Washington
Ore son
California
Idaho
Utah
Arizona
Total Pacific States..
Hawaii
Total island possessions
Total United
States

Voluntarily liquidated.

Failed.

Num- Author- Num- Capital. Gross assets. Num- Capital.
ized
ber.
ber. capital. ber.
3
2
2
8
41
1

875,000
50,000
60,000
440,000
1,340,000
25,000

4
10

180,000
450,000

71

1
2
11
6
1
2

Gross assets.

2

$50,000

1

25,000

293,456.24

1

200,000

2,278,252.78

6

205,000

1,569,366.39

2,620,000

10

480,000

4,659,006.12

50,000
75,000
485,000
200,000
50,000
75,000

2
6
2

23

935,000

10

1,110,000

13,360,730.69

1

100,000

3

85,000

1,297,326.78

1

100 000

3

85,000

1,297,326.78

...

2 7 $1,230,000 $6,707,643.20

176 11,590,000

$517,930.71

100,000
793,554.82
925,000 111,850,600.45
85,000
716,575.42

107 14,307,500 138,137,304.56

1 For 1 bank figures used are for call for June 20,1917.
2 Includes 1 bank with capital of §50,000 and assets aggregating $408,739.59, subsequently restored to
solvency.

FAILURES AND SUSPENSIONS OF NATIONAL BANKS.
Seven national banks with aggregate capital of $1,230,000 were
placed in charge of receivers during the year ended October 31, 1917,
and 1 of these banks with capital of $50,000, was restored to solvency and authorized to resume business. The combined capital of
the 6 insolvent national banks was $1,180,000 and their liabilities to
depositors and other creditors at date of failure were $4,947,482.
In the year ended October 31, 1916, 12 banks, excluding 1 which was
subsequently restored to solvency, failed with aggregate capital of
$755,000 and liabilities of $2,772,088.
The date that each bank was authorized to commence business,
date of the appointment of the receiver during the past year, the
capital stock, and the circulation issued are shown in the following
table:
Date of
Charter authority to
No.
commence
business.

Title and location of bank.

Williamstown National Bank, Williamstown, W. Va
Lemasters National Bank, Lemasters, Pa...
First National Bank, Bowling Green, Ohio.
Heard National Bank, Jacksonville,1 Fla
First National Bank, Daytona, Fla.
Citizens National Bank. Pineville, W. V a . . .
First National Bank, Clarkneld, Minn

Nov.
Dec.
Jan.
Jan.
Apr.
July
Sept.

23,1916
16,1916
5,1917
17,1917
16,1917
16,1917
25,1917

Capital
stock.

Circulation
issued.

Apr.
Oct.
May
Feb.
May
June
Oct.

29,1902
17,1906
23,1889
2,1912
19,1914
18,1907
3,1902

i Restored to solvency.

$30,000
25,000
50,000
1,000,000
50,000
50,000
25,000

$30,000
24,200
12,500
500,000
50,000
25,000
15,000

1,230,000

6233
8405
4045
10136
10545
8749
6448

Total (7 banks)




Date of
appointment
of receiver.

656,700

EEPOBT OF THE COMPTROLLER OF THE CURRENCY.

61

The first failure of a national bank was in 1865; from that date
until the close of business on October 31, 1917, the number of such
banks placed in charge of receivers was 586. Of this number, however, 37 were subsequently restored to solvency and permitted to
resume business. The total capital of these failed banks was
$95,770,920, while the book, or nominal, value < f the assets admino
istered by receivers under the supervision of this bureau aggregated
$398,728,166, and the total cash thus far realized from the liquidation
of these assets has amounted to $200,798,286. In addition to this
amount, however, there has been realized from assessments of
$50,740,740 levied against stockholders the sum of $23, 750,537,
making the total cash collections from all sources $224,548,823, which
have been disbursed as follows:
In dividends to creditors on claims proved, amounting to $208,895,550,
the sum of
$157,501, 769
In payment of loans and other disbursements discharging liabilities of
the bank other than those of the general creditors
45,993,733
In payment of legal expenses incurred in the administration of such
receiverships
.
„
5, 778,462
In payment of receivers' salaries and other expenses of receiverships... 10,188, 614
There has been returned to shareholders in rebates on assessments levied.
3,733,356
Leaving a balance in the hands of the Comptroller and the receivers of..
1,352,889
Total.....

224,548,823

In addition to the funds thus distributed there had been returned,
up to the close of business on October 31, 1917, to agents for shareholders, to be liquidated for their benefit, assets having a nominal
value of $14,844,799.
The book or nominal value of the assets of the 46 national banks
that are still in charge of receivers amounted to $49,411,563. The
receivers had realized from these assets at the close of business on
October 31, 1917, the sum of $23,765,860, and had collected from the
shareholders on account of assessments levied against them to cover
deficiencies in assets the further sum of $1,804,897, making the total
collections from all sources in the liquidation of current or active
receiverships the sum of $25,570,757, which amount has been
disbursed as follows:
Total assets taken charge of by receivers (as above)

$^.9,411,563

Dividends to creditors (to Sept. 30, 1917)
18,030, 845
Loans paid and other disbursements discharging liabilities of the bank
other than those to the general creditors
4,558,315
Legal expenses
650,133
Receivers' salaries.
500,121
All other expenses of administration
531, 717
Returned to shareholders on account of rebates on assessments
Leaving a balance in the hands of the Comptroller and the receivers of..
1,299,626
Total........

25,570,757

The collections from the assets of the 540 national banks, the
affairs of which have been finally closed, amounted to $177,032,426,
and, together with the collections of $21,945,640 from assessments
levied against the shareholders, make a total of $198,978,066, from
which, on claims proved aggregating $180,956,035, dividends amounting to $139,470,924 were paid.



62

BEPOBT OF THE COMPTROLLER OF THE CURRENCY.

The average rate of dividends paid on claims proved was 77.07 per
cent, but, including offsets allowed, loans paid, and other disbursements with dividends, creditors received on an average 83.63 per
cent. The expenses incident to the administration of these 540
trusts—that is, receivers' salaries and legal and other expenses—•
amounted to $14,285,105, or 4.09 per cent of the nominal value of
the assets and 7.18 per cent of the collections from assets and from
shareholders. The outstanding circulation of these banks at the date
of failure was $27,317,239, which was secured by United States bonds
on deposit in the Treasury of the face value of $29,556,050. The
assessments against shareholders averaged 50.81 per cent of their
holdings, while the collections from the assessments levied were 48.11
per cent of the amount assessed. The total amount disbursed during
the current year to the creditors of 43 of the insolvent banks, in the
73 dividends declared, was $4,633,047.
In the table following is summarized the condition of all insolvent
national banks, the closed and active receiverships being shown
separately:
Closed receiverships,
540.1

Active receiverships,
46.

$349,316,603
Total assets taken charge of by receivers
Disposition of assets:
Collected from assets
177,032,426
Offsets allowed and settled
31,006,610
Loss on assets compounded or sold under order of court... 122,227,992
N ominal value of assets returned to stockholders
14,844,799
Nominal value of remaining assets
4,204,776

$49,411,563

$398,728,166

23,765,860
4,511,990
4,284,391

Items.

Total, 586.

16,849,322

200,798,286
35,518,600
126,512,383
14,844,799
21,054,098

349,316,603

49,411,563

398,728,166

177,032,426
21,945,640

23,765,860
1,804,897

200,798,286
23,750,537

198,978,066

25,570,757

224,548,823

41,435,418
139,470,924
5,128,329
9,156,776
3,733,356
53,263

4,558,315
18,030,845
650,133
1,031,838
1,299,626

45,993,733
157,501,769
5,778,462
10,188,614
3,733,356
1,352,889

198,978,066
Total.
2 89,775,920
Capital stock at date of failure
United States bonds held at failure to secure circulating notes. 29,556,050
Amount realized from sale of United States bonds held to
secure circulating notes
31,410,097
27,317,239
Circulation outstanding at failure
45,614,290
Amount of assessment upon shareholders
180,956,035
Claims proved

25,570,757

224,548,823

5,995,000
4,582,500

95,770,920
34,138,550

3,525,413
4,533,260
5,126,450
27,939,515

34,935,510
31,850,499
50,740,740
208,895,550

Total.
Collected from assets as above
Collected from assessment upon shareholders..
Total collections.,
Disposition of collections:
Loans paid and other disbursements
Dividends paid
Legal expenses
Receivers' salaries and other expenses
Amount returned to shareholders in cash
Balance in hands of Comptroller or receivers..

1
Includes 37 banks restored to solvency.
2 Includes capital stock of 37 banks restored to solvency.

The affairs of 13 insolvent banks were closed during the year
ended October 31, 1917, and in the accompanying table appears
information relative to the capital, date of appointment of receiver,
and per cent of dividends paid to creditors.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

63

Closed receiverships.

Title.

Location.

Niles. Mich
Pittsburgh, P a
.. ..do
La Grande, Oreg
New Roads, La
Wyalusing, Pa
West Elizabeth, P a . . .
Monroe, La
Dresden, Ohio
Wartrace, Term
Como, Tex
Citronelle, Ala
Daytona, Fla.&

First National Bank . . . .
Fort Pitt National Bank
Allegheny National Bank
Farmers & Traders National Bank
First National Bank
Do.
Do
Union National Bank
Dresden National Bank
First National Bank
Do
Do
Do

Date receiver
appointed.

Per cent
Capital. dividends
paid to
creditors.

Mar.
Dec.
May
Oct.
Sept.
Mar.
Oct.
June
July
Dec.
Mar.
Mar.
Apr.

$100,000
1,000,000
500,000
60,000
25,000
25,000
25,000
200,000
25,000
50,000
25,000
25,000
50,000

9,1901
7,1907
18,1908
13,1908
30,1912
28,1914
17,1914
24,1915
15,1915
22,1915
7,1916
25,1916
16,1917

82.50
UOO.OO
8100.00
65.00
64.00
3 100.00
90.50
100.00
69.50
4 100.00
100.00
100.00

i With interest in full and 52.80 per cent to shareholders on capital stock.
* With interest in full and rebate to shareholders.
» With 69.35 per cent of interest.
« With interest in full.
6 Restored to solvency.
CAUSES OF FAILURES.

Two hundred and twenty, or over one-third, of the 586 failures of
national banks were attributable to criminal acts. In 44 of the
220 instances defalcation of officers was the cause; in 127 fraudulent
management, and in 49 the banks were wrecked by cashiers or
subordinate officers. Unlawful loans—that is, loans in excess of the
statutory limit—were the principal causes of 114 of the failures. In
62 of the 114 instances excessive loans were made to officers and
directors and in 52 to others than officers and directors. Depreciation in the value of assets was the ascribed cause of 83 of the failures.
Injudicious or careless banking was the cause of 139, or nearly onefourth of the total number, and the remaining 30 failures were
ascribed to insolvency of large debtors, "runs," nonliquidity of
assets, etc.
^
In the following table are shown the number and percentages of
failures from principal causes.
Principal causes offailures of national banks.
Causes.
Involving criminal actions
Defalcation of officers
Fraudulent management..
Wrecked by cashier
Wrecked by defalcation bookkeeper
Wrecked by assistant cashier.. .
Involving unlawful acts
Excessive loans to officers
Excessive loans to others
Depreciation of assets..
Securities
Real estate.
.
General stringencv money market .
Failure of large debtors
.
Injudicious banking. .
. . .
Closed by run or in anticipation
No record of cause
Total




Number. Per cent.

44
127
. 4 6
1
2
62
52

.

. . . .

19
14
. 50

220

37.5

114

19.6

83

14.2

12
139
9
9

2.1
23.7
1.5
1.5

586

100.0

National bank failures, July 1, 1881, to June SO, 1917, grouped by central reserve cities, reserve cities, and country banks.1
[Figures in italics indicate gain.]

Number
of
failures.

Name of city.

Central reserve cities:
New York City
Chicago
S t. Louis

Wichita
Denver
Pueblo
Seattle
Spokane
Tacoma




Aggregate deposits at date of
suspension.

Dividends paid to
depositors.
Amount.

Per cent.

Estimate of probable total Estimate of probable total
dividends to depositors.
loss by depositors.
Amount.

Per cent.

Amount.

B

Per cent.

6
4
1

$4,400,000
3,200,000
300,000

$12,061,950.03
14,962,486.85
1,147,550.13

$11,369,763.64
15,169,660.43
1,108,533.43

94.26
101.38
96.60

$11,369,763.64
15,169,660.43
1,108,533.43

94.26
101.38
96.60

$692,186.39
207,173.58
39,016.70

5.74
1.38
3.40

11

7,900,000

28,171,987.01

27,647,957.50

98.14

27,647,957.50

98.14

524,029.51

1.86

7

. . .

Total
Keserve cities: 2
Boston
Brooklyn
Philadelphia
Pittsburgh
. . .
Baltimore
New Orleans
Dallas
Fort Worth
San Antonio
Louisville
Nashville
Cincinnati
Columbus
Indianapolis .
Detroit
Minneapolis
Dubuque
Sioux City
Kansas City, Mo
Lincoln
Kansas City, Kans
Topeka

Aggregate
capital
stock.

3,661,300
300,000
1,950,000
7,900,000
200,000
400,000
800,000
300,000
300,000
251,500
500,000
2,000,000
1,250,000
300,000
300 000
700,000
100,000
400,000
1,550,000
400,000
150,000
300,000
350,000
2,050,000
200,000
200,000
250,000
900,000

19,080,705.46

17,735,824.29

92.95

17,735,824.29

92.95

1,344,881.17

7.05

6,354,443.30
10,003,489.78
326,731.43
640,799.25
154,218.96
486,892.79
842,250.07
318,437.62
1,498,198.75
4,654,083.06
2,449,185.39
1,497,762.08
105,566.48
498,714.19
479,502.42
555,898.07
2,996,768.27
966,808.98
127,586.09
1,553,143.20
465,229.84
2,398,821.55
1,501,550.90
230,979.96
257,394.43
975,737.52

3,937,283.29
10,391,849.27
349,602.63
208,835.16
84,201.92
208,877.01
783,102.49
340,409.82
1,071,212.11
3,136,191.28
2,118,356.19
913,634.87
68,122.05
486,543.41
273,316.38
433,600. 49
2,755,286.48
171,934.29
89,310.26
1,280,566.57
353,531.06
1,697,919.34
1,051,085.63
120,109.58
113,253.55
361,430.84

61.96
103.88
107.00
32.59
54.60
42.90
92.98
106.90
71.50
67.39
86.49
61.00
64.53
97.56
57.00
78.00
91.94
17.78
70.00
82.45
75.99
70.78
70.00
52.00
44.00
37.04

2,417,160.01
3S8,359.49
22,871 20
431,964.09
70,017.04
278,015.78
59,147.58
21,972.20
426,986.64
1,517,891.78
330,829. 20
584,127.21
37,444 43
12,170.78
206,186.01
] 22,297.58
241,481.79
794,874.69
38,275.83
272,576.63
111,698. 7S
700,902.21
225,232.63
110,870.38
144,140.88
614,306.68

38.04
8.88
7,00
67.41
45.40
57,10
7.02
6.90
28-50
32.61
13.51
39.00
35.47
2.44
43.00
22.00
8.06
82.22
30.00
17.55
24.01
29.22
15.00
48.00
56.00
62.96

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O

1
4

6
1
. . .

2

2
1
2
1
1
2
2
1
1
2
1
2
3
2
1
1
2
G
1
1
1
4

61.96
3,937.283.29
10,391,849.27
103.88
349,602.63
107.00
32.59
208,835.16
84,201.92
54.60
208,877.01
42.90
783,102.49
92.98
340,409.82
106.90
1,071,212.11
71.50
3,136,191.28
67.39
86.49
2,118,356.19
61.00
913,634.87
68 122.05
61.53
486,543.41
97.56
57.00
273,316.38
78.00
433,600.49
91.94
2,755,286.48
171,934.29
17.78
89,310.26
70.00
82.45
1,280,566.57
75.99
353,531.06
1,697,919.34
70.78
85.00
1,276,318.27
52.00
120,109.58
44.00
113,253.55
361,430.84 1 37.04

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Portland
San Francisco
Total

..

i
1

200,000
200,000

266,412.30
401,935.53

133,206.15
424,242.95

50.00
105.55

133,206.15
424,242.95

50.00
105.55

133,206.15
22,307.42

50.00
5.55

63

28,362,800

62,089,247.67

61,092,839.36

82.29

51,318,072.00

82.65

10,771,175.67

17.35

426

41,270,520

104,100,611.09

72,748,547,66

69^88

78,724,619.47

75.62

~25,375,99l762

24.38

11
63

7,900,000
28,362,800
41,270,520

28,171,987.01
62,089,247.67
104,100,611.09

27,647,957.50
51,092,839.36
72,748,547.66

98.14
82.29
69.88

27,647,957.50
51,318,072.00
78,724,619.47

98.14
82.65
75.62

524,029.51
10,771,175.67
25,375,991.62

1.86
17.35
24.38

O

426

Country banks

3 500

77,533,320

194,361,845.77

151,489,344.52

4 77.94

157,690,648.97

81.13

36,671,196.80

18.87

O

RECAPITULATION.

Central reserve cities
Keserve cities
Country banks
Grand total

,

hrj

1 Complete statistics for the 17-year period from July 1,1864, to June 30,1881, can not be given, as no reports on deposits of 61 of the 84 failures can be found.
2 No failures occurred in Albany, Washington, Richmond, Charleston, Atlanta, Savannah, Birmingham, Galveston, Houston, Waco, Chattanooga, Cleveland, Milwaukee,
St. Paul, Cedar Rapids, Des Moines, St. Joseph, Omaha, Muskogee. Oklahoma City, Tulsa, Los Angeles, Salt Lake City, and Ogden.
3 Includes 36 banks restored to solvency. Capital, $10,055,000 of 33 banks, restored to solvency before the payment of dividends, to whose depositors there was no loss, and complete statistics on 3 banks, total capital stock, $430,000, restored to solvency after the payment of dividends of 100 per cent and interest, included in above table.
* Dividends as paid to Sept. 1,1917.
Failures as shown by "Report of the Comptroller of the Currency.'| Banks which closed and resumed business during the several report years prior to 1914 not included.




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NatiQual-hanh failures, by fiscal years, July 1, 1881, to June 30, 1917.}
[Figures in italics indicate gain.]
Dividends paid to depositors.

Year,
July 1 to June 30—

Number
of
failures.

Aggregate
capital
stock.

deposits at
date of
suspension.
Amount.

1881 to 1882.
1882 to 1883.

1883toi884.

1884 to 1885.
1885 to 1886.
1886 to 1887.
1887 to 1888.
1888 to 1889.
1889 to 1890,
1890 to 1891.
1891 to 1892.
1892 to 1893,
1893 to 1894,
1894 to 1895,
1895 to 1896,
1896 to 1897,
1897 to 1898,
1898 to 1899,
1899 to 1900,
1900 to 1901,
1901 to 1902
1902 to 1903
1903 to 1904
1904 to 1905
1905 to 1906
1906 to 1907
1907 to 1908
1908 to 1909
1909 to 1910
1910 to 1911
1911 to 1912
1912 to 1913




$1,561,300
50,000
985,000
1,100,000
450,000
1,300,000
2,300,000
300,000
.400,000
2,650,000
3,447,000
5,750,000
7,220,000
4,535,020
3,040,000
8,001,500
1,350,000
750,000
1,900,000
1,760,000
650,000
800,000
4,015,000
1,035,000
1,530,000
575,000
5,825,000
1,928,500
825,000
375,000
1,125,000
750,000

Estimate of probable
total dividends to depositors.

$6,415,335.07
181,712.28
5,856,544.28
4,707,126.25
704,839.85
4,073,441.55
4,642,169.64
570,202.96
357,667.54
5,337,273.67
12,096,582.90
8,237,256.31
8,867,991.03
5,770,495.59
3,546,314.57
24,196,874.33
3,519,376.92
992,794.79
6,353,462.85
6,530,184,86
337,891.96
3,388,326.47
5,493,194.57
4,660,416.48
7,484,170.31
1,930,168.97
16,616,762.91
4,687,400.48
1,568,096.01
2,457,038.45
3,733,537.12
2,975,247.62

$4,019,375.81
128,834.01
4,699,905.83
3,576,796.83
658,898.97
2,532,246.03
3,755,694.82
571,095.34
172,158.55
2,310,328.58
9,822,353.37
5,227,404.35
6,559,710.37
3,619,868.16
2,706,544.85
20,381,266.23
3,571,923.05
787,533.75
6,350,597.70
6,087,583.68
304,474.69
3,366,758.09
4,498,606.84
3,757,269.16
5,187,578.11
1,356,436.08
15,808,000.07
3,929,387.05
625,289.91
1,584,099.49
3,220,640.58
2,351,263.53

Per cent.

62.65
70.90
80.25
75.99
93.48
62.16
80.90
100.16
48.13
43.29
81.20
63.46
73.97
62.73
76.32
84.23
101.49
79.32
99.95
93.22
90.11
99.36
81.89
80.62
69.31
70.28
95.13
83.83
39.88
64.47
86.26
79.03

Amount.

$4,019,275.81
128,834.01
4,699,905.83
3,576,796.83
658,898.97
2,532,246.03
3,755,694.82
571,095.34
172,158.55
2,310,328.58
9,822,353.37
5,227,404.35
6,559,710.37
3,619,868.16
2,706,544.85
20,381,266.23
3,571,923.05
787,533.75
6,350,597.70
6,087,583.68
304,474.69
3,366,758.09
4,498,606.84
3,757,269.16
5,187,578.11
1,618,331.20
15,808,000.07
3,938,806.47
699,357.42
1,823,267.82
3,260,425.92
2,485,136.02

Per cent.

62.65
70.90
80.25
75.99
93.48
62.16
80.90
100.16
48.13
43.29
81.20
63.46
73.97
62.73
76.32
84.23
101.49
79.32
99.95
93.22
90.11
99.36
81.89
80.62
69.31
83.84
95.13
84.03
44.60
74.21
87.33
83.53

Estimate of
total loss
positors.

probable
by de-

Amount.

Porcent.

$2,395,959.26
52,878.27
1,156,638.45
1,130,329.42
45,940.88
1,541,195.52
886,474.82
892.88
185,508.99
3,026,945.09
2,274,229.53
3^009,851.96
2,308,280.66
2,150,627.43
839,769.72
3,815,608.10
52,546.13
205,261.04
2,865.15
442,601.18
33,417.27
21,568.38
994,587.73
903,147.32
2,296,592.20
311,837.77
808,762.84
748,594.01
868,738.59
633,770.63
473,111.20
490,111.60

Amount of all
deposits in all
national banks
(at date of call
nearest Sept. 1).

37.35 $1,394,879,342.38
29.10 1,334,031,906.08
19.75 1,235,702,866.05
24-01 1,416,289,438.03
1,439,333,772.94
6.52
37.84 1,647,908,815.57
1,782,089,690.34
19.10
1,947,335,106.07
.16
51.87 2,020,625,230.94
56.71 2*039,180,188.12
18.80 5,309,949,064.35
36.54 1,814,761,981.54
26.03 2,269,020,362.79
37.27 2,210,132,210.67
23.68 2,028,164,718.30
15.77 2,515,199,277.00
1.49 2,804,955,096.15
20.68 3,458,473,846.29
.05 3,698,632,597.59
4,229,898,587.68
6.78
4,533,558,930.76
9.89
4,532,431,246.38
.64 5,130,235,940.31
18.11 5,507,649,594.59
19.38
30.69 5,896,771,585.63
6,075,566,940.21
16.16 6,616,172,473.12
4.87 7,077,411,690.64
15.97 7,139,510,430.23
55.40
25.79 ,7,626,525,995.47
12.67 8,128,385,997.49
16.47 7,946,983,762.36

Percentage
of loss
to
amount
of all
deposits
in all
national
banks.
0.171
.004
.094
.080
.003
.094
.050
.000
.009
.148
.098
.166
.102
.097
.041
.152
.002
.006
.000
.010
.001
.000
.019
.016
.039
.005
.012
.011
.012
.008
.006
.006

1913 to 1914
1914 to 1915
1915 to 1916
1916 to 1917
36-year period
33-year period, July 1,1881,
to June 30,1914
3-year period, July 1, 1914,
to June 30,1917

19
16
15
6

4,935,000
2,200,000
935,000
1,180,000

8,867,661.07
10,585 901.10
2.179,279.46
4,439,105.55

6,350,410.83
8,439,455.88
1,263,463.08
1,906,090.85

71.61
79.72
57.98
42.94

7,361,990.31
10,144,720.23
1,826,620.82
4,069,185.52

83.02
95.83
83.82
91.67

1,505,670.76
441,180.87
352,658.64
369,920.03

2 500

77,533,320

194,361,845,77

151,489,344.52

3 77.94

157,690,648.97

81.13

463

73,218,320

177,157,559.66 139,880,334.71

78.96

141,650,122.40

37

4,315,000

67.48

16,040,526.57

17,204,286.11

11,609,009.81

16.98
4.17
16.18
8.33

8,186,318,677.50
9,228,238,386.27
11.361,312,000.00
12;769,369,000.00

.018
.005
.003
.003

36,671,196.80

18.87 161,353,006,749.84

.023

79.96

35,507,437.26

20.04 127,994,087,363.37

.028

93.24

1,163,759.54

6.76

33,358,919,386.2Z

.003

1 Complete statistics for the 17-year period from July 1,1864 to June 30,1881, can not be given, as no reports on deposits of 61 of the 84 failures can be found.
2 Includes 36 banks restored to solvency. Capital, $10,055,000, of 33 banks restored to solvency before the payment of dividends, to whose depositors there were no loss, and complete statistics on 3 banks, total capital stock $430,000, restored to solvency after the payment of dividends of 100 per cent and interest, included in above table.
3
Dividends as paid to Sept. 1,1917.
NOTE.—Failures as shown by ^Report of the Comptroller of the Currency.'! Banks which closed and resumed business during the several report years prior to 1914 not included.




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National bank failures,

July 1, 1881, to June SO, 1917, grouped according to capital stock.1

Number
of
failures.

Classification.

Aggregate
capital
stock.

Aggregate
deposits at
date of
suspension.

Dividends paid to
depositors.
Amount.

Per cent.

CO

Estimate of probable
total dividends to depositors.
Amount.

Per cent.

Estimate of
total loss
positors.
Amount.

probable
by de-

Per cent.

O

w
Banks having
Banks having
Banks having
Banks having
Banks having
Banks having
Banks having
Banks having

capital
capital
capital
capital
capital
capital
capital
capital

of $25,000
over $25,000 to $99,000
of $100,000 to $199,000
of $200,000 to $349,000
of $350,000 to $499,000
of $500,000 to $999,000
of $1,000,000 to $1,999,000
of $2,000,000 to $3,400,000

Total

.

1
Complete statistics for the 17-year period
2
Includes 6 banks restored to solvency.
8
Includes 10 banks restored to solvency.
4
Includes 8 banks restored to solvency.
5
Includes 2 banks restored to solvency.
6

2 46
M99
* 133
5 80
66
7 23
10
&
3
* 500

$1,150,000
10,480,500
14,540,020
18>951,500
2,250,000
12,761,300
10,000,000
7,400,000

$3,166,081.92
23,361,787.53
34,261,111.29
50,759,402.68
14,399,997.91
34,028,992.86
30,610,928.58
3,773,543.00

$2,306,473.67
14,968,850.71
23,926,769.13
39,923,455.32
12,382,766.68
26,039,374.02
28,168,111.99
3,773,543.00

72.85
64.07
69.84
78.65
85.99.
76.52
92.02
8 100.00

77,533,320

194,361,845.77

151,489,344.52

« 77.94

$2,427,715.54
76.68
16,075,668.93
68.81
25,837,542.79
75.41
40,906,283.55
80.59
12,382,766. QS
a5,99
26,628,930.64
78.25
29,658,197.84
96.89
3,773,543.00 8 100.00

$738,366.38
7,286,118.60
8,423,568.50
9,853,119.13
2,017,231.23
7,400,062.22
952,730,74

23.32
31.19
24.59
19.41
14.01
21.75
3.11

81.13

36,671,196.80

18.87

157,690,648.97

o
o

from July 1,1864, to June 30,1881, can not be given, as no reports on deposits of 61 of the 84 failures can be found.

Includes 1 bank restored to solvency.
7 Includes 3 banks restored to solvency.
8
And interest.
9
Includes 36 banks restored to solvency. Capital, 510,055,000, of 33 banks, restored to solvency before the payment of dividends, to whose depositors there was no loss, and
omplete statistics on 3 banks, total capital stock, $430,000, restored to solvency after the payment of dividends of 100 per cent and interest, included in above table.
i° Dividends as paid to Sept. 1,1917.
ilures as shown by "Report of the Comptroller of the Currency." Banks which closed and resumed business during the several report years prior to 1914 not included.




w
o

National bank failures, Apr. %, 1900, the date of organization of the first $25,000 bank, to June SO, 1917, grouped according to capital stock.
[Figures in italics indicate gain.]

Classification.

Number
of failures.

Aggregate
capital
stock.

Aggregate
deposits at date
of suspension.

Dividends paid to depositors.
Amount.

Banks having
Banks having
Banks having
Banks having
Banks having
Banks having
Banks having
Banks having

capital
capital
capital
capital
capital
capital
capital
capital

of $25 000
over $25,000 to $99,000
of $100,000 to $199,000
of $20 J,000 to $349,000
of $3*0,000 to $499,000
of $500,000 to $999,000
of $1,000,000 to $1.999.000
of $2,000,000 to $3,400,000.

Total

146
iC8
2 36
3 26
22
29
3
33
&193

Per cent.

Estimate of probable
total dividends to depositors.

Amount.

Per cent.

Estimate of probable
total loss by depositors.
Amount.

Per cent.

$1,160,000
3,438,500
3,755,000
6,200,000
750,000
4,750,000
3,000,000
7,400,000

$3,166,081.92
14,597,438.73
17,728,348.65
25,413,429.64

$2,306,473.67
9,368,858.95
12,498,689.39
20,083,438.26

72.85
64,18
70.50
82.57

$2,427,715.54
10,475,677.17
14,409,463.05
21,966,266.49

76.68
71.76
81.28
86.44

$738,366.38
4,121', 761.56
3,318,885.60
3,447,163.15

23.32
2s. 21
18.72
13.56

15,623,539.hi
7,632,001.84
3,773,543.00

14,876,702.93
6,229,101.72
3,773,543.00

95.22
81.62
* 100

15,466,259.55
7,719,187.57
3,773,543.00

98.99
101.14
4 100

157,280.06
87,185.73

1.01
1.14

30,443,500

87,934,383.39

70,036,807.92

6 79.65

76,238,112.37

86.70

11,696,271.02

j

13.30

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1 Includes 6 banks restored to solvency.
2 Includes 1 bank restored to solvency.
8
Includes 2 banks restored to solvency.
* And interest.
e Includes 19 banks restored to solvency. Capital, $7,330,000 of 18 banks, restored to solvency before the payment of dividends, to whose depositors there was no loss, and complete statistics on 1 bank, capital stock $30,000, restored to solvency after the payment of dividend of 100 per cent and interest, included in above table.
e Dividends as paid to Sept. 1,1917.
Failures as shown by "Report of Comptroller of the Currency." Banks which closed and resumed business during the several report years prior to 1914 not included.




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National bank failures, July 1, 1881, to June SO, 1917, grouped according to States.1
[Figures in italics indicate gain.]
Number
Number restored Aggregate
of
to
failures. solvency. capital stock.

States.

New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

Dividends paid to deposi- Estimate of probable total Estimate of probabletotal
tors.
dividends to depositors.
loss by depositors.
Amount.

Percent

Amount.

Percent.

Amount.

Per cent

I

$500,000
510,000
5,311,300
300.000
700,000

Total Eastern States

-

Total Southern States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota




,

111

96.49
72.48
93.15
74.50
94.72

$677,893.60
853,095.50
24,850,474.97
1,915,616.95
1,007,087.15

96.49
72.48
93.87
80.00
94.72

$24,648.77
323,955.10
1,623,390.24
478,904.24
56,163.93

3.51
27.52
6.13
20.00
5.28

7,321,300

31,811,230.45

28,981,863.07

91.11

29,304,168.17

92.12

2,507,062.28

7.8

24,513,525.29
5,634,774.20
26,527,897.90
326,731.43

20,637,173.14
4,115,633.92
20,520,815.41
349,602.63

84.19
73.04
77.36
107.00

20,685,457.40
4,324,758.61
21,720,350.88
349,602.63

84.38
76.75
81.88
107.00

3,828,067.89
1,310,015.59
4,807,547.02
22,871.20

15.62
23.25
18.12
7.00

57,002,928.82

45,623,225.10

80.04

47,080,169.52

82.59

9,922,759.30

17.41

O

350,000
130,000
775,000
50,000
1,100,000
2,835,000
640,000
60,000
625,000
3,730,000
1,325,000
676,500
950,000

New York
New Jersey
Pennsylvania
Maryland

$677,893.60
853,095.50
24,659,868.53
1,783,918.29
1,007,087.15

21,170,020

31

$702,542.37
1,177,050.60
26,473,865.21
2,394,521.19
1,063,251.08

7,775,020
1,025,000
12,170,000
200,000

Total New England States

Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee

Aggregate
deposits at
date of
suspension.

3,218,148.16
549,362.62
1,591,870.32
67,420.27
1,864,203.17
6,938,656.80
523,960. 57
20,566.88
946,685.02
3,791,838.79
1,642,770.13
1,170,998.49
2,115,312.96

2,286,069.83
524,869. 82
1,171,827.36
71,694. 72
1,577,692.45
5,664,912.53
324,987.17
8,226.75
499,504.08
2,883,492.48
1,468,136.93
1,142,822.90
1,519,980.15

71.04
95.54
73.61
106.34
84.63
81.64
62. 03
40.00
52.76
76.04
89.37
97.59
71.86

932,078.33

372,118.16
1,039,663.36
71,694.72
1,417,110.12
3,466,647.11
318,696.48
8,226.75
497,330.25
2,858,901.19
1,046,457.87
1,098,385.05
1,519,980.15

71.04
67.74
65.31
106.34
76.02
49.96
60.82
40.00
52.53
75.40
63.70
93.80
71.86

28.96
4.46
26.39
6.34
15.37
18.36
37.97
60.00
47.24
23.96
10.63
2.41
28.14

ft

13,246,500

24,441,794.18

16,001,281.04

65.47

19,144,217.17

5,350,000
1,525,000
4,113,500
1,350,000
510,000
1,075,000

12,384,633.93
4,036,763.41
17,227,523.74
2,901,373.36
1,075,141.12
1,463,479.94

9,234,436.23
2,979,868.94
17,172,830.41
1,979,284.65
628,351.93
1,160,916.42

74.56
73.82
99.68
68.22
58.44
Z9.33

9,539,415.51
2,979,868.94
17,172,830.41
1,979,284.65
660,759.10
1,163,678.28

24,492.80

420,042.96

4m45
4,m4

78.33

286,510.72
1,273,744.27
198,973.40
12,340.13
447,180.94
908,346.31
174,633.20
28,175.59
595,332.81
5,297,577.01

21.67

77.03
73.82
99.68
68.22
61.46
79.51

2,845,218. 42
1,056,894.47
54,693.33
922,088.71
414,382.02
299,801.66

22.97
26.18
.32
31.78
38.54
20.49

H
o

3

Iowa
Missouri

14
7

.

.

2,332,559.78
4,110,006.50

3

17,598,500

47,647,291. 55

1
2
4

1,150,000
575,000
1,805,000
3,137,000
2,725,000
200,000
2,560,000
400,000
375,000

1,731,7.35.44
1,097,008.19
2,639,698. 60
4,751, 527.17
7,249,102. 74
319,821.35
5,009,973.90
546,882.17
1,017,823.24

9

12,927,000

24,363,572.80

15,351,323.88

63.01

26
7

Total "Western States
Washington
Oregon
California...
Idaho
Nevada
Arizona

3,921,988.09
4,636,387.96

126

Total Middle States
North. Dakota
South Dakota
Nebraska.....
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma

1,325,000
2,350,000

15
12
22
36
13
2
13
5
8

. . .

1

102

. .

2

2,860,000
635,000
1,500,000
175,000
50,000
50,000

4,344,880.40
1,076,837.03
3,072,256.63
332,676.96
85,186.07
183,190. 88

2,369,745.43
833,622.27
2,378,105.06
225,920.07
17,463.14
108,540. 60

54.54
77.41
77.41
67.91
20.50
59.25

2

3
1
1

59.47
88.65

2,360,424.73
4,110,006.50

6a 18
88.65

1,561,563.36
526,381.46

39,598,254. 86

83.11

39,966,268.12

83.88

7,681,023.43

16.12

1,131,961.13
699,364.49
865,350. 35
3,489,082.63
4,163,475.27
191,507.39
3,462,725.50
437,812. 73
910,044.39

65.37
63v 75
32.78
73.43
57.43
59.88
69.12
80.06
89.41

1,141,380.55
742,665.11
919,390.45
3,528,083. 63
4,354,359.34
191,507.39
3, 754,649.48
437,812. 73
910,044.39

65.91
67.70
34.83
74.25
60.07
59.88
74.94
80.06
89.41

590,354, 89
354,343. 08
1,720,308.15
1,223,443.54
2,894,743.40
128,313.96
1,255,324.42
109,069.44
107,778. 85

34.09
32.30
65.17
25.75
39.93
40.12
25.06
19.94
10.59

15,979,893.07

65.59

8,383,679. 73

34.41

2,623,795.61
833,622.27
2,378,105.06
254,406.24
17,463.14
108,540.60

60.39
77.41
77.41
76.47
20.50
59.25

1,721,084. 79
243,214. 76
694,151. 57
78,270.72
67,722.93
74,650.28

39.61
22.59
22.59
23.53
79.50
40.75

39.82
11.35

45

2

5,270,000

9,095,027.97

5,933,396. 57

65.24

6,215,932.92

68.34

2,879,095.05

31.66

31
85
111
102
126
45

Total Pacific States

2
9
11
3
9
o

7,321,300
21,170. 020
13,246,500
17,598,500
12 927 000
5,270,000

31, 811,230.45
57,002,928. 82
24.441,794.18
47,647,291. 55
24 363 572.80
9,095,027.97

28,981,863. 07
45,623,225.10
16,001,281.04
39,598,254. 86
15 351 323 88
5,933,396. 57

91.11
80.04
65. 47
83.11
63 01
65.24

29,304,168.17
47 080 169. 52
19,144,217.17
39,966,268.12
15 979 893.07
6,215,932.92

92.12
82.59
78.33
83.88
65 59
68.34

2,507.062.28
9,922,759.30
5,297,577.01
7,681,023.43
8 383 679. 73
2,879,095.05

7.88
17.41
21.67
16.12
34 41
31.66

500

2 36

77,533,320

a 77.94

157,690,648.97

81.13

36,671,196. 80

RE CAPITULATION.
Total
Total
Total
Total
Total
Total

New England States
Eastern States
Southern States . . . .
Middle States
Western States
Pacific States

. . .

O
H
O
*4

Q
O
H
W
O

r
Pi
O
H

18.87

W

1
Complete statistics for the 17-year period from July 1, 1864, to June 30, 1881, can not be given, as no reports on deposits of 61 of the 84 failures can Tbe found.
2
Capital, $10,055,000 of 33 banks, restored to solvency before the payment of dividends, to whose depositors there was no loss; and complete statistics on 3 banks, total capital
stock, $430,000, restored to solvency after the payment of dividends of 100 per cent and interest, included in above table.
3
Dividends as paid to Sept. 1, 1917.

a
d

Total United States

.

.

.

194,361,845.77

151,489,344.52

•

No failures occurred in Maine, Delaware, the District of Columbia, Utah, and Alaska.
Failures as shown by " Report of the Comptroller of the Currency." Banks which closed and resumed business during the several report years prior to l'J14 not included.




a
Kj.

BEPOET OF THE COMPTEOLLEE OF THE CUEEENCY.

STATE AND PEIVATE BAHK FAILUEES.
Statistical information has been obtained through the courtesy of
the Bradstreet Commercial Agency with respect to the number of
banks, other than national, which closed during the year, together
with the assets and liabilities and the dates of closing, but no information is submitted in relation to dividends paid to creditors or to the
settlement of the affairs of insolvent State and private banks.
Included in the list of failures are 15 commercial State banks with
assets of $2,539,000 and liabilities of $3,351,160; 1 savings bank
with assets of $75,000 and liabilities of $100,000; 4 trust companies
with assets of $1,470,000 and liabilities of $2,371,000, and 15 private
banks with assets of $2,668,467 and liabilities of $5,478,487, making
a total of 35 banks which failed during the year ended June 30, 1917,
with aggregate assets of $6,752,467 and aggregate liabilities of
$11,300,647.
Since 1896 no statistics have been secured relating to the settlement of the affairs of State banking institutions, but there has been
reported from year to year the number of failures, with assets and
liabilities at the date of failure, which is summarized in the table
following:
Number of failures, capital, assets, liabilities, and dividends paid by State and private
banks that failed in each year from 1864 to 1917.
Year.
1864
1865
18G6
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879.
1880
1881
1882
1883
1884
1885
1886..
1887
1888
1889
1890
1891
1892
1893...
1894.
1895
1896

Number
of
failures.
2
5
5
3
7
6
1
7
10
33
40
14
37
63
70
20
10
9
19
27
54
32
13
19
17
15
30
44
27
261
71
115
78

,
,
,
,
,
,

,

Nominal
assets.

Liabilities.

$125,000.00
275.000.00
260,000.00
276 381.00
100,000.00

$245,401.97
1,206,035.00
222,075.00
183,002 30
77,861.00

220,000.00
470,000.00
907,000.00
770,000.00
2,413,900.00
961,000.00
2,491,250.00
3,250,193.00
1,370,465.00
452,200.00
436,750.00
545,000.00
870,000.00
1,718,596.00
1,099,400.00
254,000.00
931,590.00
745,500.00
363,250.00
2,169,568.00
2,071,300.00
578,840.00
16,641,637.00
3,112,447.00
3,906,350.00
3,400,642.00

2,314,871.90
2,126,124.18
4,644,889.91
4,125,731.00
9,190,283.98
7,312,218.73
13,137,835.47
20,001,949.67
5,102,691.94
1,629,146.61
585,653.06
2,765,951.10
2,813,915.19
12,900,819.05
2,982,879.51
1,300,536.30
2,865,300.30
2,805,326.52
1,279,900.68
10,692,385.98
7,190,824.69
2,719,410.75
54,828,690.65
7,958,284.18
11,276,529.99
10,240,244.97

$225,662.14
890,112.00
138,821.00
148,886 00
361,961.73
50,000 00
2,654,187.15
3,059,318.06
6,938,653.01
4,562,879.00
12,365,475.25
9,206,429.34
15,222,785.49
27,269,520.51
5,252,307.22
1,311,799.49
1,785,890.45
2,608,489.57
3,193,747.39
15,508,389.70
4,883,454.27
1,140,824.48
3,074,622.29
3,342,336.52
2,147,059.18
11,385,584.64
6,365,198.77
3,227,608.56
46,766,818.80
7,218,319.51
9,010,584.93
7,513,837.41

974,256.96
1,906,573.00
3,420,016.33
2,022,498.51
4,143,941.97
5,178,020.98
7,004,558.27
19,485,717.87
4,235,808.85
288,494.74
851,755.00
1,221,737.29
1,408,047.99
9,671,860.25
2,361,320.01
673,579.10
1,610,527.45
1,924,773.68
1,026,682.73
3,884,577.99
3,090,597.48
803,860.76
17,912,270.45
1,456,522.87
2,251,708.93
534,363.30

Capital.

Dividends
paid.

$145,592.25
138,821.00
82,844.74

Total
Not dated.

1,164
70

53,187,259.00
445,000.00

212,725,771.58
1,586,419.00

218,833,563.86
1,796,424.41

99,711,33u 75
37 ,396.20

Total

1,234

53,632,259.00

214,312,190.58

220,629,988.27

100,088,726.95




REPORT OP THE COMPTROLLER OF THE CURRENCY.

73

Number of failures, capital, assets, liabilities, and dividends paid by State and private
banks that failed in each year from 1864 to 1917—Continued.
Number
of
failures.

Year.

Nominal
assets.

Capital.

Dividends
paid.

Liabilities.

i.
!.
,
!.
I

$17,929,163.00
4,493,577.00
7,790,244.00
7,675,792.00
6,373,372.00
7,323,737.00
2,186,852.00
24,296,823.00
6,970,345.00
6,591,515.00
13,037,497.00
177,073,348.00
15.760,177.00
14', 496,610,00
13,962,050.00
7,797,401.00
6,182,285.00
20;601,228.00
16,495,002.00
10,511,838.00
6,752,467.00

$24,090,879.00
7,080,190.00
10,448,159.00
11,421,028.00
13,334,629.00
10,332,666.00
4,005,643.00
31,774,895.00
10,273,023.00
7,187,858.00
22,165,448.00
209,835,443.00
25,190,156.00
18,182,592.00
18,546,583.00
12,838,837.00
7,520,527.00
32,058,706.00
27,866,847.00
16,010,510.00
11,300,647.00

2,475 |

808,593,523.58

752,095,254.27

122
53
26
32
56
43
26
102
57
37
34
132
60
28
56
55
40
96
110
41
35

1897.
1898.
1899.
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
1913.
1914.
1915.
1916.
1917.

Total.

For the purpose of comparison there is submitted herewith a statement relating to failures by years and classes of banks from 1892 to
1917:
Number, assets, and liabilities of State banks, savings banks, loan and trust companies,
private banks, and national banks which failed, by years, from June 30, 1892, to June
30, 1917.
[In thousands of dollars.]
State institutions.
Year.

Total

.

.

. ..

Loan and trust companies.

Assets.

Liabilities.

No.

Assets.

Liabilities.

24
172
27
46
55
44
14
5
9
8
12
6
37
16
15
10
42
19
9
28
29
18
53
57
23
15

$1,892
41,282
1,774
2,555
3,741
6,080
694
919
418
1,003
1,364
645
5,194
1,397
710
2,380
41,035
2,732
8,170
9,865
2,318
1,362
8,947
3,599
2,148
2,539

S3,178
36,903
2,010
3,445
4,628
8,083
988
1,240
442
1.440
21056
965
6,725
2,282
1,006
4,833
43,227
3,286
9,111
12,678
3; 129
1,866
11,511
4,820
2,991
3,351

6
47
9
8
9
19
4
4
3
3
10
1
7
4
5

$484
17,674
2,646
4,653
662
3,998
800
1,153
328
450
4,622
35
1,457
550
360

$917
16,831
2,678
4,818
902
5,455
958
1,632
410
531
5,730
235
1,704
811
490

12
2
1
4
1
4
7
5
3
1

7,760
85
52
2,021
40
564
643
4,255
7,750
75

793

154,763

176,194

179 j
]

63,117

No.
3 892
1893
1894
1895
1896
1897..
1898
1899
1900
1901
1902
1903
1904 .
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917.. . .

Savings banks.

State banks.




No.

Assets.

Liabilities.

7,581
105
63
2,487
66
680
769
4,335
11,885
100

3
19
8
6
4
12
2
2
4
4
1
2
8
2
4
4
25
6
6
2
4
3
9
9
3
4

$209
15,098
33,420
4,107
1,159
3,436
1,275
5,067
5,243
995
12
371
13,128
2,525
4,636
4,850
110,047
5,342
3,072
140
2,452
3,409
7,948
9S8
256
1,470

$425
24,144
37,977
5,844
936
4,325
1,575
6,701
6,636
1,113
22
561
15,880
3,600
3,990
8,100
126,200
5,412
2,216
230
4,304
3,419
8,752
1,341
257
2,371

72,171

156

230,655

276,331

74

KEPORT OF THE COMPTROLLER OF THE CURRENCY.

Number, assets, and liabilities of State banks, savings banks, loan and trust companies,
private banks, and national banks which failed, by years, from June 30, 1892, to June
SO, 1917—Continued.
Private banks.

Total State and private
institutions.

National banks. 1

Year.
No.

1892
1893
1894
1895
1896
1897
189S
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917

.

Total

Assets.

36
176
21
25
42
47
33
15
16
41
20
17
50
35
13
20
53
33
12
22
21
15
27
39
12
15

$3,540
20,237
1,749
1,389
1,886
4,416
1,725
651
1,687
3,925
1,325
1,116
4,518
2,498
886
5,807
18,231
7,602
3,206
1,935
2,976
846
3,663
7,652
358
2,668

856

105,892

Assets-

Assets. Liabilities. No. nominal Liabilities. 2

Liabilities.

No.

$6,505
19,315
2,236
1,805
2,708
6,228
3,561
874
3,933
10,251
2,525
2,245
7,466
3,580
1,702
9,232
32,828
16,387
6,792
3,150
5,338
1,554
11,027
17,370
877
5,478

69
414
65
85
110
122
53
26
32
56
43
26
102
57
37
34
132
60
28
56
55
40
96
110
41
35

$6,125
94,291
39,589
12,704
7,448
17,930
4,494
7,790
7,676
6,373
7,323
2,167
24,297
6,970
6,592
13,037
177,073
15,761
14,496
13,962
7,797
6,182
20,601
16,495
10,512
6,752

$11,025
97,193
44,901
15,912
9,174
24,091
7,080
10,447
11,421
13,335
10,333
4,006
31,775
10,273
7,188
22,165
209,836
25,190
18,182
18,546
12,838
7,520
32,059
27,866
16,010
11,300

17
65
21
36
27
38
7
12
6
H
2
12
20
22
8
7
24
9
6
3
8
6
21
14
13
37

$16,257
31,135
8,366
14,919
14,203
39,579
5,395
2,725
13,590
9,162
604
7,308
8,734
15,308
2,410
8,056
33,476
4,041
3,195
1,412
5,517
8,070
11,902
16,549
3,763
6,443

$12 769
20,356
5,579
9,416
10,066
26,415
3,817
1,810
10,312
7,676
379
5,710
6,379
13,679
1,602
5,462
22,417
3,175
2,893
918
4,484
6,683
9,816
12,480
2,960
4,588

184,967 1,984

554,437

709,666

422

292,119

211,841

value.

1 Years ended October 31.
2 Claims proved, offsets allowed, and loans paid.
s One of the 7 restored to solvency and resumed business.

INTEREST-BEARING BONDED DEBT OF THE UNITED STATES,
NATIONAL-BANK CIRCULATION, ETC.

At the close of the fiscal year ended June 30, 1917, the interestbearing obligations of the United States reached $2,712,549,476, of
which $674,625,630 are consols of 1930 and 2 per cent Panama Canal
bonds. The interest rates on the other obligations range from 2J to
4 per cent. Interest at the rate of 2\ per cent is paid on postal
savings bonds to the amount of $10,039,760. There are outstanding
bonds bearing 3 per cent to the amount of $231,507,992; obligations bearing interest at the rate of 3 | per cent amount to
$211,551,100; 3J per cent, $1,466,335,095; 4 per cent to the amount
of $118,489,900.
In the following table are shown* the title, rate of interest, and
amount of both registered and coupon bonds outstanding at the
close of the fiscal year ended June 30, 1917;




75

BEPOKT OP THE COMPTROLLER OF THE CURRENCY.
Interest-bearing

debt.
Outstanding June 30, 1917.

Title of loan.

Rate.

Registered.

Per cent.
2 6597,184,900.00
Consols of 1930
3
Loan of 1908-1918
47,773,400. 00
4
101,467,750.00
Loan of 1925
Panama Canal loan:
2
48,944,040.00
Series 1906
2
25,793,520.00
Series 1908
3
41,633,500.00
Series 1911
3
5,974,000.00
Conversion bonds
3
1, 270,000.00
One-year Treasury notes
f
3
Certificates of indebtedness
(
Liberty loan of 1917
Postal savings bonds (1st to 11th series)
8,329,980.00
Postal savings bonds 1917-1937 (12th series)
801,260.00
Aggregate of interest-bearing debt..
879,172,350.00

3

Coupon.
$2,539,150.00
16,172,060.00
17,022,150.00

Total.
$599,724,050.00
63,945,460.00
118,489,900.00

10,140.00
153,880.00
8,366,500.00
22,920,500.00
26,092,000.00
61,306,032.00
211,551,100.00

48,954,180.00
25,947,400.00
50,000,000.00
28,894,500.00
27,362,000.00
61,306,032.00
211,551,100.00
U,466,335,094. 61
821,820.00
9,151,800.00
86,700. 00
887,960.00

367,042,032.00

2,712,549,476.61

i This amount represents receipts on account of principal of Liberty loan bonds to June 30.
BONDS AVAILABLE AS SECURITY FOR

CIRCULATION.

Of the $2,712,549,476 public debt only $857,060,990 are bonds
of the character available as security for national-bank circulation.
Of the bonds carrying the circulation privilege, the 2 per cent consols
aggregate $599,724,050; Panama Canal bonds, $74,901,580; 3 per
cent bonds of 1918, $63,945,460; and the 4 per cents of 1925,
$118,489,900.
During the year bonds bearing interest at the rate of 2 per cent,
aggregating $26,256,500, were acquired by the Federal reserve banks
and converted into 3 per cent bonds and one-year Treasury notes,
in conformity with the provisions of the Federal Reserve Act.
The total conversions under that act have amounted to $56,256,500,
of which $28,894,500 were converted into 3 per cent bonds and
$27,362,000 into 3 per cent one-year Treasury notes. These conversions have reduced the volume of bonds available as security
for circulation from $883,317,490, on October 31, 1916, to
$857,060,990, October 31, 1917. Exclusive of any bonds which
may be converted during the coming year, the amount of bonds
available for circulation will be reduced to $793,115,530 by the
redemption of the $63,945,460 3 per cent bonds which are due for
payment August 1, 1918. Only $17,715,220 of these bonds, however,
are now on deposit with the Treasurer of the United States as security
for national-bank circulation.
On October 31, 1917, United States bonds to the amount of
$679,440,210' were on deposit as security for circulation, of which
$555,514,950 were 2 per cent consols; $71,466,140, 2 per cent Panama
Canal bonds; $17,715,220,3 per cents of 1918; $34,743,900,4 per
cents of 1925. Over 90 per cent of the bonds deposited as security
for circulation bear interest at the rate of 2 per cent.
Notwithstanding the fact that under the Federal Reserve Act, as
amended by the act of June 21, 1917, national banks are relieved of
the necessity of making a deposit of United States bonds before commencing business and the maintenance of any bond deposit is rendered
unnecessary, bonds to the amount of $2,425,850 were deposited by
banks organized during the year and $22,993,290 by banks increasing
their circulation.

12040°—CUR 1917—VOL 1


6

76

REPORT OF THE COMPTROLLER OF THE CURRENCY.

During the same period bonds held to secure circulation were withdrawn to the extent of $33,936,920, of which $15,856,100 were by
banks reducing their circulation; $7,223,070 by banks placed in voluntary liquidation; $311,000 on account of banks placed in the charge
of receivers; and $10,877,500 were withdrawn and sold to the Federal
reserve banks for conversion into 3 per csnt obligations of the Government. The latter amount, it should be stated, includes $330,750
acquired from banks in liquidation, this sum being duplicated in the
amount withdrawn for conversion. These withdrawals resulted in a
net reduction during the year of $8,517,780 in the amount of bonds
deposited by national banks as security for circulation.
The amount of bonds deposited and withdrawn in each month
during the year ended October 31, 1917, is shown in the following
table:
United States bonds deposited as security for circulation by banks chartered and by those
increasing their circulation, together with the amount withdrawn by banks reducing their
circulation and by those closed, during each month, year ended Oct. 31, 1917.
Bonds deposited by
Bonds
Bonds
all banks
Bonds
Bonds
Bonds
chartered withdrawn withdrawn withdrawn withdrawn withdrawn
by banks in
and those
by banks by banks in by banks in by banks liquidation
under sec- under secincreasing
reducing
circulation circulation. liquidation. insolvency. tion 18.
tion 18.
during the
year.

Date.

1916.
November
DGcember......

January
February
March
April
May
June
July
August
September
October
Total

$1,191,750
1,029,750

1,931,250
710,010
740,000
122,250
95,400
416,490
70,000
125,000
250,800

1,872,000
532,500
431,260
263,750
526,250
566,250
456,300
471,260
192,500
227,500

i 25,419,140
1

$595,250
757,500

1,903,250
818,750
1,653,050
3,546,750
2,442,210
2,930,090
2,314,970
5,295,960
759.240
1,533,340

1917.

$5,584,750
5, S10,150

15,850,100

6,892,320

$116,000

70,665
100,000
15,000
7,000

$10,546,750

$330,750

10,546,750

330,750

3,000
311,000

Includes $2,425,850 deposited by banks chartered during the year.

PRICE AND INTEREST REALIZED BY INVESTORS IN UNITED STATES BONDS.

Since November, 1916, the 2 per cent consols have declined in the
market from 99J-100 to 9 6 | in October, 1917; the 3s of 1918 from
100J-101i to 99-100; the 4s of 1925 from 110-110f to 105-105*.
Incident to these depreciations rates of interest realized by investors
increased as follows:
2s of 1930
8s of 1918
4s of 1925

from 2.022 to 2.293
from 2.640 to 4.024
from 2.552 to 3.153

NATIONAL BANK INVESTMENTS IN UNITED STATES BONDS.

Investments of the national banks in interest-bearing obligations
of the United States on September 11, the date of the last returns
prior to the close of the current year ending October 31, aggregated
$1,158,982,000, of which $678,180,970 were on deposit with the
Treasurer of the United States to secure circulation; $28,574,450
to secure
 Government deposits, and approximately $11,000,000 to


REPORT OF THE COMPTROLLER OF THE CURRENCY.

77

secure postal savings funds. As the banks' investments in September
1916 were but $729,777,000 there has been an increase since that time
of $429,205,000, caused largely by war financing.
FEDERAL RESERVE BANK INVESTMENTS IN UNITED STATES BONDS.

Investments in United States interest-bearing securities by the
Federal reserve banks on September 14, last, totaled $87,724,000,
an increase since November 3, 1916, of $35,817,000. This increase
includes the $10,877,500 hereinbefore referred to, acquired from the
national banks for conversion into bonds and interest-bearing Treasury notes, in conformity with the provisions of section 18 of the act
of December 23, 1913.
INVESTMENTS IN UNITED STATES BONDS BY ALL BANKS IN UNITED
STATES.

From the June, 1917, returns from State and private banks it is
shown that those institutions owned United States bonds to the
amount of $77,162,000, hence it appears that with the $1,158,982,000
held by national banks, $87,724,000 held by Federal reserve banks,
and $10,200,000 held by Federal land banks, the banking institutions of the country owned as of June, 1917, over $1,334,000,000, or
nearly one-half of the outstanding interest-bearing obligations of the
United States.
MONTHLY STATEMENT RELATING TO NATIONAL BANK CIRCULATION,

Eeference to the table following will show that there have been no
material fluctuations from month to month in the volume of bonds
on deposit as security for circulation and the amount of circulation
outstanding secured thereby.
On November 30, 1916, the amount of bonds on deposit was
$682,853,740, and on October 31, 1917, $679,440,210. On the same
dates circulation outstanding secured by bonds was $675;006;203 and
$676,703,103, respectively. In November, 1916, there was $49,199,416 of lawful money on deposit to provide for the retirement of
national bank circulation, and on October 31, 1917, the amount on
deposit was $39,573,272, while the total amount of circulation outstanding—secured by bonds and lawful money—declined from
$724,205,619 to $716,276,375. The table in question follows:
Bonds and circulation.
Circulation secured by—

Date,

United States
bonds,on
deposit.

1916.

Lawful
money.

Total
circulation
outstanding.

$682,853,740
677,315,840

NOY.30

Bee.31
Jan. SI
Felx23
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct.3t

United States
bonds.

1917.




$675,006,203
674,659,613

$49,199,416
52,165,627

$724,205,619
726,825,240

675,415,840
674,992,080
664,526,370
667,587,120
669,392,710
671,333,060
673,121,730
677,818,430
678,134,370
679,440,210

670,717,615
671,001,858
661,371,468
664,245,448
666,344,773
667,670,433
670,367,175
674,514,656
675,182,077
676,703,103

50,540,476
47,118,057
56,191,132
53,245,374
50,241,202
47,749,577
45,416,747
43,223,059
41,396,3.05
39,573,272

721,258,091
718,119,915
717,562,600
717,490,822
716,585,975
715,420,010
715,783,922
717,737,715
716,578,382
716,276,375

78

KEPORT OF THE COMPTROLLER OF THE CURRENCY.
REDEMPTION OF NATIONAL BANK CURRENCY.

In the year ended October 31, last, in addition to national bank
notes amounting to $378,661,158, there were received for redemption
at the National Bank Redemption Agency, Treasury Department,
Federal reserve notes to the amount of $50,596,780, and Federal
reserve bank notes to the value of $1,726,855, making the total
receipts at the redemption agency $430,984,793.
Practically 80 per cent ($334,164,550) came from the 12 Federal
reserve bank cities, the receipts from all other sources being only
$96,820,243. The receipts from the city of New York were nearly
one-third of the total, and from the three central reserve cities, New
York, Chicago, and St. Louis, over $215,000,000, or one-half of the
total receipts.
National bank currency to the amount of $40,500,000, being fit
for use, upon receipt was redeemed and returned to the banks of
issue.
The expenses incident to the redemption of national and Federareserve bank circulation during the year ended June 30 last, aggrel
gated $420,160.42.
In the following tables are shown the monthly receipts of each
class of bank circulation, together with the amount of receipts from
the principal sources and from all other sources.
Monthly receipts
National
bank notes.

November.
December..
January
February...
March
April
May
June
July
August
September.
October
Total.

Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
Cincinnati
Baltimore......
New Orleans...
Other sources..
Total



1916.

Federal re- Federal reserve notes. serve bank
notes.

$30,276,011
30,016,792

S3,796,495
3,973,440

$69,750
77,115

51,993,775
32,332,480
33,943,660
26,941,378
30,978,655
2S, 660,481
32,512,868
30,772,437
25,312,432
24,920,189

112,650
269,965
213,470
971,470
939,720
076,580
591,090
939,540
486,670
225,690

228,870
177,180
176,130
144,950
161,320
116,275
95,430
180,330
147,860
151,645

378,661,158

50,595,780

1,726,855

1917.

Principal sources of receipts.

$28,659,100
131, 262, 400
28, 411, 000
8, 428, 000
2, 328, 350
.• 8, 663, 000
49, 917, 900
34,172, 800
2,189,000
2, 002, 300
2,802, 000
6, 293, 500
14, 316, 500
8, 732, 400
5. 986, 300
96, 820, 243
430, 984, 793

79

REPORT OF THE COMPTROLLER OF THE CURRENCY.
INCREASE OR DECREASE OF NATIONAL BANK CIRCULATION.

The amount of the increase or decrease of national bank circulation
issued and retired since January, 1875, and the changes quarterly
during the last year are shown in the following table:
Yearly increase or decrease in national-hank circulation from Jan. 14, 1875, to Oct. 81,
1916, and quarterly increase or decrease for the year ended Oct. 31, 1917.
Issued.

Date.
From Jan. 14 to Jan. 31,1875
1875
1876
1877
1878
1879
18S0
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1013
1914
1915
1916

. . .

. . .

. ..

..

$587,580
12,953,695
7,777,710
19,842,985
12,663,160
27,126,235
8,347,190
34,370,050
21,427,900
12,669,620
8,888,944
17,628,924
8,979,959
16,064,424
15,924,157
5,768,180
9,534,400
18,934,355
12,867,044
41,584,000
10,890.492
20,752,231
31,714,656
7,008,014
34,682,825
19,110,552
101,645,393
-123,100,200
42,620,682
68,177,467
69,532,176
90,753,284
84,085,260
56,303,658
141,273,164
82,504, 444
57,101,345
49,896,951
38, 747,149
37,210,597
387, 763,860
27,485,675
10,593,700

Retired.

Increase.

$255,600
18,167,436
28,413,265
16,208,201
9,031,558
6,967,199
6,880,458
15,697,878
20,694,838
24,920.477
30,990; 730
26,206,200
32,871,849
42,933,463
52,430,030
40,340,254
28,382,190
21,235,457
11,624,877
8,095,313
13,008,267
12,526,159
9,843,648
14,613,787
17,087,925
15,198,118
16,537,068
15,951,527
21,868,006
28,474,958
31,930,783
22,732,060
25,055,739
27,980,139
80,025,078
48,433,296
33,011,015
35,284,247
27,586,734
26,441,867
20,246,418
342,807,533
59,026,803

$281,980
3,634,784
3,631,602
20,159,036
1,466,732
18,672,172
733,062

1,242,167
33,488,687
8,"226,"072"
21,871,008
17,594,900
3,912,434
85,108,325
107,148,673
20,752,676
39,702,509
37,601,393
68,021,224
59,029,521
28,323,519
61,248,086
34,071,148
24,090,330
14,612,704
11,160,415
10,768,730
367,517,442

Decrease.

$5,213,741
20,635,555

12,250,857
22,101,786
8,577,276
23,891,890
26,869,039
36,505,873
34,572,074
18,847,790
2,301,102
2,117,775
7,605, 773

315,322,858
48,433,103
585,246,492
7,741,131
5,726,339
1,586,390

Total
Nov. 1,1916, to Jan. 31,1917
Feb. 1 to Apr. 30,1917
May 1 to July 31,1917
Aug. 1 to Oct. 31,1917

1,906,843,287
2,985,260
5,041,060
7,340,560
7,382,270

1,388,018,448
10,726,391
10,767,399
8,926,950
6,790,630

1,104,071,331

Total
Surrendered to this office and retired from
Jan. 14,1875, to Oct. 31,1917

1,929,592,437

1,425,229,818

1,104,662,971

600,300,352

1,104,662,971

658,697,152

From
From
From
From

Grand total

591,640

58,396,800

58,396,800
1,929,592,437

1,483,626,618

NOTE.—Additional Federal Reserve Bank notes retired, §1,761,975.

VAULT ACCOUNT OF NATIONAL-BANK

CIRCULATION.

National-bank circulation on hand and available for shipment to
national banks at the close of business on October 31, 1916, amounted
to $413,977,860.
The amount received from the Bureau of Engraving and Printing
during the year was $261,705,870, making the total amount to be
accounted for $675,683,730.




80

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

During the year shipments to the banks aggregated $325,570,430,
and the withdrawals for destruction by reason of liquidations, etc.,
$9,024,970. The withdrawals, therefore, aggregated $334,595,400,
leaving stock on hand October 31, 1917, of $341,088,330. Currency
available for issuance to national banks includes $16,842,340 deposited
in subtreasuries in 1914 under authority of the act of 1908. In 1914
the national bank currency deposited in subtreasuries for convenience
in expediting shipments to banks aggregated $243,505,090, all of which,
except the $16,842,340 above mentioned, was delivered in accordance
with the orders of the Comptroller.
DENOMINATIONS OF NATIONAL-BANK CIRCULATION.

While the issue of $1 and $2 national-bank notes was authorized
by the act of 1864, it was provided that the issuance should be discontinued after the resumption of specie payments in 1879.
Up to the latter date $1 notes to the amount of $23,169,677 and $2
notes to the amount of $15,495,038 were issued. Of these denominations there were outstanding on October 31, 1917, $342,072 in ones
and $163,392 in twos.
With a view to assisting in relieving the scarcity in notes of the
smaller denominations which exists in many sections of the country,
the President, on October 5, 1917, approved an act which authorises
the issuance by national banks.of notes in the two denominations
mentioned to the extent of not more than $25,000 by each national
banking association.
As there were 7,671 national banks in existence on October 31, 1917,
it is evident that it will be possible to add to the bank circulation the
sum of $191,775,000 in notes of the denominations of $1 and $2.
The act of March 14, 1900, provided that no national bank should
issue more than one-third of its notes in the denomination of $5. This
limitation has been removed by the act of October 5, 1917, and as a
result a national bank may issue any or all of its circulating notes in
the denomination of $5.
In the following table is shown the amount of each denomination of
national-bank notes outstanding at the close of business on March 13,
1900, and October 31, 1917:
Mar. 13,1900. Oct. 31, 1917.

Denominations.

. ...

Less notes redeemed "but not assorted bv denominations
Total

l

$348,275
167,466
79,310,710
* 79,378,160
58,770,660
11,784,150
24,103,400
104,000
27,000
32,409

$342,072
163,392
109,509,420
299,571,340
242,369,180
29,877,700
35,060,200
88,000
21,000
56,811

254,026,230

71>, 059,095
782,720

254,026,230

Ones
Twos
Fives .
Tens
...
.
Twenties.,
Fifties.
One hundreds
Five hundreds
One thousands
Unredeemed fractions.

718,276,375

i Notes redeemed but not assorted by denominations.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

81

SHIPMENTS OF NATIONAL BANK CIRCULATION.

Prior to August 15, 1915, all shipments of national bank currency
to banks were made by this office by express at contract rates.
Subsequently arrangements were made for the shipment of the currency by registered mail. At the same time it was also determined to
discontinue the shipment or delivery of incomplete currency to anyone other than the banks or their duly authorized agents in Washington, and at the present time practically all currency is shipped by
mail to the banks direct. As such shipments facilitate prompt
delivery, and as the Government has the advantage of a parcel post
rate on notes of the denominations of one, two, and five dollars, the
changes referred to have resulted in economy of both time and expense to the department and to the banks. Postage, registration,
and insurance of the shipments are prepaid, and the expense subsequently assessed against the banks.
Losses in shipments of currency resulting from theft or otherwise
are promptly adjusted and paid by the insurance companies.
PROFIT ON NATIONAL BANK CIRCULATION.

In Volume 2 of this report will be found a computation by*the
Government Actuary, relating to the profit on national bank circulation, based on cost of bonds in each month from November, 1916,
to October, 1917. The computations are confined to the profit on
circulation based on 2 per cent consols, 2 per cent Panama Canal
bonds, and 4 per cent bonds of 1925.
In the computation, the tax on circulation and expenses for plates
and redemptions (after taking into consideration premium or discount),
are deducted from the gross receipts—that is, interest on the bonds,
and interest at 6 per cent on 95 per cent of the amount of circulating
notes received. I t is assumed that the banks receive and have
available for loaning circulation to the extent of 100 per cent of the
par value of the bonds deposited, less 5 per cent, the amount required
to be maintained as a redemption fund with the Treasurer of the
United States. The price of 2 per cent consols and the 2 per cent Panama Canal
bonds has been approximately the same during the year—that is, the
market price of each has advanced or declined to approximately the
same extent. The consols declined from the high point of 99.787 in
March, 1917, to 96.280 in June, closing in October at 96.837. Hence
the profit in March was the least during the year, namely, 1.165 per
cent; the maximum in June, 1.616 per cent; and in October, last,
1.549 per cent; over 6 per cent on investment in the securities. The
4 per centaof 1925 declined from the high point of 110.500 in January,
1917, to the low point of 104.580, in July, closing in October at
105.500.
TAXES ON NATIONAL BANK CIRCULATION, REDEMPTION CHARGES,
EXAMINERS' SALARIES, ETC., AND EXPENSES OF THE CURRENCY
BUREAU.

During the year ended June 30, 1917, the taxes paid by national
banks on their outstanding circulation aggregated $3,533,631.28.
The net revenue to the Government from this source after deducting the expenses of the Currency Bureau was $3,006,897. The
banks were charged and paid $420,160.42, the cost of the redemp


82

REPORT OF THE COMPTROLLER OF THE CURRENCY.

tion of their circulation; $21,660, the cost of plates for the printing
of circulation; and also $849,815.96, for salaries and expenses incident to the examination of national banks; making a total payment
for the year for taxes, etc. (other than internal-revenue tax, of which
no separate account is kept by this Department), of $4,825,267.66.
From 1864 to 1917 the Government derived $140,390,850 from the
tax on national bank circulation. The expenses of the banks incident to the redemption of their circulation from 1874, the date of
the establishment of the National Bank Redemption Agency, to
June 30, 1917, was $10,161,896; and for plates from which circulating notes were printed, $1,517,720. Fees paid for the examination of banks, under the provisions of the national bank act, and
salaries paid in conformity with the Federal reserve act up to and
including June 30, 1917, totaled $11,042,929.81.
Exclusive of contingent expenses paid from the general appropriation for the expenses of the Treasury Department, the expenses
of the Currency Bureau for the year aggregated $1,405,178.08, of
which $158,001.81 was for salaries of the officials and employees of
the bureau at Washington; $299,174.14 for dies, plates, paper,
printing, etc.; $42,980.86 for salaries of the employees engaged in
redemption of circulating notes, reimbursed by national banks and
covered by the item hereinbefore mentioned, "the cost of redemption of circulation/' and $905,021.27 for the maintenance of the corps
of national bank examiners (including salaries and all expenses),
this charge being met by assessment on the banks examined. The
records indicate that the total expenses of the bureau from 1863 to
1917, exclusive of salaries and expenses of national bank examiners,
were $18,052,986.72.
Section 5173, United States Revised Statutes, provides that the
"expenses of the Bureau of the Currency shall be paid out of the
proceeds of the taxes or duties assessed and collected on the circulation of national banking associations * * *." As stated
above, during the existence of the national banking system taxes
collected on circulation have exceeded $140,000,000; the expenses
of the bureau have amounted approximately to $18,000,000, leaving
a profit to the Government from that source of about $122,000,000.
NATIONAL AND FEDERAL RESERVE BANK CIRCULATION ISSUED, REDEEMED, AND OUTSTANDING, ETC.

While there was a decrease of $9,792,915 in the amount of national
bank circulation outstanding during the year ended October 31,
1917, there was an increase of $690,346,800 in the volume of Federal
reserve bank issues, this increase being due mainly to the issuance
of notes against deposits of gold and'gold certificates with the Federal reserve agents, these gqld deposits amounting approximately
to $600,000,000. There was therefore a net increase in bank circulation during the year of $680,553,885, offset mainly by the gold
and gold certificates withdrawn from circulation and deposited with
the Federal reserve agents.
In the following statement is shown the amount of national and
Federal reserve bank circulation printed and delivered by the Bureau of Engraving and Printing, issues to banks, redemptions, increases and reductions, amount outstanding, together with vault
balances for the year ended October 31, last:



KEPOKT OF THE COMPTEOLLEU OF THE CURRENCY.

83

National and Federal Reserve Bank notes.
National
bank notes.
Notes printed and delivered by the Bureau of Engraving and Printing.
$201,705,870
Notes issued
325,570,430
Notes redeemed
335,679,477.50
Excess of notes redeemed over amount issued
10,109,047.50
Excess of notes issued over amount redeemed
...
Notes in vault Oct. 31,1917
341, OSS, 330.00
Reduction in notes in vault
72,889,530.00
Increase in notes in vault
Notes outstanding Oct. 31,1917
716,270,375.00
Reduction in notes outstanding
9.792,915.00
Increase in notes outstanding
[

Federal
reserve notes.
$1,291,280,000
976,400,000
128,730,605
847,669,395
654,940,000
177,120,000
928,843,720
"690," 346 "800

KATES FOR MONEY IN NEW YORK.

During the year rates for call loans in the New York money market
showed a slightly wider range than during the preceding year, and
on a few occasions—during a brief flurry in the stock market in
December last, and in July, at the time of making settlements for
the First Liberty Loan—rates were bid up for a few hours, but soon
settled back to the normal basis. These temporary fluctuations
have no particular significance in connection with the price of money
for the year. The rates generally were low in all sections of the
country, as compared with the rates which had usually prevailed
even in normal times before the beginning of the Federal Reserve
System.
Rates for time loans running from 60 days to 6 months moved
upward steadily throughout the year, ranging from a minimum of
2\ per cent in January to a maximum of 6 per cent in September
and October. Choice commercial paper opened at 3J to 4 per cent
in November, 1916, and reached. 5 to h\ per cent in September and
October, 1917. Prime commercial paper opened at 3j to 4 per cent
in November, 1916, and ruled generally at 4 and a fraction in February, to 5J per cent in October last. Good commercial paper
opened at 3f to 4J per cent in November, 1916, and closed in October,
1917, at 5i to 5f per cent.
The range of rates monthly for each class of paper is shown in the
following table:
Range of rates for money in the New York market, year ended Oct. 31, 1917.
[Reported by the Commercial and Financial Chronicle]
1916
Character of loans.

Call loans, stock exchange:
Range
Time loans:
60 days
90 days
4 months
5 months
6 months
Commercial paper:
Double names—
Choice, 60 to 90 days.
Single n a m e s Prime, 4 to 6 months
Good, 4 to 6 months.




November.

1917
Decem- January.
ber.

February.

March.

April.

2 to 6-i 21 to 15

I|to3

2 to 4

2| to 4
3 to4|
3 to 41
3J to 41
3j to 41

4 to 4h
4 to U
4 to 41
to 4\
4 to 41

2i to 4
2f to4
2fto4
3 to 4
3 to 4

34- -to 41
3 | to 4j
31 to 4i
4 to4§
4 to4£

31 to 4

3|to 41

3j to 41

31 to 4 3| to 41 31 to 4
3£ to 41 4 to 4J 31 to 4

4 to4J
4 to4j
% to 5

84

-REPORT OF THE COMPTROLLER OF THE CUBBENCY.

Range of rates for money in the New York market, year ended Oct. 31, 1917—Continued.
1917
Character of loans.
May.
Call loans, stock exchange:
Range
Time loans:
C days
O
90 days
4 months
5 months
G months
Commercial paper:
Double names—
Choice, C to 90 days.
O
Single n a m e s Prime, 4 to 6 months
Good, 4 to 6 months.

June.

July.

August.

Septem- October.

2J to 41

2 to 6

11 to 10

2 to 6

21- to 7

2 to 6

4 to 5
4 to 5
41 to 5
4* to 5
4|to5

4} to 5$ 4 to
4 to
41 to
4| to 5* 4^ to
4J to 5j 4* to
-?

4 t0 4i
41 to 4$
41 to 5
4* to 51
4* to 51

5 to 51
5 to 6
51 to 6
51 to 6
51 to 6

51 to 5 |
5i to 6
5J to 6
5h to 6
5Jto6

4-|.to 5

4 | to 51 4-| to 5

4 | to 5-1

4£ to 5
5 to 51

4| to 5 | 4* to 5
5 to 5^ 5" to 51

4J to 51
5 to 5i

STERLING

4*
4|
4f
4f
5

51 to 5J
5 to5£
5i to 5$

51 to 5i
5h to 5 |

EXCHANGE.

The Commercial and Financial Chronicle also furnished the statement following, relating to the rates for sterling exchange for 60-day
bills, sight biffs, and cable transfers. I t will be noted that 60-day
bills were quoted at 471£ to 471J in November, 1916, and 471 to
4 7 1 | in October, 1917, while sight exchange on those dates was 475J
to 4:75-11 to 475.10 to 475.35, and cable transfers from 476.40 to
476.45 in November, 1916, to 4 7 6 ^ in October, 1917. The rates
and ranges, by months, during the year for these bills are shown in
the following table:
Actual rates—Bankers' bill.
Date.

November
Peeeniber
January
February
March
April
May
June
July
August
Saptombcr
October

1916.

1917.

Sixty-day.

Sight.

Cable transfers

471Jto47H
471ito472r

476.40 to 476.45.
475* to 475ft
475g to 475.70...... 476.40 to 476£.

471*$ to 472*
471|to472i:
470-J to 471-ft
471 Af to 472|472to472|
472 to 472|
472 to 4721
472to4721
471fto472i
471 to 471|

475^ to 475.80
475| to 475.77*....'.
474f to475-ft
475.55 to 470
475.42|to 475.60...
475* to 475.55
475| to 475.70
47£52ito475&....
4751 to 475,55
475.10 to 475.35

476^ to 476|.
476.40 to 476^.
476^.
476.42* to 477.
476.40~to 476A476^.
476& to 476J.
476^.
476,V470^.

Sterling exchange rates during the year have been stabilized principally through the large purchases of exchange which have been j
ruade in the New York market by the British Government.
'
DISCOUNT BATES OF THE FEDERAL RESERVE BANKS.

In the following table are shown the discount rates of each Federal
Reserve Bank, in effect on December 4, 1917, for 1 to 15 day paper,
16 to 60 days, 61 to 90 days, agricultural and live-stock paper, running more "than 90 days, paper secured by United States certificate of indebtedness or Liberty Loan, bonds, and trade acceptances:



REPORT OF THE COMPTROLLER OF THE CURRENCY.

85

Discount rates of each Federal Reserve Bank in effect Dec. 4, 1917.
Maturities.
Trade acceptances.

Discounts.

Federal Reserve
Bank in—
Within 15
days,
including 16 to 60
member
days.
banks'
collateral
notes.

Secured by U. S. certificates of indebtedness or Liberty Loan
bonds.

Agricultural and
61 to 90 live-stock Within 15
paper
days, inover 90
cluding
days.
member
banks'
collateral
notes.

1 to 60 61 to 90
days,
days,
inclusive. inclusive.
16 to 90
days.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas city
Dallas
San Francisco

I
4
4
4
4
4
4
4
4

Rate for acceptances purchased in open market, 2J to 4 per cent, except for San Francisco, whoso rate ranges
from 21 to 4* per cent.
Rates for" commodity paper have been merged with those for commercial paper of corresponding
maturities.

TEAHSACTIO1TS OF CLSABINa-HOUSE ASSOCIATIONS.
Transactions of the 184 clearing houses of the country for the year
ended September 30, 1917, as reported to the Comptroller of the Currency through the courtesy of Hon. William J. Gilpin, manager of the
New York Clearing House Association, reached $303,998,000,000, an
increase over the previous year of $61,762,000,000, and an increase
over the volume of transactions of 1914 of $140,148,000,000, or approximately 85 per cent.
In Volume 2 of this report will be found a comparative statement
of the amount of clearings for each clearing-house association for the
ears 1916 and 1917, a chronological r^sum^ of the operations of the
lew York Clearing House since its organization in 1854, and also the
transactions during the past year of this association with the Assistant
Treasurer of the United States in New York.
By reference to the returns for the current year it will be seen that
there are 21 associations, the transactions of each of which exceeded
$1,000,000,000 and that their combined transactions aggregated
$278,484,000,000, or over 90 per cent of the total reported clearings.
The transactions of the clearing-house associations in the Federal
Reserve Bank cities were $260,000,000,000 as against $206,865,000,000
in 1916, while the transactions by these associations and the 10 others
with transactions in excess of $1,000,000,000, were $279,159,000,000
against $222,109,000,000 in 1916.
The operations of every clearing house in the country were greater
in 1917 than in 1916, except Albany, N. Y.; Duluth, Minn.; Macon,
Ga.; Jacksonville, Fla.; Fargo, N. Dak.; and Jackson, Miss, The comDigitized forbined decrease in these cities was $100,340,000.
FRASER

S



86

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Of the net increase of $61,762,000,000 of all clearing-house associations, practically 83 per cent is represented by the increases in the
following cities: New York, $34,353,000,000; Chicago, $5,323,000,000;
Philadelphia, $4,406,000,000; Kansas City, $2,228,000,000; Boston,
$2,003,000,000- St. Louis, $1,599,000,000; and San Francisco, $1,338,000,000.
The records of the Federal Reserve Board relating to the operations of the Federal reserve clearing system do not extend further
back than March 16, 1917; but it is reported that from that date to
October 15, 1917, the volume of items cleared was $1,296,000,000, including items on the Treasurer of the United States to the amount
of $56,520,000. It is assumed that a large proportion of these items
is included in the report of the transactions of the clearing houses.
To what extent so-called "country checks" circulated, without
going through clearing houses is not known, but it is assumed that
relatively the amount is not very large. It has been estimated that
during the course of a year, approximately 750,000,000 " country
checks" of the value of $30,000,000,000 are used.
NEW YORK: CLEARING HOUSE.

The statistical history of the New York Clearing House, extending
back to the year 1854, the date of its organization, is of interest,
showing as it does changes in membership and in capital, with the
volume of clearings and balances paid in money in each year, together
with the average daily clearings and balances and the per centage of
balances to clearings. This association is composed of 62 members.
In the association are 29 national banks, 16 State banks, and 14 trust
companies.
The Federal Reserve Bank of New York, the assistant treasurer
of the United States at New York, and the clearing-house collection
department also make their exchanges at the clearing house.
It is noted that there are 21 banks and trust companies in the city
and vicinity, which are not members but which make their exchanges
through banks which are members. The combined capital of the
member banks is reported at $200,750,000. The clearings of these
associations during the year aggregated $181,534,000,000 and the
balances paid in money $12,147,000,000. The average daily clearings were $601,100,000, and the percentage of balances to clearings
6.69 per cent. Of the total balances paid in money $4,641,000,000
was settled through the Federal reserve bank. The remaining debit
balances were paid as follows:
In
In
In
In

United States bearer gold certificates
United States order gold certificates
clearing-house gold certificates
clearing-house note depository certificates:
For legal tenders
For gold certificates
For silver certificates
United States legal tenders and change

$3,083, 323,000
572, 840, 000
281, 550, 000
v..

2,423, 520, 000
74,140, 000
1,066,030, 000
-•-.
4, 808,432

The transactions of the United States assistant treasurer at New
York, with the Clearing House Association, were as follows:
Debit exchanges
Credit exchanges
Excess of credit balances




$596, 863, 000
603, 301,000
„

6,438,000

87

REPORT OF THE COMPTROLLER OF THE CURRENCY.

In the following table is shown in millions of dollars the volume of
clearings of the associations of the Federal reserve bank cities and of
10 other clearing houses, the combined transactions of each of those
classes, as well as of other clearing houses, and the grand total for
the United States:"
Clearings of clearing-house associations in the 12 Federal reserve bank cities and others,
with transactions exceeding $1,000,000,000, in 1917.
(In millions of dollars.)
Clearing house at—
Boston, Mass
New York N Y

Philadelphia Pa ....
Cleveland, Ohio
Richmond Va
Atlanta, Ga

Chicago 111
St. Louis, Mo

Increase.

1917

....

Minneapolis Minn
Kansas City, Mo .
Dallas, Tex
San Francisco, Cal
Pittsburgh, Pa
Detroit, Mich . • .
Baltimore, Md
Cincinnati Ohio .
New Orleans, La
Omaha, Nebr
Los Angeles, Cal
Milwaukee Wis
Seattle, Wash
. .
Louisville, Ky
Total of clearing houses in the 12 Federal reserve bank cities
Total of 10 other principal clearing houses
Total
Total all other clearing houses (162)
Grand total (184)

1916

12,188
181,534
16 423
2,723
1,268
1 313
24,452
6,546
1,617
6,736
675
4,525
3,939
21736
2.233
2,014
1,799
1,670
1 4«5
1,237
1 045
1,001

10 185
147,180
12 018
2 134
810
886
19,129
4,947
1,465
4,508
'416
3,187
3,216
2,021
2,192
1,658
1,180
1,178
1,219
963
711
906

2,003
34,353
4.406
589
458
427
5,323
1,599
152
2,228
259
1,338
723
715
41
356
619
492
266
274
334
95

260,000
19,159

206,865
15,244

53,135
3,915

279,159
24,839

222,109
20,127

57,050
4,712

303,998

242,236

61,762

COMPILATION OF STATE BAWK EETUEFS SINCE 1882.
LEGISLATION RELATING TO RETURNS FROM BANKS OTHER THAN
NATIONAL.

It appears that the first official* attempt to collect statistics relating
to banking, in the United States was made in 1833 by the Secretary of
the Treasury in compliance with a resolution of the House of Representatives adopted July 10, 1832, as follows:
Resolved, That the Secretary of the Treasury be directed to lay before this House,
at the next and each successive session of Congress, copies of such statements or
returns, showing the capital, circulation, discounts, specie, deposits, and condition
of the different State banks and banking companies as may have been communicated
to the legislatures, governors, or other officers of the several States within the year,
and made public; and where such statements can not be obtained, such other authentic
information as will best suit the deficiency.

In conformity with this resolution, and up to 1863, inclusive, the
Secretary of the Treasury submitted to Congress such information
relating to the condition of banks as he had been able to obtain. In
his annual report on the condition of the banks for 1863, the Secretary stated that the action of Congress requiring regular returns from
banks of their circulation and deposits, with reference to the internal



88

BEPOBT OS THE COMPTEOLLEE OE THE CUEEEXCY.

revenue to be collected on account of them, would probably supersede
the necessity of a compilation from statements or returns under State
laws, and suggested the expediency of rescinding the resolution of
July 10, 1832, and this suggestion presumably received favorable
consideration, as no reports to Congress on the condition of State
banks were made by the Secretary subsequent to 1863.
From 1864 to 1882 semiannual returns for taxation purposes were
made to the Commissioner of Internal Revenue relating to the capital
and deposits of banks,
By act of Congress dated February 19, 1873, as amended by act of
February 18, 1875 (sec. 333, U. S. E. S.), the Comptroller of the Currency is required to collect and publish in his annual report to
Congress:
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 to be 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 can not be obtained, the deficiency to be supplied from such other authentic sources as may be available.

From 1873 to 1908 the Comptroller obtained statistics relating to
banks other than national from the State bank superintendents, supplementing these returns by correspondence with individual banks in
States where no provision was made for periodical returns. From
1909 to 1915, inclusive, while the work of revising the monetary
system was in progress, this information was obtained from special
individual reports secured by correspondence with the banks and
through the cooperation of the State bank superintendents.
Information relative to the condition of State banks for the years
1916 and 1917 has been obtained largely from compilations made by
the various State superintendents of banking, and appreciative
acknowledgment is hereby made of the cooperation and assistance
received from these State officers.
STATE, SAVINGS, PRIVATE BAFKS, AND LOAF AHD TEUST
COMPAFIES.
Summaries of reports of conditions received from the various States
for the current year for banks other than national show the condition
on June 20, 1917 (or dates near thereto), of 20,319 State banking
institutions, including private banks and trust companies, or 385
more than reported in 1916.
The paid-in capital stock of these banking institutions aggregates
$1,191,421,153.48, and their resources amounted to $20,836,357,138.31.
In 1916 reporting banks other than national numbered 19,934,
with aggregate capital of $1,129,052,115.96 and resources of
$18,344^369,696.93. The increase in capital is therefore shown to be
$62,369,037.52, or 5.52 per cent, and the increase in resources
$2,491,987,441.38, or 13.58 per cent.
A summary of reports of conditions of banks other than national
is submitted herewith.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

89

Summary of reports of condition of 20,819 reporting banks other than national (State,
savings, private banks, and loan andm trust companies), in the United States and island
possessions at the close of business oh June 20, 1917.
RESOURCES.

Loans and discounts:
Secured by real estate (including mortgages owned)
•
* $3,491, 696, 905.76
Secured by collateral other than real estate 2, 231, 812, 852.12
Loans not classified
5, 913, 040, 331. 03
Total
^ l l , 636, 550,088. 91
Overdrafts
37,580,175.92
Investments:
United States bonds.
77,161, 898. 94
State, county, and municipal bonds
360,194,117. 88
Eailroad bonds
481, 619, 594. 01
Bonds of other public service corporations (including street and interurban
railway bonds)
184,450,454. 67
Bonds, stocks, etc., not classified
3, 887, 325, 917.40
Total
4, 990,751, 982. 90
Banking house (including furniture and
fixtures)
406, 524,343. 55
Other real estate owned
107,245, 863. 77
Due from banks
2, 335,407,162. 83
Checks and other cash items
187,619,629. 09
Exchanges for clearing house
40,611,803. 20
Cash on hand:
Gold coin
100, 291, 519. 56
Gold certificates
237, 840,400. 00
Silver coin
32, 855, 305.15
Silver certificates
5,066, 545. 00
Legal-tender notes
171, 560, 746. 00
National bank notes
35, 369, 675. 00
Federal Reserve notes
9, 957, 825. 00
Nickels and cents
1, 649, 261. 58
Cash not classified
155,199, 798. 77
Total
1
749, 791, 076. 06
Other resources
344, 275,012. 08
Total resources
20, 836, 357,138. 31
LIABILITIES.

Capital stock paid in
$1,191,421,153.48
Surplus.....
1,183,176,680.73
Undivided profits (less expenses and taxes paid)
301,698, 643. 25
Due to banks
888, 330,423. 51
Dividends unpaid
2,121, 947. 01
Individual deposits:
Individual deposits subject to check
without notice
$3,923,119,738.05
Demand certificates of deposit
221, 798,471. 81
Certified checks and cashier's checks
43, 339, 929. 22
Savings deposits, or deposits in interest or
savings department
7, 219,416,446. 49
Time certificates of deposit
1,216, 889,181.48
Deposits not classified
4,143,496, 392. 09
Total....
16, 768, 060,159.14
Postal savings deposits
12, 731,406. 56
Note and bills ^discounted
28,104, 882. 78
Bills payable (including certificates of deposit representing
money borrowed)
84,191,113. 00
Other liabilities.....
376,520,728. 85
Total liabilities...
20,836,357,138.31
NOTE.—Figures for Philippines as of December 31, 1916; for Pennsylvania, March
22, 1917: for Nevada, May 1; Nebraska, May 7; Iowa, May 21; Kansas, June 6;
Minnesota, July 25; and Maine, New Hampshire, Vermont, Rhode Island, Hawaii,
and Porto Rico, June 30.
1

Reports from 10 States show loans secured by farm lands to the amount of $34,848,208.76.


90

REPORT OP THE COMPTROLLER OP THE CURRENCY.

The following table shows the principal items of resources and
liabilities for each class of banks other than national as of June 20,
1917:
Resources and liabilities of 20,319 State, savings, and private hanks and loan and trust
companies, June 20, 1917.15,968 State banks.i 622 mutual savings banks.

1,185 stock savings banks.2

RESOURCES.

Loans and discounts (including overdrafts)... $4,111,555,133.03 $2,368,401,481.53
890,717,114.94
Investments (bonds, securities, etc.)
2,131,688,388.86
175,489,805.06
Banking house, furniture and fixtures
39,974,830.32
38,-273,942.11
22,154,282.79
Other real estate owned
1,078,558,130.65
Due from banks
213,437,132. 40
Checks and other cash items (including ex138,138,260.18
481,176.94
changes for clearing house)
319,373,218.66
29,082,167.18
Cash on hand
47,563,762.52
5,819,011.85
All other resources
Total resources
6,799,669,367.15
4,811,038,471.87 j

$763,770,184.42
159,480,392.77
30,413,232.47
5,588,297.75
133,912,891.23
1,712,140.44
31,853,199.08
1,163,327.49
1,127,893,665.65

LIABILITIES.

Capital stock paid in
Surplus fund
Undivided profits
Due to banks.
Dividends unpaid
Individual deposits
Postal savings deposits
Notes and bills rediscounted
Bills payable
Other liabilities

600,064. 215.61
288,637; 863.19
108,493, 387. 88
274,945, 784.87
526, 362.03
5,390,824, 047.27
5,974, 301.98
18,403, 200. 67
51,357, 415.83
60,442. 787.79

Total liabilities

6,799,669,367.15

321,793,622.00
58,829,989. 38
133,809.53
4,422,489,384. 42
i,*094.*25'
686,815. 89
7,103,756.40
4,811,038,471.87

60,169,915.00
30,585,954.52
24,010,230.07
3,032,299.35
12,000.45
995,532,890.94
735,787.18
50,650.00
843,344. 20
3,920,593.94
1,127,893,665.65

1,608 loan and trust 936 private banks.
Total, 20,319 banks.
companies. 3
RESOURCES.

Loans and discounts (including overdrafts)
Investments (bonds, securities, etc.)
Banking house, furniture and fixtures
Other real estate owned
Due from banks
Checks and other cash items (including exchanges for clearing house)
Cash on hand
All other resources
Total resources.

$4,311,691,357.76
1,789,765,214. 29
153,111,483.90
37,305,106.61
870,125,659.44

$118,712,108.09
19,100,872.04
7,534,991.80
3,924,234.51
39,373,349.11

$11,674,130,264.83
4,990,751,982.90
406,524,343.55
107,245,863.77
2,335,407,162.83

86,545,498.86
363,009,936.83
288,263,933. 86

1,354,357.87
6,472,554. 31
1,464,976.36

228,231,432.29
749,791,076.06
344,275,012.08

7,899,818,189.55

197,937,444.09

20,836,357,138.31

505,507, 321.82
534,778, 274.46
107,006, 467.05
608,242, 470.93
1,562, 667.80
5,797,289, 895.36
6,013, 334.25
8,868, 811.82
28,166, 156.58
302,382, 789.48

16,679. 701.05
7,380! 966. 56
3,358, 568. 87
1,976, 058. 83
20, 916. 70
161,923, 941.15
7,983.15
781, 126.04
3,137! 380.50
2,670: 801. 24

1,191,421,153.48
1,183,176,680.73
301,698,643. 25
888,330,423.51
2,121,947.01
16,768,060,159.14
12,731,406.56
28,104,882.78
84,191,113.00
376,520,728.85

7,899,818,189.55

197,937,444.09

20,838,357,138.31

LIABILITIES.

Capital stock paid in
,
Surplus fund
,
Undivided profits
Due to banks
,
Dividends unpaid
Individual deposits
,
Postal savings deposits
Notes and bills rediscounted.,
Bills payable
,
Other liabilities
Total liabilities
1
2
3

Includes stock savings banks for 13 States and trust companies for 8 States.
Stock savings banks for 13 States included with State banks,
Trust companies for 8 States included with State banks.




91

BEPORT OF THE COMPTROLLER OF THE CURRENCY.

For the purpose of comparison a statement giving the principal
items of resources and liabilities for banks other than national from
1913 to 1917, inclusive, is submitted herewith.
Consolidated returns from State, savings, private banks, and loan and trust companies.
Items.

1913

1914

1915

1916

1917

Loans i
$8,464,738,379.36if 8,893,923,049.95 $9,093,527,548.72 $10,, 164,480,700.42 $11,674,130,264.83
3,517,530,597.54 3, G70,036,288.42 3,813,562,408.67 4,443,609,640.68 4,990,751,982.90
Bonds
666,515,321.95
749,791,076.06
591,607,515. 60 616,655,547.01 599,945,292.32
Cash
1,039,930,069.75 1,073,881,738.20 1,094,322,264.93 1,129; 052,115.96 1,191,421,153.48
Capital
Surplus
and
undivided
profits
1,281,091,605.55 1,284,994,939.99 1,335,850.. 844.93 1,376,792,067.98 1,484,875,323.98
Deposits 2(indi14,730,102,074.
11,522,302,583.69; 12,249,040, 449. 2912,
1,614,485,051.
16, 768,060,159.14
vidual)
14,675,243,842. 44! 15,489,207,260.3G 16,008,444,520.68 18,344,369,696.
Resources
20,836,357,138.31
1

2

Including overdrafts.
STATE

Postal savings deposits not included.
BANKS.

Statements received from the State banking departments show
State banks (commercial banks) to the number of 15,968, with aggregate capital of $600,064,215.61, and aggregate resources of
$6,799,669,367.15. These statistics include so-called stock savings
banks in Virginia, West Virginia, South Carolina, Alabama, Kentucky,
Tennessee, Wisconsin, North Dakota, Montana, New Mexico, Washington, Idaho, and Nevada; and so-called trust companies in Virginia, North Carolina, South Carolina, Alabama, Tennessee, New
Mexico, Idaho, and Nevada, as the banking department of each of
the States mentioned does not segregate these classes of banks in
their summaries of reports, but designates them as commercial banks.
Returns received from many of the States give no classification of
loans, investments, etc., but the consolidated statement shows the
following incomplete classification of loans:
Secured by real estate (including mortgages owned)
Secured by collateral other than real estate
Loans not classified
Total

$341, 577,189. 76
387, 734, 70.8. 94
3, 351, 229, 273. 22
4,080, 541,171. 92

In addition to the loans, overdrafts were reported aggregating
$31,013,961.11, as against $27,158,447.45 reported for 1916.
The investments in bonds, securities, etc., are classified as follows:
United States bonds
State, county, and municipal bonds
Railroad bonds
Bonds of other public service corporations
Not classified
Total
12040 °—CUR 1917—VOL 1




$29, 754,092. 34
54, 258, 239.17
54, 932, 669. 82
15,407, 393. 38
736, 364, 720. 23
890, 717,114. 94

7

92

KEPOET OF THE COMPTROLLER OF THE CURRENCY.

The State banks held cash amounting to $319,373,218-66, of which
$54,566,927 was. gold coin and $53,594,160 gold certificates. Other
items of resources were banking house, furniture and fixtures,
$175,489,805.06; other real estate owned, $38,273,942.11; checks
and cash items and exchanges for clearing house, $138,138,260.18;
and resources not classified, $47,563,762.52.
State banks had surplus aggregating $288,637,863.19 and undivided profits of $108,493,387.88.
Individual deposits amounting to $5,390,824,047.27 are classified
as follows:
Subject to check without notice
Demand certificates of deposit
Certified checks and cashier's checks
Savings deposits
Time certificates of deposit
Deposits not classified..
Total

$2, 078, 859, 770. 77
158, 395, 871. 55
20, 623,292. 71
1,048, 303,412-14
852, 324, 707. 82
1, 232, 316, 992. 28
5, 390, 824, 047. 27

In addition to the individual deposits as classified, dividends unpaid amounted to $526,362.06; postal-savings deposits, $5,974,301.98;
and amounts due to banks and bankers $274,945,784.87, making the
aggregate deposits $5,672,270,496.18.
Notes and bills rediscounted were reported at $18,403,200.67, bills
payable $51,357,415.83, and unclassified liabilities $60,442,787.79.
The statements from State banking departments included in the
foregoing summary are for June 20, 1917, with the following exceptions: Pennsylvania, March 22; Nevada, May 1; Nebraska, May 7;
Iowa, May 21; Kansas, June 6; Maine, New Hampshire, Vermont,
Rhode Island, Hawaii, and Porto Rico, June 30; and Minnesota,
July 25. For the Philippine Islands the official statement as of
Becember 31, 1916, has been used.
MUTUAL SAVINGS BANKS HAVING NO CAPITAL STOCK.

Summaries of reports of condition were received for the current
year from 622 mutual savings banks. The statements for these banks,
furnished by the State banking departments, include statistics for
Maine, New Hampshire, Vermont, Rhode Island, Connecticut, New
York, and Maryland, as of June 30; from Pennsylvania, March 22;
from Minnesota, July 25; while those from the other States conform
to the Comptroller's "call" of June 20.
The mutual savings banks are located mainly in manufacturing
centers and towns of the New England and Eastern States, there
being only 21 reporting institutions of this character in other sections
of the country, namely, 1 in West Virginia, 3 in Ohio, 5 in Indiana,
4 in Wisconsin, 7 in Minnesota, and 1 in California.
The resources of this class of banks for the current year aggregate
$4,811,038,471.87, and their deposits amount to $4,422,489,384.42,
credited to 8,935,055 depositors, the average deposit account being
$494,96. In 1916 mutual savings banks reported resources of
$4,547,941,986.84, and deposits of $4,186,976,600.64, credited to
8,592,271 depositors. The increases during the year, therefore, have



93

BEPOET OF THE COMPTROLLER OF THE CUREEKCY.

been $263,096,485.03 in resources, $235,512,783.78 In deposits,
342,784 in the number of depositors, and $7.6-6 in the average deposit
account.
The following statement shows the number of mutual savings
banks reporting, the number of depositors, the aggregate deposits,
and the average deposit account for each year from 1908 to 1917:
Year.

IS08
1909
1910
1911
1912
1913
1914
1915
1916
1917

Banks.

•

. . .

676
642
638
635
630
623
634
630
622
622

Depositors.

7,137,4S1
7,204,579
7. 481,649
7,680,973
7,851,377
8,101,238
8,277,359
8,307, 787
8,592,271
8,935,055

Deposits.

$3,065,686,012
3,144,584,874
3 360,563,842
3,460,575,072
3,608,657,828
3,769,555,330
3/915,626,190
3/950,666.362
4,186,976,600
4,422,489,384

Average
to each
depositor.
$429.52
435.66
449.17
449.95
459.62
465.31
473.05
475.53
487.30
494.98

1

* Only 627 banks reported as to the number of depositors and the average deposit is taken on that basis.

The resources of the mutual savings banks are classified as follows: Loans, $2,368,401,481.53; investments in bonds, securities,
etc., $2,131,688,388.86; banking house, furniture, and fixtures,
$39,974,830.32; other real estate owned, $22,154,282.79; due from
banks, $213,437,132.40; checks and other cash items, $481,176.94;
cash on hand, $29,082,167.18; all other resources, $5,819,011.85.
The liabilities are classified us follows: Surplus, $321,793,622;
undivided profits, $58,829,989.38; due to banks, $133,809.53;
deposits, $4,422,489,384.42; and all other liabilities, $7,791,666.54.
The table following shows the number of depositors in mutual
savings banks, the aggregate deposits, and the average amount due
each depositor, in the States indicated, on June 30, 1916, and June
20, 1917.




94

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Number of mutual savings banhs, number of depositors, aggregate deposits, and average
deposit accounts by States, June 30, 1916, and June 20, 1917.
1917

191G

States.

Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut

Number of Depositbanks.
ors.

48
239,500
47
202,209
116,812
20
2 195 2,419,914
157,415
15
653,947
2 80

Deposits.

Average to Numeach
ber of
depos- banks.
itor.

$99,546,016.12 $415.46
101,481,017.52 501.86
56,071,818.82 480.01
975,365,518.29 403.06
88,343,735.47 581.11
338,899,894.47 518.24

405 3,789,827 1,659,708,030.69

437.94

141 3,335,538 1,883,242,203.58
120,383,076.18
24
301 943
238,502,832.12
11
515; 687
13,362,876.51
2
36,691
99,537,966.31
2 18 246,162

564.60
398.69
462.49
364.19
404.36

196 4,436,021 2,355,02S, 954.70

Total
New York
New Jersey.
Pennsylvania....
Delaware...
.
Maryland

Depositors.

Deposits.

Average to
each
depositor.

240,814
M6
$98,689,825.73 S409.81
206. 590
M6
105, 764,673.14 511.95
118^ 864
120
59,676,772.53 502.05
2 196 3 2,566,467 1,026,822,448.75 400.09
161,470
115
92,769,759.36 574.53
- 181 4 680,682
363,602,570.50 534.16
404

3,974,887 1,747,326,050.01

439.59

5 141 3,452,111 1,991,469,146.62
24
308,556
128,265,535.36
531,531
6 11
256,939,368.37
39,31S
14,648,256.45
2
7 250,000
101,917,376.07
i 19

576.88
415.66
483.40
372.50
407.67

530.89

197

West Virginia....

1

6,181

1,616,077.91

261.42

1

6,542

1,743,335.31

286.48

Ohio
Indiana
Wisconsin........
Minnesota........

3
5
4
7

115,320
33,367
8,784
114,826

64, 789,961. 25
13,062,412.08
2,306,046.15
28,393,328.47

561.82
391.47
262.50
247.27

3
5
4
87

114,023
34,003
9,366
? 126,308

68,397,224.00
14,337,222.17
2,573,369.30
29,578,559.32

599.85
421.65
274.76
234.18

Total

19

272,297

108,551, 747.95

398.65

19

283,700

114,886,374.79

404.96

California

1

87,945

62,071,789.39

705.79

1

622 8,592,271 4,186,976,600.64

487.30

622

Total

Grand total
1

J u n e 30,1917.
2 Unofficial.
For depositors in 3 banks.
« Oct. 1, 1916.

3

4,581,516 2,493,237,682.87

88,410 |

544.19

65,295,941.44

738.56

8,935,055 4,422,489,384.42

494.96

s July 1, 1917.
6 Mar. 22, 1917.
* Estimated, 1915 figures used.
s July 25, 1917.

STOCK SAVINGS BANKS.

Many of the so-called stock savings banks transact also a commercial business. The banking departments of many of the States
include the returns of stock savings banks with commercial banks.
While many State bank superintendents publish a summary of the
returns from each class of banks under State supervision, quite a
number make no separate compilation for banks with the word
u
savings" in their title, there being a lack of uniformity in the State
laws in regard to the classification of such banks. So long as this
practice continues it will not be possible for this office to make
definite summaries for stock savings banks as a special class.
Statistics for the current year were furnished by the banking
departments in the form of summaries of official reports of condition
made by such departments. Therefore it has not been possible to
make as complete a segregation of the statements for stock savings
banks as was done in 1915, and several years prior thereto, when the
summaries were prepared from individual statements submitted to
this office.
In California a large number of the banks are known as departmental banks, which make separate reports to the banking department of that State for each class of business transacted; that is, for
their commercial department, trust department, and savings depart-




BEPORT OF THE COMPTROLLER OF THE CURRENCY.

95

ment. Under the laws of that State any bank may carry on one or all
three classes of business, but each department must be kept separate.
The regulations apply specifically to each department. Figures for
California banks, therefore, include the resources and liabilities of
savings banks, and the "savings departments" of other banks.
In 1915 stock savings banks to the number of 1,529 furnished
reports to this office. In 1916 from summaries furnished by the
banking departments only 1,242 stock savings banks were separately
shown. For the present year returns from only 1,185 stock savings
banks have been compiled separately. Of the 1,185 reporting stock
savings banks 892 are located in the State of Iowa.
This apparent decrease is, therefore, due to the fact that in the
returns for the current year 69 stock savings banks which were classified as such in last year's report are this year classified as commercial
State banks. The returns from those States from which a complete
classification was received both last year and this year show an
increase of 10 in the number of stock savings banks during this
period.
Statistics for stock savings banks of Virginia, West Virginia, South
Carolina, Alabama, Kentucky, Tennessee, Wisconsin, North Dakota,
Montana, New Mexico, Washington, Idaho, and Nevada are included
in the statistics for commercial or State banks as furnished this office
by the banking departments of these States.
The banking departments of a number of other States include all
classes of banks in one official summary, but in such instances separate statements have been compiled as a special courtesy to this
bureau, or a representative of the bureau has been given permission
to compile the necessary data from the official reports.
Reports for the current year from all stock savings banks are of
date June 20, with the exception of those from Nebraska, as of May
7; Kansas, June 6; New Hampshire, June 30; and Minnesota,
July 25.
The 1,185 stock savings banks from which returns were compiled
reported loans aggregating $761,987,078.50 and overdrafts amounting to $1,783,105.92. Investments in bonds, securities, etc., aggregated $159,480,392.77; balances due from banks, $133,912,891.23;
and cash in banks, $31,853,199.08. Banking house, furniture, and
fixtures amounted to $30,413,232.47; other real estate owned,
$5,588,297.75; checks, cash items, and exchanges for clearing house,
$1^712,140.44;and all other resources, $1,163,327.49.
On the liability side capital stock was reported at $69,169,915;
surplus, $30,585,954.52; and undivided profits, $24,010,230.07. The
amount due to banks was $3,032,299.35, and individual deposits
$995,532,890.94, not including the sum of $12,000.45 reported as
dividends unpaid and $735,787.18 postal savings deposits. Of the
individual deposits the sum of $952,590,638.55 was classified as
savings, $8,151,954.12 as time certificates of deposit, $2,253,823.96
as demand certificates of deposit, $115,648.01 as certified checks
and cashier's checks, $22,938,916.39 as subject to check without
notice and deposits to the amount of $9,481,909.91 were not
classified.
The depositors in the 1,185 reporting stock savings banks numbered 2,431,958, with deposits to their credit, as stated, of $995,532,890.94, or an average for each depositor of $409.35.




96

REPORT OF THE COMPTROLLER OF THE CURRENCY.

The following table shows the number of depositors in reporting
stock savings banks, the aggregate deposits, and the average amount
due to each depositor in the States indicated on June 30, 1916, and
June 20, 1917.
Number of stock savings banlcs, number of depositors, aggregate deposits, and average
deposit account, by Stales, June SO, 1916, and June 20, 1917.
1916

States*
Banks.

Depositors.

Deposits.

1917
Average to
each Banks.
depositor.

New Jersey
Maryland
District of Columbia.
Total.

49

West Virginia...
North Carolina..
Georgia
,
Florida
Alabama
Mississippi
Louisiana
Kentucky

$9,051,992.20 $375.26
14,938,164.91
13,152,677.00
13,535,000.00

184,694

41,625,841.91

225.38

3,768,268.37
7,472,475.61
13,824,784.72
1,759,612.08
13,311,009.83
2,265,420.21
22,186,796.03
3,142,776.06

225.01
184.05
254.02
244.49
58.13
219.94
248.15
165.41

Total.

100

466,676

67,731,142.91

25,205

4
2
865

28,918
7,571,410.38
25,423
8,326,277.87
670,000 246,172,395.04

871

724,341 262,070,083.29

51

198,753

46,715,827.01

235.05

19
4

i 44,660
150,000
19,197

8,331,164.03
12,354,805.81
2,263,283.00

186.55
247.09
246.09

12
11

i 15,450
198,350

3,503,306.22
24,797,491.52

226.78
252.14

59

217,657

Total.

57
11
3
128
10

Total
Total United States
1

Estimated.

2

1,162,175.81
2,654,529.55
3,272,818.68

51,129

10,873,984.25

235.46
283.83
333.16
401.65

317,763,575.59
4,510,756.29
652,752.54
977,731.42
4,133,603.26

209.90
200.23
391.09
174.09

45,250

10,274,843.51

227.07

404,055.24
1,141
121 1,072,400 539,373,529.46
10
161,000 16,648,228.32
3,292,335.94
3
17,200

212.68
330.00
296.49
481.56
253.44
427.24

395.55

21,490
13,260
12,500
118,000

354.12
502.93
272.92
457.27

429.01
225.82
226.29

55,760 18,400,946.07
529,226.72
1,785
985,319 474,485,569.90
56,232 14,251,551.68
2,590,354.95
6,063

51,250,550.58

25,385
7,205,094.76
127,967
9,317,439.54
1750,000 301,241,041.29

170.46

2,709
11,755
14,463

Washington.,
Oregon
California....
Utah
Arizona

3,784,460.21

89,809,945.29 1389.21
16,045,585.89
14,977,241.12
15,693,000.00

361.80

22,202

Nebraska
Kansas
...
Wyoming
Colorado
New Mexico.

Average to
each

39,100
148,000
2 111,653

261.82
327.51
367.42

Total.

10

145.14

Michigan...
Minnesota.
Iowa

Deposits.

itor.

390.02
292.28
133.41

16,747
40,600
54,424
7,197
229,000
10,300
89,408
19,000

10

24,122
38,242
45,000
101,452

New Hampshire.

Depositors.

31

155 1,105,159 510,257,649.32

461.71

136 1,141,741 559,718,148.96

490.23

1,242 12,556,121 901,610,693.88

352. 72

1,185 2,431,958 J995,532,890.94

409.35

Exclusive of 3,779 Christmas savings accounts.

8

Included with State banks.

It will be noted that stock savings banks for the States of West
Virginia, Alabama, Kentucky, New Mexico, and Washington included in the foregoing table for 1916 are omitted for 1917, but returns
therefrom are included with the figures furnished for commercial
banks. The banks thus omitted number 69, with deposits in 1916
aggregating $41,896,000, credited to 334,970 depositors. Adding
these figures to the returns for stock savings banks for the current
year, it may be assumed that stock savings banks in operation number
at least 1,254, with deposits in excess of $1,037,000,000 and depositors
numbering more than 2,766,000.



BEPOUT OF THE COMPTROLLER OE THE CURRENCY,

97

ALL REPORTING SAYINGS BANKS.

The growth of savings banks (mutual and stock) in the United
States from 1820 to 1917, as evidenced by the amount of deposits,
number of depositors, average deposit account, and average per
capita in census years, from 1890 to 1916, is shown in the following
table:
Number of savings banhs in the United States, number of depositors, amount of savings
deposits, average amount due each depositor in the years 1820, 1825, 1830, 1835, 1840,
1845, and yearly to 1917, and average per capita in the United States in the years given.

Year.

1820
1825
1830
1835
1840
1845
1848
1847
1848
1849
1850.
1851.
1852
1853
1854
1855
1850
1857
1858
1859
1860,
1861.
1882,
1863,
1864,
1865,
18G6,
1867,
1868,
1869,
1870,
1871,
1872,
1873
1874,
1875.
1876,
1877,
1878.
1879.
1880.
1881.
1882.
1883.
1884.
1885,
1886,
1887
1888
1889
1890,
1891
1892
1893
1894,
1895.
1896.
1897.
1898.
1899.
1900.
1901.
1902.




Banks.

Depositors.

10
15
36
52
61
70
74
76
83
90
108
128
141
159
190
215
222
231
245
259
278
285
289
293
305
317
338
371
406
476
517
577
647
669
693
771
781
675
663
639
629
629
629
630
638
646
638
684
801
849
921
1,011
1,059
1,030
1,024
1,017
988
980
979
987
1,002
1,007
1,036

8,635
16,931
38,035
60,058
78,701
145,206
158,709
187,739
199,764
217,318
251,354
277,148
308,863
365,538
396,173
431,602
487,986
490,428
538,840
622,556
693,870
694,487
787,943
887,096
976,025
980,844
1,087,061
1,188,202
1,310,144
1,466,684
1,630,846
1,902,047
1,992,925
2,185,832
2,293, 401
2,359,864
2,368,630
2,395,314
2,400,785
2,268,707
2,335,582
2,528,749
2,710,354
2,876,438
3,015,151
3,071,495
3,158,950
3,418,013
3,838,291
4,021,523
4,258,893
4,533,217
4,781,605
4,830,599
4,777,687
4,875,519
5,065,494
5,201,132
5,385,746
5,687,818
6,107,083
6,358,723
6,666,672

Deposits.

$1,138,576
2,537,082
6,973,304
10,613,726
14,051,520
24,506,677
27,374,325
31,627,479
33,087,488
36,073,924

43,431,130
50,457,913
59,467,453
72,313,696
77,823,906

84,290,076
95.598,230
98,512,968
108,438^287
128,657,901
149,277,504
146,729,882
169,434,540
206,235,202
236,280,401
242,619,382
282,455,794
327,009, 452
392,781,813
457,675,050
549,874,358
650.745.442
735; 046", 805
802,363,609
864,556,902
924,037,304
941,350,255
866,218,306
879,897,425
802,490,298
819,106,973
891,961,142
966,797,081
1,024,856, 787
1,073, 294,955
1,095,172,147
1,141,530,578
1,235,247,371
1,364,196,550
1,425,230,349
1,524,844,506
1,623,079,749
1,712,769,026
1,785,150,957
1,747,961,280
1,810,597,023
1,907,156,277
1,939,376,035
2,065,631,298
2,230,366,954
2,449,547,885
2,597,094,580
% 750,177,290

Average
Average per capita
due each in the
depositor. United
States.
$131.86
149.84
183.09
176.72
178.54
168.77
172.48
168. 46
165.63
165.99
172. 78
182.08
192.54
197.82
196. 44
195.29
195.90
200.87
201.24
206.66
215.13
211. 27
215.03
232. 48
242.08
247.35
264. 70
283.63
299.80
312. 04
337.17
342,13
368. 82
367.07
376.98
391.56
397.42
361.63
366.50
353.72
350. 71
352. 73
356. 70
356. 29
355.96
356.56
361.36
361.39
355.41
354.40
358.03
358.04
358.20
369.55
365.86
371.36
376.50
372.88
383.54
392.13
401.10
408.30
412.53

$0.12

.82

1.87

4.75

14.28

18.33

24.35
25.29
28.11
26.63
25.53
25.88
26.68
26.56
27.67
29.24
31.78
33.45
34.89

98

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Number of savings banks in the United States, number of depositors, amount of savings
deposits, average amount due each depositor in the years 1820, 1825, 1830, 1835, 1840,
1845, and yearly to 1917, and average per capita in the United States in the years given—
Continued.

Year.

1903
1904
1905
1906
1907
3908
1909
1910
1911
1912.. .
1913
1914
1915
, Q1PJ M u t u a l savings b a n k s
1Jlo
\Stock
savings b a n k s i
1 O 1 7 ( M u t u a l savings b a n k s
1Jl
: (Stock savings b a n k s i

Banks.

1,078
1,157
1,237
1,319
1,415
1,453
1,703
1,759
1,884
1,922
1,978
2,100
2,159
622
1,242
622
3 1,185

Depositors.

7,035,228
7,305,443
7,696,229
8,027,192
8,588,811
8,705,848
8,831,863
9,142,908
9, 794,647
10,010,304
10,766,938
11,109,499
11,285,755
8,592,271
2,556,121
8,935,055
2,431,958

Deposits.

$2,935,204,845
3,060,178,611
3,261,236,119
3,482,137,198
3,690,078,945
3,660,553,945
3,713,405,710
4,070,486,246
4,212,583,598
4,451,818,522
4,727,403,950
4,936,591,849
4,997,706,013
4,186,976,600
2 901,610,694
4,422,489,384
995,532,890

Average
Average per capita
due each
in the
depositor. United
States.
$417.21
418.89
423. 74
433. 79
429.64
420.47
420. 45
445.20
430.09
444.72
439.07
444.35
442. 83
487.30
352. 72
494.96
409.35

S36.52
37.52
39.17
41.13
42.87
41.84
41.75
45.05
44.82
46.53
48.56
49.85
49.91

1
The relatively small amount of deposits reported for stock savings banks is due to the fact that the
returns from many States include this class of banks with commercial banks.
2 Includes time deposits, $9,889,107, and commercial deposits amounting to $47,374,709.
s 69 banks, with deposits aggregating $41,896,000 and depositors numbering 334,970, included with figures
for stock savings banks in 1916, are included with statistics for State banks for the current year for the
reason that State banking departments did not compile the returns separately.
NOTE.—In the assembling of data in relation to savings banks the classification of banks as made by
the State banking departments is closely followed, in consequence of which a number of so-called State
savings banks, formerly treated by this office as savings banks, are now regarded as commercial banks,
and the returns therefrom are combined with the latter.
In the foregoing table the figures for 1896 to 1908, inclusive, but not subsequently, include the number
of depositors and the amount of deposits in the State banks of Illinois having savings departments, but
not the number of such banks, by reason of the fact that general returns from these institutions are incorporated in State banks' returns.

While deposits in the mutual and stock savings banks aggregating
$5,418,022,274 are indicated as sayings, approximately $88,000,000
of this sum were reported as subject to check without notice and
$26,000,000 as unclassified.
In addition to savings deposits amounting to $7,219,416,446, the
banks, including national, report time deposits to the amoiint of
$1,265,721,000 and time certificates of deposit $2,041,787,181, or an
aggregate of $10,526,924,627 savings and time deposits in all banks,
these deposits being about 40 per cent of the individual deposits in
all reporting banks.
LOAN AND TRUST COMPANIES.

Summaries of reports of condition as of June 20, 1917, from 1,608
loan and trust companies show aggregate capital of $505,507,321.82
and aggregate resources of $7,899,818,189.55.
In June, 1916, reports were received from 1,606 loan and trust
companies with capital of $475,832,586.87 and resources of
$7,028,269,761.55.
Returns from the banking departments of Virginia, North Carolina,
South Carolina, Alabama, Tennessee, New Mexico, Idaho, and
Nevada include this class of institutions with commercial banks.
On June 20, 1917, loan and trust companies held loans and discounts aggregating $4,308,246,853.87, not including overdrafts
amounting to $3,444,503.89.



REPORT OF THE COMPTROLLER OF THE CURRENCY.

99

Investments in bonds, securities, etc., aggregated $1,789,765,214.29;
banking house, furniture, and fixtures, $153,111,483.80; other real
estate owned, $37,305,106.61. The amount due from banks was
$870,125,659.44; checks and other cash items, $64,807,944.82; and
exchanges for clearing house, $21,737,552.04. Cash on hand was
$363,009,936.23 and other miscellaneous resources $288,263,933.86.
The loan and trust companies had on June 20, 1917, a surplus fund
of $534,778,274.46, or over $105 for each $100 of capital stock, and
their undivided profits were $107,006,467.05. The amount due to
banks was $608,242,470.93; dividends unpaid, $1,562,667.15; individual deposits, $5,797,289,895.36; and~postal savings deposits,
$6,013,334.25. Notes and bills rediscounted were reported at
$8,868,811.82; bills payable, $28,166,156.58; and miscellaneous
liabilities, $302,382,789.48.
The growth of loan and trust companies during the past five years
is indicated by the following figures (expressed in millions), showing
the principal items of resources and liabilities:
Year.

Number.

1912
1913
1914
1915
1916
1917

1,410
1,515
1,564
1,664
1,606
1,608

Loans.

Investments.

$2,711.2
2,767.3
2,905. 7
3,048.6
3,704.3
4,311.7

$1,219.1
1,191.0
1,261.3
1,349.6
1,605.4
1,789.7

Capital.

Surplus
and
profits.

1418.9
452.4
462.2
476.8
475.8
505.5

$560.7
574.3
564.4
577.4
605.5
641.8

All
deposits.
$3,975.3
3,867.8
4,289.1
4,604.0
5,732.4
6,413.1

Aggregate
resources.
S5,107.4
5,123.9
5,489.5
5,873.1
7,028.2
7,899.8

PRIVATE BANKS.

There are between 3,000 and 4,000 private banks in operation in
the United States, but comparatively few are under State supervision, and consequently returns from this class of banks are very
meager. More than one-half of the private banking institutions
which are not under State supervision refuse to furnish reports of
condition for statistical purposes.
Reports as of June 20, 1917, were received from 936 private
banks, against 1,014 in 1916.
The private banks reporting numbered 117 from the Eastern
States, 42 from the Southern States, 728 from the Middle Western
States, 47 from the Western States, and 2 from the Pacific States.
The capital of the 936 reporting private banks aggregated
$16,679,701.05 and the resources $197,937,444.09. The loans and
discounts aggregated $117,373,506.84, not including overdrafts
amounting to $1,338,601.25; investments in bonds, securities, etc.,
were $19,100,872.04; real estate (including banking house, furniture,
and fixtures), $11,459,226.31; amount due from banks, $39,373,349.11,
cash on hand, $6,472,554.31; checks and other cash items,
$1,354,357.87; and other resources, $1,464,976.36.
Private banks reported surplus amounting to $7,380,966.56,
undivided
profits
$3,358,568.87, and individual
deposits
$161,923,941.15, besides $1,976,058.83 due to banks and $28,859.85
other deposits.
Of the individual deposits, $15,458,366.91 was classified as savings
deposits and $33,498,192.05 as time deposits. Bills payable and




100

REPORT OF THE COMPTROLLER OF THE CURRENCY.

rediscounts amounted to $3,918,506.54 and liabilities not classified
$2,670,801.24.
The returns from private banks were all official except those from
Pennsylvania, Texas, Illinois, Michigan, and Iowa.
REPORTS OF CONDITION OF ALL BASfKS IU THE UKflTED
STATES.
The consolidated statements of condition of 27,923 reporting banks
in the United States and island possessions for June, 1917, including
National, State, savings, and private banks and loan and trust companies, show aggregate capital of $2,274,200,153.48 and aggregate
resources of $37,126,763,138.31.
This is an increase during the year of 410 in the number of
banks reporting, $79,099,037.52 in capital, and $4,855,525,441.38
in resources.
The statement following shows the increases during the year in
the principal items of resources and liabilities of banks under State
supervision, compared with the increases shown by the reports of
national banks for the same period.
Comparative statement of the principal items of resources and liabilities of State and
national banks.
State and private banks, etc.
1916
Number of banks
Increase
Percentage of increase
Loans
Increase
Percentage of increase
Aggregate resources
Increase
Percentage of increase
All deposits
Increase
Percentage of increase
Capital
Increase
Percentage of increase
Surplus and profits
Increase
Percentage of increase

19,934
$10,164,500,000
$18,344,300,000
$15,499,400,000
$1,129,000,000
*$i,"376," 866*600'

1

1917
20,319
385
1.93
$11,674, 100,000
$1,509, 600,000
14.85
$20,836, 300,000
$2,492, 000,000
13.58
$17,671, 200,000
$2,171, 800,000
14.01
$1,191, 400,000
$62, 400,000
5.53
$1,484, 900,000
$108, 100,000
7.85

National banks.
1916

1917

7,604
25
0.33
"$7,"685 *366*666" 1 $8,967,300,000
$1,282,000,000
16.68
"il3," 926," 800," 665" 1 $16,290,400,000
$2,363,600,000
16.97
"$16*877 "ioo," 666" $12,771,800,000
$1,894,700,000
17.42
$1,082,800,000
""$i,'666*666*666"
$16,800,000
1.53
$1,134,900,000
"$1*637*266," 666"
$97,700,000
9.42
7,579

Includes rediscounts.

It appears that during the fiscal year there was an increase of
385 in reporting banks other than national and an increase of 25
in the number of national banks. The loans (including loans rediscounted) of State banks increased by $1,509,600,000, or 14.85 per
cent, while loans of national banks increased by $1,282,000,000, or
16.68 per cent.
Aggregate resources of State banks increased by $2,492,000,000, or
13.58 per cent, while resources of national banks increased by
$2,363,600,000, or 16.97 per cent.
The statistics for State banks show an increase in deposits of
$2,171,800,000; in national banks the increase was $1,894,700,000;
the percentage of increase being 14.01 for State, and 17.42 for national



EEPORT OF THE COMPTROLLER OP THE CURRENCY.

101

banks. State banks increased their capital by 5.53 per cent. An
increase of 1.58 per cent was shown by national banks, but national
banks increased their surplus and undivided profits during the year
by 9.42 per cent, while State banks increased their surplus and
profits 7.85 per cent.
¥ATIOFAL, FEDERAL EESEBVE, AND STATE BAHKS,
In the weekly statement published by the Federal Reserve Board,
giving the condition of the Federal reserve banks as of June 22, 1917,
the capital of these banks is reported at $57,171/000 and their resources $,t $1,999,642,000.
By including the reports of the 12 Federal reserve banks with
those from all other reporting banks, it will be noted that
the aggregate resources of the banks of the country approximate
$39,126,400,000 with a total capital of over $2,331,000,000. The
increase in resources of all banks of the country—State, national,
and Federal reserve—during the past year has thus amounted to over
$6,230,000,000.
The following statement shows the principal items of resources and
liabilities of 27,923 reporting banks from reports of condition at
the close of business on June 20, 1917, together -with, a summary of
reports of condition of the 12 Federal reserve banks as of June
22, 1917.
Statement of the^principal items of resources and liabilities of 27,941 reporting banks,
including the Federal reserve banks in the United States and island possessions June,
1917.
27,923 reporting
banks June 20,
1917.

12 Federal reserve
banks June 22, Total, 27,935 banks.
1917.

BESOTTRCES.

Loans and discounts
Overdrafts
Investments
Banking house, furniture, and fixtures
Other real estate owned
Due from banks
Checks and other cash items
Exchanges for clearing house
Cash on hand
Other resources
Total resources.

$20,594,228. 088.91
47,199j 175.92
8,003,819, 982.90
709,085, 343.55
153,901, 863.77
4,793,167, 162.83
272,608, 629.09
486,082, 803.20
1,502,502, 076.06
564,188, 012.08

1,247,698,000.00
908,000.00

$21,029, 515,088.91
47, 199,175.92
8,121, 181,982.90
709, 065,343.55
153, 901,863.7?
4,991, 554,162.83
272, 608,629.09
486, 082,803.20
2,750, 200,076.08
565, 096,012.03

37,126,763,138.31

1,999,642,000.00

39,126,405,138.31

274,200,153.48
945,543,680.73
674,190,643.25
600,431.000.00
3, 913,944,423.51

57,171,000.00

""2*377*666*66"

2,331,371,153.48
1,945,543,680.73
674,190,643.25
660,431,000.00
4,857,734,423.51
500,497,000.00
4,585,947.01
26,289,708,159.14
628,772,000.00
101,873,406.56
167,470,882.78
317,853,113.00
646,373,728.85

1,999,642,000.00

39,126,405,138.31

$435,287,000.0G
ii7,362,6o6.66
1198,387,000.00

LIABILITIES.
Gapital stock paid in
Surplus
,
Undivided profits
National bank circulation
Due to banks
Federal reserve note circulation..
Dividends unpaid
Deposits
United States deposits
Postal-savings deposits
Notes and bills rediscounted
Bills payable
Other liabilities
Total liabilities.

4,585,947.01
\, 289,708,159.14
132,965,000.00
101,873,406.56
167,470,882.78
317,853,113.00
643,996,728.85
37,126,763,138.31

2 943,790,000.00
3 500,497,000.00
495,807,000.00

1 Uncollected items and due from other Federal reserve banks.
2 Due to members-reserve account, $806,209,000, and collection items, §137,581,009.
8
Includes $766,000 Federal reserve bank notes.




102

EEPOET OF THE COMPTROLLER OF THE CURRENCY.

LOANS, DEPOSITS, AND AGGREGATE RESOURCES OF NATIONAL, STATE,
AND PRIVATE BANKS.

The development of banking is notably shown in the increase in
volume of loans, deposits, and aggregate assets. Comparative statistics appear elsewhere in this report, relating to this development by
years, and therein are included the amount and percentage of increase in the items in question from June, 1916, to June, 1917.
It is observed that the volume of loans increased during the year
from $17,850,000,000 to $20,641,000,000, or 15.64 per cent. Deposits
increased from $26,376,000,000 to $30,443,000,000, or 15.42 per
cent, and the combined assets increased from $32,271,000,000 to
$37,126,000,000, or 15.05 per cent. The rate of increase in loans in
the New England States was 10.28 per cent; in deposits, 8.77 per cent;
and in aggregate resources, 10.04 per cent.
In the Eastern States loans increased 14.80 per cent; deposits,
10.82 per cent; resources, 12.41 per cent.
Large increases are shown in the Southern and Western States.
In the former loans increased 16.93 per cent; deposits, 28.67 per cent;
and resources, 28.72 per cent. In the Western States the increase
in loans was 29.35 per cent; deposits, 36.09 per cent; and resources,
30.33 per cent.
In the Middle Western States the increase in loans was 15.05 per
cent; deposits, 17.21 per cent; resources, 15.82 per cent; while in
the Pacific States the increase in loans was 18.48 per cent* deposits,
20.70 per cent; and aggregate resources, 18.22 per cent.
There are perhaps as many as 3,000 private banking concerns in
the country from which no reports can be obtained by this bureau,
A careful estimate based on the returns received for the current year
from reporting private banks indicates that the capital of these
nonreporting banks amounts to approximately $50,000,000 and their
resources to about $530,000,000. The aggregate banking resources
of the country, actual and estimated, would, therefore, appear to be
close to $40,000,000,000, an increase of over $6,000,000,000,or, say,
18 per cent above actual and estimated banking resources in 1916.
BANKING FOWEK OF THE UNITED STATES.

The banking power of the United States in June, 1917, as represented by capital, surplus and other profits, circulation, and deposits
of national and other reporting banks, together with the estimated
amount of funds of this character in nonreporting banks, as well as
the paid-in capital, Government and reserve deposits, and Federal
reserve notes in circulation as shown by the statement of the Federal
reserve banks as of June 22, 1917, was $34,473,100,000.
In June, 1916, the estimated banking power of the United States
was $29,353,500,000. The increase for the current year in the
banking power of the country, as thus defined, is over $5,000,000,000,
or about 17J per cent. The estimated increase in 1916 over 1915
was $3,956,400,000, or 15.57 per cent. The details for 1917 are set
forth in the following table:



REPOET OF THE COMPTROLLER OF THE CURRENCY.

103

Banking power of the United States, June 20, 1917.
(Money columns in millions.)
Nationalbank circulation
Num- Capital Surplus
Deand
ber of paid in. and
profits. posits, i Federal
banks.
reserve
notes.
National banks
Reporting State banks
Nonreporting pri vate
banks 2
Total
Federal reserve banks
Grand total.

7,604 $1,082.8 $1,134.9 $9,746.2
20,319 1,191.4 1,484.8 16, 782.9
2,830

50.0

30.0

Total
June,
1917.

Total
June,
1916.

Increase
over
1916.

$1,680.9
2,204.5
8__1
530.0
531.0
32,613.4 28,729.0 3,884.4
1,859.7
624.5 1,235.2

$660.4 lxi.9 fW4 2 $10,943.4

19,459.1

450.0

30 7ri3 2,324.2
57.2
' 12

2, 649.7 26,979.1
1,302.0

660.4
500.5

30, 765 2,381.4

2,649. 7 28,281.1

1,160.9

17,254.6

34,473.1

29,353.5

5,119.6

1 Includes dividends unpaid, postal savings, and United States deposits, but not amounts due to banks,
except in case of reserve deposits with Federal reserve banKs, which banks are required to maintain in
gold and lawful money a reserve of not less than 35 per cent against deposits.
2
8 Estimated on basis of capital, etc., of reporting private banks.
Decrease.

As illustrating the marvelous growth in banking subsequent to
the organization of the Federal reserve banks, it will be of interest
to note that since June, 1914, the estimated banking power of the
United States has increased from $24,340,000,000 to $34,473,100,000,
in June, 1917, a gain of $10,133,100,000, or over 41 per cent, in three
years.
For the preceding three-year period, or from June, 1911, to June,
1914, the gain was only about 14 per cent, or from $21,334,400,000
to $24,340,000,000.
The banking power of the United States alone to-day is more than
double the banking power of the world as it stood in 1890 when
MulhalPs estimate placed the world's banking power at $15,985,000,000, and the banking power of the United States is now more
than six times greater than MulhalFs estimate of our banking power
in 1890, which was given by him at $5,150,000,000.
SUMMAKY OF THE COMBINED RETUEFS FEOM NATIONAL
AID) OTHEB BANKS IN JUNE, 1917.
The banks furnishing statements for use in connection with this
report number 27,923, being 410 more than reported in 1916. Their
resources aggregate $37,126,763,138.31 against $32,271,237,696.93
in 1916, the increase being $4,855,525,441.38, or 15.04 per cent.
The summary following is based upon reports of condition of 7,604
reporting national banks, and summaries furnished by the State
banking departments and individual statements of 15,968 State
banks, 622 mutual savings banks, 1,185 stock savings banks, 936
private banks, and 1,608 loan and trust companies.
The reports from these banks are for the close of business June 20,
except that the statistics furnished by the banking departments of
four New England States, Hawaii, and Porto Rico, are for June 30,
Pennsylvania for March 22, Minnesota for July 25, Iowa for May 21,
Nebraska for May 7, Kansas for June 6, and Nevada for May 1.
Statements from the Philippines are official and are dated
December 31, 1916.




104

&EPGBT OF THE COMPTEQLLEE OF THE CUEEE^TCY.

Summary of reports of condition of 27,92-3 banhs in the United States and island possessions;
including national, State, savings, and private hanks and loan and trust companies, for
June 20, 1917.
RESOURCES.

Loans and discounts:
Secured by other real estate (including
mortgages owned)
Secured by collateral other than real
estate
Loans not classified
Total...
Overdrafts
...
Investments:
United States bonds
State, county, and municipal bonds..
Kailroad bonds
Bonds of othei* public-service corporations (including street and intemrban railway bonds)
Bonds, stocks, warrants, etc., not classified
Total
Banking house (including furniture and
Other real estate owned
Due from banks
Checks and other cash items
Exchanges for clearing house
Cash on hand:
Gold coin
Gold certificates
Silver coin
Silver certificates
Legal-tender notes
National-bank notes
Federal reserve notes
Nickels and cents
Cash not classified
-Total

1

$4,372,020,905, 76
4,557,697,852.12
11, 664, 509, 331.03
2

$20, 594,228,088. 91
47,199,175.92

982,288, 898. 94
675,705,117. 88
948,910, 594. 01
480, 285,454. 67
4, 916,629, 917. 40
fixtures)

8, 003, 819, 982. 90
709,065,343. 55
153, 901,863. 77
4, 793,167,162. 83
272, 608,629.09
486,082,803. 20

$217,274, 519. 56
535, 035,400. 00
70,027,305.15
110,402, 545. 00
276, 707, 746. 00
101,026, 675. 00
35,178, 825.00
1,649, 261. 58
155,199,798.77

..

1, 502, 502,076. 06

Other resources

564,188,012.08

Total resources

37,126, 763,138. 31
LIABILITIES.

Capital stock paid in
Surplus
Undivided profits (less expenses and taxes paid)
National-bank circulation
...
Due to banks
Dividends unpaid
Individual deposits:
Individual deposits subject to check 3
without notice
$10,632,322, 738.05
Demand certificates of deposit
653, 783,471.81
Certified checks and cashier's checks.
333,180, 929.22
Savings deposits
7, 219,416,446. 49
Time deposits (national banks)
1,265, 721,000.00
Time certificates o! deposit
2, 041, 787,181.48
Deposits not classified
4,143,496,392.09
Total..

2, 274, 200,153. 48
1, 945,543, 680- 73
674,190,643. 25
660,431,<KX). 00
3,913,944,423.51
4,585,947.01

26,289,708,159.14

3 National banks report loans secured by farm lands amounting to $107,381,000; State and private
banks in 10 States report such loans to the amount of $34,848,208.76.
" Includes rediscounts of national and other banks.
*
8
Includes State and municipal deposits and other demand deposits.



BEPCffiT OF THE COMPTROLLER OF THE CURRENCY.
United States deposits (national banks)
Postal savings deposits.
Notes and bills rediscounted
Bills payable (including certificates of deposit representing
money borrowed)
Other liabilities.
Total liabilities

105

$132, 965,000. 00
101,873,406. 56
167,470, 882. 78
317,853,113. 00
643,996,728.85
37,126, 763,138. 31

BANKING RESOURCES AND INABILITIES IN EACH STATE.

The following is a condensed statement of the reporting banks
(State and national) in the United States as of June, 1917, arranged
by States, together with the population and number of banks reporting for each State.




Condensed statement, by States, of resources and liabilities of all reporting banks of United States in June, 1917.
Resources (in thousands of dollars).

Population.

States, etc.

Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut

774,000
447,000
365,000
3,790,000
614,000
1,279,000




104,524
90,231
117,778
1,590,764
152,145
334,941

81
29
44
348
16
172

155,477
82,044
33,120
572,357
141,790
304,709

3,344
1,698
1,229
33,053
3,701
10,886

1,398
788
204
3,439
203
1,023

15,689
8,794
9,171
172,716
24,175
41,906

Checks
and
other
cash
items.

Exchanges
for
clearing
house.

241
464
161
3,238
41
1,038

157
19,618
364
471

Cash on
hand.

5,489
2,739
2,427
64,647
12,501
14,992

Other
resources.

9,723
240
2,765
50,299
1,438
2,110

Total.

296,123
187,027
166,899
2,510,479
336,374
712,848

7,269,000

,...

1,096

2,390,383

53,911

7,055

272,451

5,783

20,610

102,795

66,575

4,209,750

1,004
378
1,369
49
245
42

5,556,331
456,577
1,603,749
31,099
225,522
78,706

1,974
89
579
39
144

2,344,832
354,256
1,197,255
30,530
174,676
36,124

127,151
21,366
92,886
1,749
10,596
9,874

19,508
4,985
26,471
261
2,292
2,211

953,200
94,445
438,405
8,160
60,208
16,823

182,541
3,487
11,304
179
1,078
738

313,398
640
32,311
266
4,061
1,120

463,742
30,114
134,361
2,335
12,907
5,633

259,895
5,467
26,683
92
6,741
845

10,222,572
971,426
3,564,004
74,716
498,225
152,162

24,126,000

Total, Eastern States.

Total, Southern States

158
125
106
444
48
215

Bankinghouse,
Other
furreal
Due from
niture,
banks.
estate
and
owned.
fixtures.

10,436,000
3,000,000
8,700,000
215,000
1,390,000
385,000

Total, New England States.
New York
New Jersey
Pennsylvania
Delaware
Maryland
District o Columbia.
f

Virginia
West Virginia
North Carolina.,
South Carolina
Georgia
Florida..
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee

NumInvestber of
ments (inbanks. Loans and Overcluding
discounts. drafts.
bonds,
securities,
etc.).

3,087

7,951,984

2,913

4,137,673

263,622

1,571,247

199,327

351,796

649,092 I 299,723

15,483,105

2,225,000
1,408,000
2,445,000
1,625,000
2,875,000
915,000
2,330,000
1,960,000
1,830,000
4,470,000
1,785,000
2,415,000
2,310,000

433
319
523
403
731
260
328
319
244
1,427
455
578
531

232,698
158,212
143,892
112,774
202,133
69,064
94,106
71,412
140,092
411,903
85,750
174,515
167,520

324
332
506
711
1,719
120
114
2,518
667
1,360
294
734
323

42,822
39,505
13,871
14,899
24,139
20,573
20,411
17,587
31,553
72,836
11,110
51,350
30,771

8,870
9,183
6,515
4,586
8,811
5,576
4,504
2,454
9,054
19,763
3,889
7,179
9,143

1,701
1,400
754
1,377
3,612
1,293
2,245
1,403
2,749
6,944
1,706
847
1,678

47,419
44,035
29,834
18,101
47,568
32,383
27,412
25,795
51,987
135,095
33,058
55,450
51,229

999
1,023
1,645
684
3,583
575
384
172
1,809
6,325
335
645
2,472

1,570
430
78
624
1,288
325
582
198
6,286
2,533
702
930
1,338

11,136
9,549
6,576
3,577
10,566
6,117
8,310
3,482
11,540
33,937
6,076
12,360
12,015

3,376
1,692
1,756
2,521
2,591
676
855
444
2,698
11,236
500
7,155
7,382

350,915
265.367
205; 427
159,854
306,010
136,702
158,923
125,465
258,435
701,932
143,420
311,165
283,871

28,593,000

6,551

2,064,071

9,722

391,427

99,527

27,715

599,366

-20,651

16,884

135,241

42,882

690 | 1,289,497

55,728

3,407,486

Ohio
Indiana....
Illinois
Michigan...
Wisconsin..
Minnesota.
Iowa,
Missouri...
Total, Middle Western States.
North Dakota.
South Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado.
New Mexico...
Oklahoma
Total, Western States..
oo Washington.
Oregon
California
Idaho
Utah
Nevada
Arizona
Alaska
Total, Pacific States.
Hawaii
Porto Rico..
Philippines.
Total, island possessions.
Total, United States




5,210,000
2,855,000
6,210.000
3,110,000
2,570,000
2.305,000
2,240,000
3,480,000

1,145
941,175
1,013
396,141
1,468 1,461,825
"77
402,681
68:
376,763
899
513,378
1,392
630,072
1,686
679,028
1,524

1,014
768
1,448
596
928
1,066
3,221
1,881

27,980,000

9,814 5,401,063

10,922

780,000
730,000
1,330,000
1,930,000
480,000
190,000
1,025,000
445,000
2,335,000

853
632
1,047
1,231
334
125
349
107
894

132,810
122,839
302,076
257,403
119,575
36,220
139,558
33,564
190,258

490
669
1,686
984
679
225
222
72
675

9,245,000

5,572 1,334,393

5,702

1,615,000
873,000
3,135,000
475,000
446,000
119,000
270,000
92,000

355
258
716
194
123
31
70
19

7,025,000

1,766

225,000
1,225,000
8,750,000
10,200,000
114,438,000

175,975
106,891
928,750
54,676
83,923
16,328
34,277
4,826
1,405,6
19,976
11,122
15,590

37

46,688

27,923 25,594,228

38,751
15,531
35,339
19,414
12,380
15,516
21,956
20,075

237,401
104,237
425,070
116,757
83,818
109,195
159,448
204,519

5,6">6
5,051
9,799
7,739
4,787
846
4,190
1,013
5,815

3,124
1,397 I

2.638
3,122
5,588
1,493
2,297
3,765
1,533
7,807

12, 547
1, 087
31, 723
8, 198
2, 706
6,011
1,074
632
9,

69,691
27,084
141,997
48,412
19,811
24,434
26,583
41,175

11,626
33,413
13,126
1,025
1,627
4,976
1,014
5,863

1,736,357
693,724
2,444', 523
936,814
594,707
771,528
884,420
1,109,504

28,2,13

72, 978

399,187

72,670

9,171,577

22,621
41,474
• •"•
•
126,707
103,625
40,02')
10,822
58-, 953
10,115
69,888

70S
427
i, 058
1.046
'958
470
1,407
408
1,873

78
551
3,259
1,274
266
51
1,544
976

4,833
4,721
16,597
14,575
11,161
1,942
14,912
1,703
10,810

275
409
586
968
491
360
636
106
1,136

180,999
1S6,4O1
488,670
423,079
200,573
56,071
280,005
51,296
317,449

484,834

9,405

7,999

81,257

4,937

2,184,543

16,737
12,644
73,291
3,831
5,174
1,841
4,871
1,390

2,412
1,321
67,6"6
2C6
1,045
246
43
5

331,761
204,503
1,674,841
89,872
129,367
31,709
68,951
9,641

15,527

119,779

73,054

2,540,645

289

3,837
6,320
4,994

990
97
3,260

38,793
29,887
60,977

15,151

4,347

129,657

1,502,502 564,188

37,126,763

23,336 I 1,440,445

1,538,741
10,284
8, O.r:3
24,467'
33,086
20,302
4,902
56,913
3,692
33,985
196,584

7,206
2,670
4,998
2,235
1,555
3,165
1,936
4,571

9,644
5,796
42,SS3
2,621
3,300
753
2,064
42

444
474
1,104
116
103
134
185
2

44,836

1,535
2,319
1,722
233
1,610
623
2,033
14,536 i
5,743
1,958
9,431
814
1,662
355
148
15

59,752
40,408
223,850
17,277
19,010
7,069
20,288
2,100

1,115
500
4,881
363
181
143
333
12

2,562

439,566

67,103

20,126

389,754

7,528

926
155.
13,607

6,775
2,109
1,448

380
350
284

293
38
75

4,677
9,024
21,369

939
383
350

10,332

1,014

406

35,070

5,003,820 i 709,065

153,902

4,793,167

1,672
272,6

289
486,083

3
l

Q

Condensed statement, by States, of resources and liabilities of all reporting banks of the United States in June, 1917—Continued.

o
00

Liabilities (in thousands of dollars)

States, etc.

Capital
stock
paid
in.

Surplus.

Undivided
profits National
(less ex- bank
penses circulation.
and
taxes
paid).

Due to
banks.

Vermont
....
Massachusetts
Rhode Island
Connecticut
Total New England States
New York
New Jersey
POTiTisyivarnfl,... ,
Delaware
Maryland
District of Columbia
Total Eastern States

$11,373
7,095
7,036
87,501
14,612
28,904

$12,800
10,066
11,298
130,486
19,456
31,573

$7,860
5,759
2,175
65,712
6,059
21,858

$5,407
4 822
4,297
21,554
4,417
12,356

$3,168
3,164
1,474
122,161
4,138
8,588

156,521

215,679

109,423

52,943

142,693

319,625
i8.724
241,975
5,276
31,697
18,731

Maine .
"NTfvw TTn-Tnpshirft

612,291
53,718
313,696
5,499
33,734
10,685

97,079
23,425
77,044
2,677
11,485
2,989

68,448 1,557,867
14,480
25,770
84,6D1
303,991
1,238
1,577
8,966
43,643
6,364
8,410

666,028 1,029,623 214,699 184,187 1,941,258

Notes
and
Other
bills
Bills
redis- payable. liabilities.
counted.

Individual
deposits.

United
States
deposits.

Postal
savings
deposits.

$207 . $242,761
9
153,801
3
137,204
709 1,975,720
3
'283,053
14
598,142

$223
398
44
3,261
546
411

$299
521
78
5,940
655
3,088

$10
136
310
21,146

3,390,681

4,883

10,581

22,929

6,971,739
776,665
2,457,930
57,277
354,218
3Q
21
92,485
634 10,710,314

79,588
2,268
2.025
75
1,026
6,202

23,455
3,796
12,571
192
176
374

55,816
1,945
10,063
299
1,516
62

69,701 191,466 343,027 15,483,105

Dividends
unpaid.

945
407
55
435
36

1,327

Total.

$2,360
766
887
16,074
4S0
3,899

$9,565
490
2,093
60,215
2,955
2,688

$296,123
187,027
166,899
2,510,479
336,374
712,848

24,466

78,006

4,209,750

155,010 281,247 10,222,572
7,250 13,330
971,426
21,530 37,983 3,564,004
41
74 716
529
498,225
5,758
5,976
152,162
4,668
1,171

91,254

40,564

,,

33,847
23,944
20,873
20,979
41,282
13,804
21,335
13,584
22,417
88,566
18,971
36,160
29; 434

22.250
15,273
8,036
8,232
17,280
5.790
10,200
5,068
12,912
36,982
6,511
16,179
13,786

9 244
6,150
6,881
5,662
14,946
3,007
4,166
2,912
5,111
20,552
3,493
6,114
3,324

14,311
8,985
6,263
6,231
10,280
5,195
9,263
2,798
4,929
38,444
3,060
15,519
11,698

35,671
9,658
13,065
6,610
20,015
12,052
7,235
6,133
34,770
74,728
12,914
26,778
22,869

17
20
51
46
60
28
9
6
81
54
314
11
15

220,448
199,025
138,919
96,708
185,827
93,917
102,689
91,442
171,324
423,587
95,467
198,560
191,612

1,231
432
898
249
658
732
321
150
209
2,557
203
1,936
903

484
345
43
35
121
523
214
138
238
910
275
412
304

4,219
257
4,372
3,936
3,182
362
1,063
326
287
4,407
235
560
781

5,008
475
4,870
8,256
10,749
433
2,177
2,122
1.701
8,243
1,787
674
1,727

4,185
803
1,156
2,910
1,610
859
251
786
4,456
2,902
187
8,262
7,418

350,915
265,367
205,427
159,854
306,010
136,702
158,923
125,465
258,435
701,932
143,420
311,165
283,871

Total Southern States

385,166

178,502

91,562

136,976

282,4G8

712

2,209,525

10,479

4,042

23,987

48,222

35,785

3,407,486

Virginia
West Virginia. . .
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky.
Teranp-ssfift

. .
. . .




Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri

.

Total Middle Western States
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Total Western States
Washington
Oregon
California
Idaho
Utah
Neyada
Arizona
Alaska
Total Pacific States
Hawaii
Porto Rico
Philippines
Total islands
Total United States




120,204
62,992
174,424
58,380
43,404
58,859
71,574
98,168

74,512
24,961
105,095
33,314
16,296
27,636
26,318
57,105

688,005

365,237 175,001

34,524
14,369
45,196
17,158
10,570
12,427
18, 754
22,003

44,618
26,150
26,894
10,048
13,205
12,871
18,350
20,906

122,145
46,497
438,114
43,831
34,873
84,844
82,604
240,167

135
51
85
46
47
49
24
67

1,299,501
481,342
1,606,456
759,132
467,067
557,525
654,975
641,116

1,873
2,165
6,934
866
926
871
1,191
344

5,969
1,771
8,617
5,563
2,507
2,223
464
1,408

3,152
1,906
5,313
1,647
3,420
8,112
465
4,881

9,417
1,105
8,263
4,664
1,270
3,293
2,082
8,144

20,307
30,415
19,132
2,165
1,122
2,818
7,619
15,195

1,736,357
693,724
2,444,523
936,814
594,707
771,528
884,420
1,109,504

173,042 1,093,075

38,238

504

6,467,114

15,170

28,522

28,866

98,773

9,171,577

16,570
13,748
34,427
35,383
17,574
4 157
18,080
4,930
24,676

6,173
4,405
13,268
17,623
5,866
1 964
9,148
1,795
7,025

1,093
1,864
6,742
7,423
3,554
1 202
4,510
695
4,989

4,039
3,504
9,578
10,158
3,301
1 654
7,537
1,773
9,932

6,758
17,396
90,672
40,127
11,447
3 245
29,952
2,815
30,503

1
15
14
319
10
6
16
736

142,337
143,999
330,320
307,314
154,619
42 821
206,264
36,905
232,399

212
481
1,146
899
534
149
1,341
237
1,237

42
75
500
713
1,386
217
2,170
128
360

1,450
461
48
1,398
169
622
101
756
2,785

2,116
173
438 !
790
1,975
15
365
1,115
2,438

208
280
1,517
932
138
25
531
126
369

180,999
186,401
488,670
423,079
200,573
56 071
280,005
51,296
317,449

169,545

67,267

32,072

51,481

232,915

1,117

1,596,978

6,236

5,591

7,790

9,425

4,126

2,184,543

27,017
18,896
125,429
7,610
10,543
3,131
4,106
740

8,775
7,652
60,818
2,510
3,764
677
1,884
335

4,434
2,988
35, S83
1,117
2,834
431
1,542
52

6,548
6,075
40,412
2,977
3,214
1,219
829
53

30,432
20,460
137,942
4,985
13,034
1,230
2,750
. 74

15
60
31
3
2
3
14

246,602
140,798
1,189,945
68,709
87,075
24,268
56,879
8,175

731
759
2,381
138
515
52
197
170

3,987
2,048
4,531
506
392
589
432
30

431
3,071
9,821
294
450

685
859
1,893
980
700

2,104
837
65,652
43
6,844
109
267
12

331,761
204,503
1,674,841
89,872
129,367
31,709
* 68,951
9,641

197,472

86,415

49,381

61,327

210,907

131

1,822,451

4,943

12,515

14,118

5,117

75,868

2,540,645

3 905
2,330
5,198

1 155
701
965

1 014
410
629

475

229
3,060
7,309

8
27
158

30 179
22,386
40,070

58
50

1
826
92

1 769
87
6,556

38 793
29,887
60,977

11,433

2,821

2,053

475

10,598

193

92,645

58

8,412

129,657

660,431

3,913,944

2,274,200 1,945,544 674,191

4,586 26,289,708 132,965 101,873

51

50

919

167,471

317,853

643,997 37,126,763

o
CO

COMPARATIVE STATEMENT OF EESOURCES AND LIABILITIES OF ALL BASKS, 1912-1917.

The following statement shows the principal items of resources and liabilities of national and other banks (Federal
reserve banks not included) for the years 1912 to 1917:
Aggregate resources and liabilities of national and other reporting banks, June, 1912, to June, 1917.
O
Classification.

1912 (25,195 banks) 1913 (25,993 banks) 1914 (26,765 banks) 1915 (27,062 banks). 1916 (27,513 banks). 1917 (27,923 banks).

RESOUBCES.

Loans and discounts
Overdrafts
Bonds, stocks, and other securities.
Due from other banks and1bankers.,
Real estate, furniture, etc.
Checks and other cash items2
Cash on hand
Other resources

$14,568,240,544.24
58,532,120.08
5,407,219,379 56
2,776,613,692.19
695,507,828.00
426,913,037.63
1,560,709,447.05
218,427,550.73

$15,288,357,283.98
51,120,621.58
5,584,924,886.48
2,872,697,225.26
739,679,598.08
520,995,362.02
1,639,219,162.79
274;403,890.77

$15,722,440,177.20
36,232,421.03
5,881,931,375.37
3,233,942,829.39
793,404,941.00
376,875,161.00
1,457,702,138.31
301,600,634.26

$17,811,605,164.40
38,210,536.02
6,796,569,640.68
4,032,125,378.52
826,641,786.73
770,424,724.08
1,486,118,321.95
509,542,144.55

*$20,594,228,088.91
47,199,175.92
8,003,819,982.90
4,793,167,162.83
862,967,207.32
758,691,432.29
1,502,502,076.06
564,188,012.08

24,986,642,774.18

25,712,163,599.48

26,971,398,030.96

27,804,129,677.56

32,271,237,696.93

37,126,763,138.31

2,010,843,505.70
1,584,981,106.44
581,178,042.47
70S,690,593.00
3,639,127.75
17,024,067,606.89
58,945,980.66
2.632,635,075.58
'381,661,735.69

2,096,849,861.75
1,676,625,895.34
573,213,465.32
722,125,024.00
3,590,839.76
17,475,764,134.81
25; 242,015.76
49,725,039.13
2,584,231,078.90
504,796,244.71

2,132,074,073.20
1,714,486,142.85
562,031,228.82
722,554,719.00
30,133,899.35
18,517,732,879.01
40,245,588.30
66,654,582.55
2,705,075,367.14
480,409,550.74

2,162,841,369.93
1,732,918,047.19
639,777,329.68
722,703,856.50
4,241,968.34
19,135,380,200.45
59,771,103.54
48,964,257.51
2,783,312,258.52
514,219,285.90

2,195, 101,115.96
1,849, 693,074.48
564, 337,993.50
676, 116,000.00
28, 690,888.81
22,773, 714,074.98
087,526.37
39' 457,000.00
3,463, 608,916.33
609, 431,106.50

2,274. 200,153.48
1,945;543,6S0.73
674, 190,643.25
660,431,000.00
4,585,947.01
26,289,708,159.14
101,873,406.66*
132,965,000.00
3,913,944,423.51
1,129,320,724.63

24,986,642,774.18

Total.

$13,892,150,693.00
61,455,604.59
5,358,883,382.11
2,847,992,843.93
657,299,660.36
430,101,255.82
1,572,953,479.43
165,805,908.94

25,712,163,599.48

;6,971,398,030.96

27,804,129,677.56

32,271,237,696.93

37,126,763,138.31

w
ft

a
o
H
W
O

LIABILITIES.

Capital stock paid in
Surplus fund
Other undivided profits
Circulation (national banks)......
Dividends unpaid
Individual deposits
Postal-savings deposits
United States deposits
Due to other banks and bankers.
Other liabilities
Total.
1 Includes other real estate owned.




2

Includes exchanges for clearing house.

8

Includes rediscounts.

tn
d
o

REPORT OF THE COMPTROLLER OP THE CURRENCY.

Ill

The foregoing statement shows that the aggregate resources of the
banks have increased from $24,986,642,774.18 in 1912 to $37,126,763,138.31 in 1917, a gain during the five years of $12,140,120,364.13, or
over 48J per cent.
The increase in ba,nk resources in 1913 over 1912 was 2.90 per cent;
1914 over 1913, 4.90 per cent; 1915 over 1914, 3.09 per cent; 1916
over 1915, 16.07 per cent; and the increase during the current year
was 15.04 per cent.
GEOWTH OF BAETKS Iff THE UNITED STATES SINCE 1863.
In Volume 2 of this report will be found a statement showing the
resources and liabilities of the first Bank of the United States for 1809
and 1811, and also a statement showing the resources and liabilities
of the second Bank of the United States for each year from 1817 to
1840, inclusive.
There will also be found in Volume 2 a table showing the number of
colonial and State banks, their capital, circulation, deposits, specie,
and loans for the years 1774 and 1784 and from 1790 to 1833, inclusive.
In the table following are shown the resources and liabilities of the
banks of the country from 1834 to 1863.
The records show that these statistics were collected for and published in the annual reports of the Secretary of the Treasury on the
condition of the banks, in accordance with resolution of the House of
Representatives passed July 10, 1832. Upon recommendation, however, of Secretary Chase in 1863 these reports were discontinued after
that year.
The following condensed statement shows the principal items of
resources and liabilities of national, State, savings, and private banks
and loan and trust companies from 1863 to 1917, inclusive.




112

REPORT OF THE COMPTROLLER OF THE CURRENCY.
Principal items of resources and liabilities of National, State, savings,
[From 1863 to 1872, inclusive, data from various sources; from 1873
[In millions
]Resources

Year.

1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1
3
8
4

Banks.

i 1,466
r2 i ogg
\ a '467
8 1,294
3 1,634
3 1,636
3 1,640
* 1,619
3 1,615s 1,767
3 1,853
4 1.968
4 1,983
3,336
3,448
3,384
3,229
3,335
3,355
3 427
....
3,572
3,835
. .
4,113
4,350
4,378
6,170
6,647
7,203
7,999
8,641
9,338
9,492
9,508
9,818
9,469
9,457
9,485
9,732
10,382
11,406
12,424
13 684
14,850
16, 410
17,905
19,746
21,346
22,491
23,095
24,392
25,195
25,993
26,765
27,062
27,513
27,923

Banking
Loans Overhouse,
Investand disfurniture,
counts. drafts. ments.
and
fixtures.
648.6
70.7
362.5
550.4
588.5
655.7
686.4
715.9
831.6
871.5
1,439.6
t,565.6
1
1,747.6
L, 726.8
1,720.5
L, 560.9
L, 506.9
1,661.6
t. 900. 6
2,049.1
2,232.1
2,259.1
2,270.7
2,455. 6
2,938.9
3,157.0
3,469.6
3,834. 4
4,024.1
4,329.5
4,361.1
4,078.1
4,262.0
4,244.3
4,208. 6
4,632.6
5,152.1
5,625. 2
6,387.9
7,145. 4
7,688.0
7,930. 9
8,971.2
9,827.6
10,697.8
10,380.1
11,303.5
12,459.4
12,982.7
13,892.1
14,568.3
15,288.4
15,722.5
17,811.6
20,954.2

0.2
.2
A
A
.5
.3
.4
.6
.4
.4
.5
1. 6
1. 5
1
1.2
1.4
4.3
5.7
7.9
6.9
7.4
7.6
7.0
6.9
6.9
7.4
19.6
25.4
32.5
37.6
43.7
50.9
51.1
56.0
66.2
66.1
57.9
69.7
62.4
63.7
61.5
58.6
51.1
36.2
38.2
47.2

Checks
and
Other
Aggreother Cash on
rehand. sources. gate recash
sources.
items.

96.9

180.5
93.4
406.6
467.6
446.5
442.9
416.4
404.7
440.3
437.8
721.1
732.0
801.9
818.2
851.6
874.5
1,138.6
904.2
985.3
1,054.9
1.027.8
L, 041.1
L, 042.0
1 044.9
L,
1,011.1
1,131.1
L, 129.1
1,172.5
1 179.4
L,
1 283.7
L,
1 366.1
L,
L, 445.5
L, 565.3
L, 674. 6
L, 732.4
L.859.9
2,179.2
2,498.4
2,821.2
3,039.4
3,400.1
3, 654.3
3,987.9
4,073.5
4,377.1
4,445.9
4,614.4
4,723.4
5,051.9
5,358.9
5,407.2
5,584.9
5,881.9
6,796.6
8,003.8

Due
from
banks.

1.7
11.2
16.7
19.8
22.7
23.9
27.5
30.1
31.2
48.4
54.0
67.9
71.5
82.0
90.9
99.7
106.5
111.2
106.2
104.9
105.8
75.4
109.2
127.9
134.4
146.2
159.7
167.7
183.7
195.3
210.5
223.7
242.6
249.8
261.4
275.4
274.2
283.7
295.8
317.6
346.0
380.9
416.9
405.7
495.0
544.0
574.2
616.7
657.3
695.5
739.7
793.4
826.7
862.9

33.3
103.0
110.7
102.0
123.1
107.6
109.4
143.2
144. a
182.6
193.6
195.0
198.2
194.7
186.2
204.0
248.8
346.1
307.1
323.7
294.2
355.8
349.8
421.6
439.1
513.8
531.5
530.4
684.4
549.2
705.9
714.4
644.9
781.4
925.0
1,203.1
1,272. 8
1,448.0
1,561.2
1,570.6
1,842.9
1,982.0
2,029.2
2,135. 6
2,236. 3
2,562.1
2,393. 0
2,788.8
2,848.0
2,776.6
2,872. 7
3,233.9
4,032.1
4,793.2

5.1
41.3
96.1
128.3
124.2
161.6
91.6
115.2
102.0
123.9
84.8
115.2
96.2
77.8
106.4
102.2
143.5
174.4
197.8
137.1
109.2
188.6
144.2
145.2
91.1
115.9
102.1
96.4
107.2
124.5
78.4
96.5
119.8
132.1
125.6
300.1
234.7
463.5
320.0
286.0
231.5
373.4
445.2
411.1
350.9
437.9
620.5
422.7
430.1
426.9
521.0
376.9
770.4
758.7

205.5
50 7
47.6
199.5
231.9
205.8
200.7
162.5
155.7
164.0
177.6
199.3
241.9
230.2
217.3
220.7
207.3
207.5
274.3
278.0
268.7
286.1
303.3
389.8
304.3
432.3
459.0
514.0
488.1
497.9
586.4
516.0
689.0
631.1
531.9
628.2
687.8
723.3
749.9
807.5
848.1
857.3
990.6
994.2
1,016.5
1,113.8
1,308.3
1,452. 0
1,423.8
1,554.1
1,572.9
1,560.7
1,639. 2
1,457.7
1,48Q. 1
1,502.5

60.2

1,191.7

.5
2.4
3.0
3.2
2.9
5.8
5.9
6.2
6.7
16.2
20.5
46.5
54.4
56.2
54.2
53.4
59.4
72.1
45.9
94.9
107.0
103.0
112.3
111.9
54.5
46.6
46.8
59.4
63.1
72.5
76.2
109.6
88.9
82.2
97.1
46.4
98.1
108.1
108 3
132 6
151 5
172.6
272.5
437 8
249.0
111.4
193.6
150.5
165.8
218.4
274.4
301.6
509.5
564.2

252.3
1,126.5
1,476.4
1,494.1
1,572.2
1,564.2
1,510.7
1,730.6
1,770.8
2,731.3
2,892.6
3,204.7
3,183.0
3,204.0
3,080.7
3,312.7
2,398.9
3,869.1
4,031.1
4,208.1
4,221.3
4,426.8
4,521.5
5,193.3
5,470.5
5,940.9
6,343.0
6,562.2
7,245.4
7,192.3
7,290. 6
7,609. 5
7,553.9
7,822.1
8,609 0
9,905.0
10,785 8
12/357.5
13,363.9
14 303 1
15,198.8
16,918.2
18,147.6
19 645.0
19,583. 4
21,095.0
22 450.3
23,631.1
24,986.6
25,712.2
26,971. 4
27,804.1
32,271. 2
37,126.7

Includes figures for 1,400 State banks and 66 national banks.
From Homan's Bankers' Almanac.
National banks.
Number of national banks only; but amounts include incomplete returns from State banks with national.




BEPOET OF THE COMPTBOLLEB OF THE CUEBENCY.

113

private banks, loan and trust companies from 1863 to 1917.
compiled from reports obtained by the Comptroller of the Currency.]
of dollars.]
Liabilities.

Capital
stock
paid in.

\

405.0
311.5
75.2
325 8
414 a
418.6
420.1
422.7
430. 4
458.3
470.5
532.9
551.2
592.5
602.4
614.4
587.7
580.5
565.2
572.3
590.6
625.5
656.5
678.0
686.8
799.2
853.8
893.3
988. 7
1, 029.6
1 071.1
L
i1,091.8
1, 069.8
iL.080.3
l1,052.0
l1,012.3
992.1
973.6
l1.024.. 7
J.07fi 1
L,201.6
]1,321.9
L392.5
L,463.2
L,565.3
L,690.9
L757.2
L, 800.0
L,879.9
1.952.4
2,010.8
2,096.9
2,132.1
2.162.8
2.195.1
2,274.2

Surplus
fund.

Undivided
profits,
less expenses.

Due to
banks.

Dividends
unpaid.

Deposits.

100 5

393.7

27.4
3.1
157 8
23 2
29 3
122 4
- 112.5
30.7
33.5
140 7
129.0
43.8
130.0
38.6
171.9
42.0
172.7
50.2
187.4
86 2
207.5
97.3
205.3
90.8
196.6
63.1
179.5
79.2
172.1
59,8
201.0
57.0
258.0
66 0
77.3
333.6
297.3
78.0
299.8
102.1
254.2
109.8
322. 9
85.4
336.7
90.5
383.5
101.2
400.7
326 0
128.0
477.8
469.3
141.4
454.5
154 6
158.8
613.5
172.6
419.9
159.2
599.1
158.4
600.5
159 6
521.7
673.4
155.1
809.8
167.3
1,046.4
179.3
1,172.5
233.8
268.6
1,333.0
315.9 * 1,393.2
369.8
1,476.0
1,752.2
367.1
1,904.4
385.9
1,899.0
378.0
2,075.5
339 9
2,198.0
359.9
508.5
2,484.1
404.6
2,225.4
2,621.0
553.5
581.2
2,632.6
2,584.2
573.2
582.0
2,705.1
639.8
2,783.3
564.3
3,463.6
674.2
3,913.9

119.4
398.4
533 3
539.6
575,8
574.3
501.4
600.9
618.8
1,421.2
1,521.6
1,787.0
1,778.6
1,813.6
1,717.4
1,694.3
1,951.6
2,298.7
2,480.2
2,568.4
2,566.4
2,734.3
2,811.9
3,307.9
3,423 3
3,779.3
4,064.1
4,198 8
4,664.9
4,627.2
4,651.2
4,921.2
4,945 1
5,094.7
5,688.1
6,768.7
7,239.0
8,460.7
9,104.7
9,553.7
10,000 6
11,350.7
12,215.8
13,099 6
12,784.5
14,035 5
15,283.4
15,908 3
17,024.1
17,475.8
18,517.7
19,135.4
22,773.7
26,289.7

PostalUnited
savings
States
deposits. deposits.

1
1.1
31 3
50 2
63.2
75 8
82.2
94.1
101.2
105.2
129.4
141.8
163.4
198.5
181.4
178.0
189.2
194.3
214.8
232.0
245.7
269.8
276.5
303.4
358.6
367.8
406.0
442.7
464.7
491.4
516.7
523.5
541.0
534 9
557.6
565.4
581.8
648.4
687.0
781.0
903.7
993.8
1,053.6
1.180.8
1,305.2
1,401.6
1 326.1
L,
]L,547.9
" 512.1
L,
L, 585.0
L 676.6
L,714.5
]t, 732.9
L, 849. 7
L,945.5
•

2.5
4.5
1.5
1.4
1.6
6.2
6.8
2.1
5.8
1.8
1 8
6.5
7.2
1.9
1.9
6.9
2.3
3.9
87
4.7
3,9
5 5
4.8
4.6
3.3
3.7
39
2.6
3.4
8.9
2.7
3.4
38
2.3
1.8
2.4
2.7
2.4
4.0
3.3
20.9
57
3.6
3.6
30.1
4.2
28.7
4.6

25.3
40.2
59.8
71.1
101.9

58.0
39 1
33.3
28 2
12.8
11.4
25.9
12.5
15.2
10.6
10.2
11.1
10.9
25.6
252.1
10 7
12.3
12.7
13.9
11.2
14.0
17.2
23.3
58 4
46.7
30.6
25 9
14.2
13.7
14.1
13.2
15 4
18.4
52.9
76.3
98 9
99.1
124 0
147.1
110 3
75.3
89 9
180 7
130.3
70 4
54.6
48 5
58 9
49.7
66.7
49.0
39.5
133.0

National
bank
circulation.
238.7
163 3
25.8
131 5
267 8
291.8
294 9
292.8
291.8
315.5
327.0
338. 8
338.5
318.1
294.4
290.0
299,6
307.3
318 1
312.2
308.9
312.0
295.2
269.2
238.3
166.6
155 3
128.9
126.3
123 9
141.0
155.1
171.7
178.8
199 2
198.6
189.9
199.4
265 3
319.0
309 3
359.3
399 6
445.4
510 9
547 9
613.7
636 4
675.6
681 7
708 7
722.1
722.6
722.7
676.1
680.4

Other
liabilities.

53.8
.3
5
20 0
4.4
3 2
6.6
10.5
10.4
12.4
18.8
22.5
31.2
31.5
32.9
34.7
29.5
33 2
43.4
44.2
38.8
53.3
39. Q
34.4
49.1
76 5
78.2
96.0
106 7
85,7
190.7
98.7
112.4
122 1
113.4
140.1
70.6
100 5
110.6
130 4
169.3
180 9
237.3
305 2
M}2 9
334.2
230 7
358.0
349 9
381 7
504.8
480.4
514.2
609.4
1,129.3

NOTE.—Since 1873 the comptroller has collected and published statistics of State banks, but complete
data for compiling these statistics for a number of years thereafter were available only for those States in
which the banks were required to report to some State official. For recent years the statistics are practically complete.




114

REPORT OF THE COMPTROLLER OF THE CURRENCY.

CASH IN AIL REPORTING BANKS.
Cash in national, State, savings, and private banks, and loan and
trust companies of the country, shown by reports of condition as of
June 20, 1917, aggregated $1,502,502,076.06. The cash held by the
Federal reserve banks on approximately the same date amounted to
$1,247,698,000, making the total cash held by all banks of the country
$2,750,200,076.06.^ This was an increase of $838,482,754.11 over the
amount reported in June, 1916, or a gain of nearly 44 per cent.
The cash holdings of all reporting banks in June, 1916, were
$1,911,717,321.75, of which amount the sum of $819,603,000 was in
national banks, $666,515,321.95 in State and private banks, and
$425,599,000 in Federal reserve banks. On or about June 20 of the
present year national banks held in cash $752,711,000, State and
private banks $749,791,071.06, and Federal reserve banks $1,247,698,000.
The cash held by national banks on June 20, 1917, plus balances
carried by national banks with Federal reserve banks, aggregated
$1,573,295,000. On the same date the cash holdings of the State
banks, plus the balances carried by State member banks with the
Federal reserve banks, amounted to $791,377,000; but, owing to
the small number of State banks which were members of the system,
the amount of cash actually carried by State banks with the Federal
reserve banks on the date mentioned was only $41,586,000.
Coin and other currency held by all banks and by Federal reserve
banks are shown in the following table:
Cash in all banks June 20, 1917.
7,604 national
banks.
Gold coin
Gold certificates
Silver coin
Silver certificates . .
Legal-tender notes
National-bank notes
Federal reserve notes
Nickels and cents
Cash not classified

20,319 State, etc.,
banks.

$116,983,000.00
1297,195,000.00
37,172,000.00
105,336,000.00
105,147,000.00
65,657,000. 00
2 25,221,000.00

Total
Cash in Federal reserve banks (June 22,1917):
Gold coin and certificates (reserve)
Legal-tender notes, silver, etc. (reserve)

$100,291,519. 56
237,840,400.00
32,855,305.15
5,066,545.00
171,560,746.00
3*5,369,675. 00
9,957,825.00
1,649,261.58
155,199,798. 77

752,711,000.00

749,791,076.06

Total, 27,923
banks.
$217,274,519.56
535,035,400.00
70,027,305.15
110,402,545.00
276,707, 746. 00
101,026,675.00
35,178,825. 00
1,649,261.58
155,199, 798. 77
1,502.502,076.06
1,212,018,000.00
35,680,000.00
2,750,200,076.06

Grand total
i Includes gold clearing-house certificates.

2

Includes Federal reserve bank notes.

MONEY IN THE UNITED STATES.
The general stock of money in the United States increased from
$4,482,900,000 on June 30, 1916, to $5,408,000,000 on June 30, 1917,
a gain during the year of $925,100,000, or over 20 per cent. Of the
total stock $644,400,000, or 11.92 per cent, was in the Treasury as
assets of the Government.
For the date nearest June 30, for which information is available,
coin and other money in national banks and other reporting banks
(exclusive of those in the island possessions) aggregated $1,487,300,000



REPORT OF THE COMPTROLLER OF THE CURRENCY.

115

and cash in Federal reserve banks amounted to $1,247,700,000, making the total amount of cash in all banks in the United States
$2,735,000,000, or 50.57 per cent of the total stock of money, the
remaining $2,028,600,000, or 37.51 per cent, being outside of the
Treasury and banks.
The amount in circulation, exclusive of coin and other money in
the Treasury as assets, was $4,7635600,000, or $45.74 per capita,
being an increase in the aggregate of $739,500,000, and a per capita
increase of $6.45 over the amounts reported in 1916,
The general stock of money in the United States reported as above
on June 30, 1917, at $5,408,000,000, had increased by December 1,
1917, to $6,026,000,000, as compared with $4,850,000,000 on
December 1, 1916.
In the following table is shown the distribution of money in the
United States (island possessions not included), giving the amount
in the Treasury as assets and the amount in reporting banks from
1892 to 1917, inclusive:
Stock of money in the United States, in the Treasury, in banks, and in circulation, 1892
to 1917.

Year
ended
June 30—

Coin a n d
other
money
in the
United
States.

Coin and other
money in Treasury as assets.1

Amount.

1892 . .
1893
1894. .
1S95
1896
1897
1S9S
1899.
1900
1901..
1902
1903
1904
1905
1906..
1907
1908
1909.
1910
1911
1912
1913
1914.

Millions,
. $1, 752.2
1 738.8
1,805.-5
1,819.3
1, 799. 9
1,906. 7
2,073.5
2,190. 0
2 339. 7
2,483.1
2 563.2
2.684.7
2,803.5
2,883.1
3,069. 9
3,115.6
3,378.8
3,406. 3
3,419.5
3,555.9
3,648. 8
3,720.0
3,738.3

1915

3,989.4

1916

4,482.9

1917

5,408.0

Per
cent.

Coin and other
money in reporting banks.2

Amount.

Millions.
$586. 4
515.9
688.9
631.1
531.8
628.2
687.7
723.2
749.9
794.9
837.9
848. 0
982.9
987. 8
1,010. 7
1,106.5
1,362.9
1,444.3
1,414.6
1,545.5
1,563.8
1,552.3
1,630.0
1,447. 9
3 420. 2 ' 10.53
* 312.1 \
1,472. 2
3 458.8
10.23
< 425. 6 [
1,487.3
3 644.4
11.92
4 1,247.7 \

Millions.
$150. 9
142.1
144.2
217.4
293.5
265.7
235.7
286.0
284.6
307.8
313.9
317.0
" 284.3
295.2
333.3
342.6
340.8
300.1
317.2
341.9
364.3
356.3
336 3

8.60
8.-17
7.99
11.95
16.31
13.93
11.37
13.06
12.16
12.39
12.24
11.80
10.14
10.24
10.86
11.00
10.08
8.81
9.27
9.61
9.98
9.58
8.97

Coin and other money
not in Treasury or
banks.

Per
cent.

Amount.

33.48
29. 68
38.17
34.96
29.55
32.94
33.17
33.02
32.05
32.02
32.69
31.59
35.06
34.27
32.92
35.51
40.34
42.40
41.37
43.46
42.86
41.73
43.62
44.12

Millions.
$1,014.9
1,080.8
972.4
970.8
974.6
1,012. 8
1,150.1
1,180. 8
1,305. 2
1,380.4
1,411.4
1,519. 7
1,536.3
1,600.1
1,725. 9
1,666.5
1,675.1
1,661. 9
1,687.7
1,668.5
1, 720. 7
1,811.4
1, 772.0
1,809.2

In circulation,
exclusive of coin
and other money
in Treasury as
assets.

Per
cent.

Per
Per
Amount.
capita.
capita.

57.92
62.15
53. 84
53. 36
54.14
53.13
55.46
53. 92
55.79
55.59
55.07
56.61
54.80
55.49
56.22
53.49
49.58
48.78
49.36
46.93
47.16
48.69
47.41
45.35

$15. 50
16.14
14.21
13.89
13.65
13.87
15.43
15.51
17.11
17.75
17.90
18.88
18.77
19.22
20.39
19.36
19.15
18.68
18.68
17.75
17.98
18.61
17.89
17.96

Millions.
$1,601.3
1,596. 7
1,661.3
1,601. 9
1,506.4
1,641.0
1,837.8
1,904.0
2,055.1
2,175.3
2,249.3
2,367.7
2,519. 2
2,587. 9
2,736.6
2,773.0
3,038.0
3,106. 2
3,102.3
3,214.0
3,284.5
3,363.7
3,402.0
3,569.2

$24.60
24.06
24.56
23.24
21.44
22.92
25.19
25.62
26.93
27.98
28.43
29.42
30.77
31.08
32.32
32.22
34.72
34.93
34.33
34.20
34.34
34.56
34.35
35.44

42.34

2,126.3

47.43

20.75

4,024.1

39.29

50.57

2,028.6

37.51

19.48

4,763.6

s 45.74

% * Public money in national-bank depositaries to the credit of the Treasurer of the United States not
included.
2
Money in banks of island possessions not included.
3 Includes amount held by Federal reserve banks and Federal reserve agents against issues of Federal
reserve notes.
4
Money in Federal reserve banks June 25,1915, June 30, 1916, and June 22,1917.
& Population estimated at 104,145,000.




116

REPOET1 OF THE COMPTBOLLEB OF THE CUBEESTCY.
INDIVIDUAL DEPOSITS IN ALL REPORTING BANKS.

Individual deposits in all reporting banks on June 20, 1917, aggregated $26,289,708,159.14. In 1916 individual deposits were reported
at $22,773,714,074.98. The increase during the year, therefore, was
$3,515,994,084.16, or 15.43 per cent. ^
The percentage of increase in deposits for the fiscal year ended June,
1916, was 19.01 per cent, and for the fiscal year 1915 it was 3.34 per
cent.
Individual deposits in each class of banks as of June 20, 1917,
properly classified, are as follows:
Individual deposits in each class of banks June 20, 1917.

Banks.

Individual
Num- deposits subject Demand certifi- Certified checks
ber of to check without cates of deposit. and cashiers' Savings deposits.
banks.
checks.
notice.

State banks
Stock savings banks
Mutual savings banks
Loan and trust companies.
Private banks

15,968 12,078,859,770.77 $158,395,871.55 $20,623,292.71 $1,048,303,412.14
1,185
22,938,916.39
2,253,823.%
115,648.01
952,590,638.55
622
65,081,369.02
40.00 4,340,274,114.75
1,608 1,670,955,549.21
49,413,151.15
21,997,106.73
862,789,914.14
85,284,132.66
11,735,025.15
603,841.77
15,458,366.91

Total
National banks
Grand total

20,319 3,923,119,738.05
7,604 16,709,203,000.00

221,798,471.81
431,985,000.00

43,339,929.22
289,841,000.00

7,219,416,446.49

27,923 10,632,322,738.05

653,783,471.81

333,180,929.22

7,219,416,446.49

Banks.

Time deposits on
open account.

State banks
Stock savings banks
Mutual savings banks
Loan and trust companies
Private banks
Total
National banks.
Grand total.

Time certificates
of deposit.

Deposits not
classified.

$852,324,707.82 $1,232,316,992.28
8,151,954.12
9,481,909.91
531,368.00
16,602,492.65
322,382,959.49 2,869,751,214.64
33,498,192.05
15,343,782.61

Total.
$5,390,824,047.27
995,532,890.94
4,422,489,384.42
5,797,289,895.3ft
181,923,941.15

$1,265,721,000.00

1,216,889,181.48
824,898,000.00

4,143,496,392.09

16,708,060,159.14
9,521,648,000.00

1,265,721,000.00

2,041,787,181.48

4,143,496,392.09

26,289,708,159.14

7

iIncludes State and municipal, $67,545,000, and subject to less than 30 days notice, $48,042,000, and
Other demand deposits, $33,348,000.

From the foregoing table it is shown that individual deposits
subject to check without notice aggregate $10,632,322,738.05;
demand certificates of deposit, $653,783,471.81; certified checks and
cashiers' checks, $333,180,929.22; sayings deposits, $7,219,416,446.49;
time deposits in open account in national banks, $1,265,721,000;
time ceertificates of deposit, $2,041,787,181.48, and deposits not
classified, $4,143,496,392.09.
Under the provisions of the Federal reserve act deposits in national
banks are classified, for the purpose of computing reserve, as " demand " and "time," and in carrying out the classification in reports
provision has not been made for the separation from other time deposits of savings accounts.




117

EEPOET OF THE COMPTKOLLER OF THE CURRENCY.

DISTEICT OF COLUMBIA.
BANKS AND BANKING IN THE DISTRICT OF COLUMBIA.

There are 61 banking institutions in the District of Columbia,
consisting of 14 national banks, 6 trust companies, 22 savings banks,
and 19 building and loan associations. The aggregate capital of all
these institutions on June 20, 1917, was $18,731,000. The total individual deposits were $111,919,266, and the aggregate resources
$174,364,005.
The number, capital, individual deposits, and aggregate resources
of each class of institutions doing business in the District of Columbia
on June 20, 1917, are shown in the following table:
Capital.

National banks
Loan and trust companies
Savings banks
Building and loan associations
Total

61
1

§42,972,000
33,834,000
15,700,000
U9,413,266

879,156,000
54,007,000
IS,937,000
22.201,005

18,731,000

6
22
19

Individual
deposits.

$7, 177, 000
10, 000, 000
1, 554, 000

Number.

Aggregate
resources.

111,919,266

174,364,005

Share payments mainly.

BUILDING AND LOAN ASSOCIATIONS IN THE DISTEICT OF COLUMBIA.

On March 4, 1909, the building and loan associations in operation
in the District of Columbia were placed under the supervision of the
Comptroller of the Currency. Since that date the business of these
institutions has shown a steady increase, as indicated b}r the volume
of loans, installment payments on shares, and aggregate resources,
as set forth in the following table:
Years.
June 30—
1909
1910
1911
1912
1913
1914
1915
1916
1917

Number
of associations.
22
19
19
20
20
20
20
19
19

Loans.

§13,511,587
14,415,832
14,965,220
16,004,760
17,398,010
18,582,156
19,524,065
20,186,662
20,951,089

Installments
on shares.

111,996,357
13,213,644
13,324,217
14,529,977
16,453,044
17,113,899
17,866,337
18,668,808
19,413,266

Aggregate
resources.

S14.393.927
15,250,731
16,017,465
17,160,293
18,438,294
19,629,260
20,655,614
21.611.007
22,264,005

BUILDING AND LOAN ASSOCIATIONS IN THE UNITED STATES.
For information in regard to building and loan associations in the
United States this office is indebted to Mr. H, F. Cellarius, of Cincinnati, Ohio, secretary of the United States League of Local Building
and Loan Associations, the latest statistics being for the year ended
December 31, 1916.
During the year mentioned the building and loan associations of
the United States increased their assets over $114, 000, 000 and made
mortgage loans to their members to the extent of $413, 000, 000.



118

REPORT OF THE COMPTROLLER OF THE CURRENCY.

The total number of associations on December 31, 1916, was 7,072,
being an increase of 266 for the year; the total membership was
3,568,432, showing an increase of "233,533.
Assets aggregated $1,598,528,136, an increase of $114,322,261
over the amount reported for 1915.
The increase in membership was 7 per cent and in assets over 1\
per cent. The statements show that the average amount due each
member was $447.96 as against $445.05 in 1915.
The following table shows, by States, the number of associations,
the total membership, and the total assets for States in which
accurate statistics are compiled by State supervisors. The data
for other States are consolidated under the heading "Other States,"
and the figures given are estimated:
Statistics for 1916.

Pennsylvania
Ohio
New Jersey
Massachusetts
Illinois

New York
Indiana
Nebraska
California
Michigan
Kentucky
Louisiana
Kansas
Missouri
District of Columbia
Wisconsin
North Carolina
Washington
Arkansas
Iowa
Minnesota
West Virginia
Colorado
Maine
Rhode Island
Connecticut
Oklahoma
South Dakota
Tennessee
New Hampshire
North Dakota
Texas
Montana
New Mexico
Vermont
Other States
Total
1
2
3

Number
of associtions

Total
membership.

1,989
658
756
183
• 649
254
350
72
90
70
118
69
71
157
18
77
148
34
41
50
66
47
44
38
7
22
37
13
14
20
10
27
16
13
4
840

625,003

299,913
236, 760
230,667
200,314
192,375
94,927
42,250
63,733
61,915
53,030
61,027
50,404
38,008
45,891
42,400
43,000
22,860
33,035
20,630
20,500
10,200
14,584
10,114
13,964
13,200
8,880
5,348
7,689
5,600
5,875
2,737
3,720

7,072

States.

Total assets.

Increase in
assets.

Increase
in membership.

$21,827,067
17,445,976
11,222,968
11,762,589
7,087,735
7,210,223
8,615,176
6,256,977
2,352,934
3,682,927
2,336,832
1,186,555
2,756,133
3,034,108
1,185,308
2,645;441
1,545,321
2,055,595
142,909
2 2,879,000
851,479
676,146
(3)
479,582
319,091
403,779
1,500,000
(3)
2 5,972
278,533
20,951
695,135
177,047
2 36,173
34,275
7,454,616

57,003
115,736
18,449
19,333
15,517
20/934
1,450
11,162
3,462
4,368
859
2,568
4,338
6,417
964
8,144
3,455
12,886
320
2 3,165
2,130
2,000

322,524

$298,827,067
270,552,5S9
155,126,962
113,305.907
105,478; 403
79,629,881
72,294,256
47,917,847
32,794,018
31,379,472
25,512,910
24,549,245
23,554,109
23,543,833
22,144,880
16,873,842
15 904,770
12,077,727
10,174,008
9,638,852
8,353,105
7,749,567
6,688,983
6,437,278
5,360,530
4,259,325
4 200,000
3,514,550
3,320,619
3,013,260
2,746,810
1,942,438
1,640,029
1,541,936
235,712
146,343,416

3,568,432

1,598,528,136

114,322,261

233,533

66-1,862

493

851
1,346
4,253
21,735
50
1,972
717
2 90
22
16,266

Increase for 6 months. Fiscal year now ends June 30 annually.
Decrease.
Included in " Other States."

By reference to the foregoing table it will be noted that Pennsylvania shows the largest increase in assets for the year, gaming
$21,827,067, followed by Massachusetts, where the increase was
$11,762,589. Other large increases for the year were shown in New
Jersey, $11,222,968; Indiana, $8,615,176; Ohio (6 months),
$7,445,976; New York, $7,210,223; and Illinois, $7,087,735. The
largest increase in membership was in Pennsylvania, the increase



EEPOET OF THE COMPTBOLLEE OF THE CUEEENCY.

119

being 57,003, followed by New York with an increase of 20,934; then
in order, Massachusetts, with 19,333; New Jersey, 18,449; Ohio,
15,736; Illinois, 15,517; and Washington 12,886.
RECEIPTS AND DISBURSEMENTS FOR 1916.

The aggregate receipts for 1916 were $1,061,913,023, an increase of
1,999,609 over the previous year. The receipts for weekly dues
were $32,694,918 in excess of the previous year. The total expense
of management for all associations, amounting to $9,583,253, are
slightly less than nine-tenths of 1 per cent of the total receipts. The
receipts from individuals for the year 1916 are set forth in the following table:
Receipts.
Cash on hand Jan. 1, 1916
Weekly dues
Paid-up stock
Deposits....
Loans repaid
Interest
Premium
Fines..
Pass books and initiation
Borrowed money
Real estate sold
Miscellaneous receipts
Total receipts

$40, 580, 535
334,745,910
43, 528, 921
92, 858,417
324,325,968
92,724,828
4, 724, 832
1,462,448
850, 751
96, 563, 754
7, 291,147
22, 255, 512
•

1,061,913,023

Disbursements.
Pass-book loans
Mortgage loans
Stock withdrawals..
Paid-up stock withdrawals
Deposit withdrawals
Expenses
Borrowed*money repaid
Interest
Real estate purchased
Miscellaneous disbursements
Cash on hand Jan. 1, 1917
Total disbursements

$35,410,085
413, 289,211
296, 855, 851
32,412,910
84,568,868
9,583,253
94, 095, 873
3,374,880
13, 604, 985
20, 614, 892
58, 111, 215
1,061,913,023

UNITED STATES POSTAL SAVINGS SYSTEM.
Through the courtesy of the Third Assistant Postmaster General
the following information is furnished, showing, by States and Territories, the balances to the credit of postal savings depositors on June
30, 1916, deposits and withdrawals during the fiscal year 1917, the
balances to the credit of depositors on June 30, 1917, and the balances
on deposit on June 30, 1917, in banks which have qualified to receive
postal savings deposits.




120

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Balances to credit of postal savings depositors on June 30, 1916, deposits and withdrawals
during fiscal year, and balances to the credit of depositors and on deposit in banks June
30, 1917, by States.

State.

United States.
Alabama
Alaska
Arizona
...
Arkansas

California
Colorado
Connecticut
Delaware
District of Columbia..
Florida
Georgia
Hawaii
Idaho
Illinois...
Indiana..
Iowa
Kansas
Kentucky
Louisiana
Maine..."
Maryland
Massachusetts
Michigan
;.
Minnesota
Mississippi
Missouri
Montana
Nebraska.
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Porto Kico
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

Balance to
Deposits
Balance to Balance on
Deposits
credit of dewithdrawn credit of de- deposit in
positors June during fiscal during fiscal positors June banks June
year.
30,1916.
year.
30, 1917.
30, 1917.1
$86,019,885 $132,112,217
222,173
35,980
605,635
229,200
835,989
652,603
933,961
172,938
373,386
363,923
121,943
38,452
380,509
991,844
377,435
527,383
740,925
438,885
291,680
294,164
171,409
995,188
200,147
951,129
140,315
136,527
306,243
429,783
439,520
429,652
806,465
111,594
607,824
45,747
40,783
476,855
322,435
557,863
107,796
75,976
795,910
26,445
75,156
261,394
769,931
297,015
97,695
362,858
119,145
252,279
811,573
168,225

383,910
449,360
1,290,907
269,581
4,488,129
1,962,271
4,480,784
445,337
356,855
860,249
196,292
103,408
543,745
8,501,577
2,186,276
476,947
647,969
428,005
337,765
371,074
239,011
5,501,484
6,996,270
2,160,556
107,778
2,4.13,651
. 2,295,087
472,613
662,682
468,168
4,800,063
223,999
39,746,567
50,346
57,529
8,927,574
408,561
2,114,688
13,833,677
243,523
1,174,083
53,043
65,981
279,908
1,155,218
631,631
83,255
819,090
4,421,992
436,404
2,216,740
290,604

$86,177,406
276,502
152,393
944,315
216,922
3,596,735
1,400,393
2,788,647
300,922
312,827
607,711
143,564
82,313
422,499
5,228,210
1,302,162
381,837
507,667
356,740
267,914
255,653
164,581
3,875,137
4,374,992
1,579,930
107,419
1,750,672
1,758,400
366,352
540,408
*333,979
2,889,657
173,540
26,428,438
42,462
49,657
5,460,822
340,824
1,517,770
7,247,522
198,711
842,862
37,315
61,200
231,004
903,124
379,811
77,077
567,063
2,440,473
2C8,780
1,438,425
183,073

$131,954,696 1126,840,819.83
329,581
332,947
952,227

281,859
4,727,383
2,214,481
3,606,098
317,353
417,414
616,461
174,671
59,547
501,755
9,265,211
2,261,549
622,493
881,227
510,150
361,531
409,585
245,839
5,621,535
5,821,425
2,531,755
140,674
2,799,506
1,842,930
536,044
561,794
563,841
4,716,871
162,053
40,925,953
53,631
48,655
8,943,607
390,172
2,154,781
13,693,951
120,788
1,127,131
42 173
79,937
310,298
1,022,025
548,835
103,873
614,885
4,100,664
419,903
2,589,888
275,756

330,635.34
230,020.74
949,887.12
283,271.82
4,617,527.72
2,180,521.85
3,567,181.06
312,918. 66
379,132.21
621,772.02
174,747.08
59,265.54
509,404.01
8,889,912.72
2,252,541.37
626,019.13
879,694.47
501,769.47
353,601.26
412,482.08
242,628.30
5,521,225.56
5,739,613.20
2,494,562.54
143,729.10
2,694,580.32
1,820,068.81
527,696.13
573,032.60
567,633.75
4,658,374.17
163,454.26
37,640,283.17
56,286.31
51,236.49
8,709,938.17
395,267.63
2,116,185.40
13.451,099.98
* 9,852.58
1,109,472.61
42,511.04
81,456.57
307,839.42
1,017,993.51
554,658.97
105,437.32
617,335.95
4,056,877. 29
418,883.95
2,542,841.27
276,457.79

1
Balances are as shown by banks' books. The actual balances to credit of board of trustees amounted
to$126,771,96&57. The difference is accounted for by outstanding checks and drafts amounting to $68,850.26.

The number of depositors on June 30, 1916, was 602?937. On June
30, 1917, they numbered 674,728, the increase being 71,791.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

121

SAVINGS BANKS IN TEE PRINCIPAL COUNTRIES OF THE
WOBID.
The Bureau of Foreign and Domestic Commerce, Department of
Commerce, has furnished for publication the latest available information with reference to savings banks in foreign countries.
The statistics following show the number of depositors, amount of
deposits, average deposit account, and the average deposit per
inhabitant of the principal countries of the world.
The statistics presented are divided into two classes—-first, those
relating to all savings banks, and, second, to postal savings banks.
To the information so obtained have been added data relating to
mutual stock savings banks in operation in the United States,
together with the postal savings in the United States. The statistics
thus obtained are shown in the following table:




Savings banhs, including postal savings banks: Number of depositors, amount of deposits, average deposits per deposit account and per inhabitant, by
specified countries.
[Compiled by the Bureau of Foreign and Domestic Commerce, Department of Commerce, from official reports of the respective countries.]

Countries.

Austria.,
Belgium
Bulgaria
Chile
Denmark 2 ..
Egypt
France
Algeria.
Tunis...
Germany 3 ..
Hungary...
Italy
Japanese Empire.
Japan
Formosa
Luxemburg
Netherlands
Dutch East Indies &.
Dutch Guiana
Norway
Roumania
Russia 6
Finland
Spain 7
Sweden
Switzerland




Population. 1

Date of
report.

Form of organization.

(Dec. 31,1913 Communal and private savings banks
1
Postal savings banks, savings department.
.do
Postal savings banks j check department...
I
do
•.
/Dec. 31,1912 Government savings banks.
7,571,000 \
Communal and private savings banks
do
4,338,000 Dec. 31,1911 Postal savings banks
3,597,000 Dec. 31,1914 Public savings banks
2,921,000 Mar. 31,1915 Communal and corporate savings banks...
12,170,000 Dec. 31,1915 Postal savings banks
31,1913 Private savings banks
39,602,000 /Dec. 31,1914 Postal savings'banks
\Dec.
5,564,000 Dec. 31,1909 Municipal savings banks
1,939,000 Dec. 31,1914 Postal savings banks
66,715,000 Dec. 31,1913 Public and corporate savings banks
fDec. 31,1909 Communal and private savings banks
21,410,000 {Dec. 31,1913 Postal savings banks, savings department.
Postal savings banks, check department..
I
do
corporate savings banks...
30,1915
35,598,000 /June 31,1917 Communal andbanks
Postal savings
\Apr.
76,110,000 June 30,1916
do.,
^54.216,000 Dec. 31,1914 Private savings banks..
* 3,477,000 Dec. 31,1912
do
268,000 Mar. 31,1914 State savings bank
/Dec. 31,1913 Private sayings banks..
6,340,000
\June 30,1917 Postal savings banks...
sayings banks..
38,000,000 /Dec. o31,1914 Privatesavings banks...
\....d
Postal
86,000
do.
do
2,509,000 Dec. 31,1915 Communal and private savings banks.
6,866,000 July 1,1910 Government savings banks
175,137,000 Dec. 13,1916 State, including postal savings banks..
Private sayings banks.,
3,232,000 /Dec. 31,1014 Postal savings banks
\Dec. 31,1913
20,500,000 Dec. 31,1915 Private savings banks
31,1915 Communal and trustee savings banks..
5,713,000 /Dec. do
Postal savings banks
\
3,555,000 Dec. 31,1908 Communal and private savings banks.,
28,763,000

Number of
depositors.

Deposits.

4,385,064 SI, 291,041,227
40,297,296
2,300,407
79,561, 438
122, 870
3,013,296
204,147,391
49, 794
11,854,503
8,797,965
312,462
11,334,804
396,488
203,363,293
1,225,902
2,345,227
198,840
774,405,417
8,604,993
348,858,018
6,555,992
1,309,769
19,427
1,564,086
4,238
4,685,982,000
23,871,657
428,023,064
1,149,251
22,852,522
873,780
23,286,942
25,630
491,464,209
2,473,216
431,922,457
6,472,442
14,204,531
126,902,319
82,489,620
9,688,958
172,732
8,065
12,597,471
76,808
52,159,902
509,836
84,538,307
1,744,804
889,304
5,740
3,829,627
122,429
323,511
10,338
193,906,949
1,217,062
11,616,820
218,690
1,899,165,500
11,978,000
60,844,408
361,662
1,709,448
69,535
105,874,391
838,523
285,539,493
1,807,498
12,825,432
582,829
307,386,431
1,963,417

Average Average
deposit deposit
per inaccount. habitant.
$294.42
17.52
647.53
67.75
238.07
28.16
28.59
165. 89
11.79
89.96
53.21
67.42
369.06
196.30
372. 44
26.15
198. 71
66.73
8.93
8.51
21.42
164.01
102.31
48.41
154.93
31.28
31.29
159.32
53.12
158.55
168. 24
24.58
126.56
157.97
22.01
156.56

$44.89
1.40
2.77
2G.96
1.57
2.03
3.15
69.62
.19
19.55
8.81
.24
.81
70.24
19.99
1.07
1.09
13.81
12.13
1.67
1.52
.05
47.01
8.23
13.33
.02
.10
3.78
77.30
1.69
10.84
18.83
.53
5.16
49.98
2.25
86.47

to
to

United Kingdom 8
British India"
Australia, Commonwealth of.
New Zealand..,
Canada10—
British South Africa "
British West Indies
British Colonies, n. e. s
Total, foreign countries
United States, continental
Philippine Islands

/Nov.
{Dec.
Mar.
Mar.
/Dec.
\Mar.
8,075,000 /Mar.
\.Tune
7,345,000
1,782,000
26,065,000

44,481,000
244,268,000
4,887,000
1,099,000

906,506,000

30,1915
31,1915
31,1916
31,1917
31,1916
31,1917
31,1916
30,1915
1914-15
1914-15
1914-15

(June 30,1917
1 June 20,1917
8,750,000 Sept. 30,1917

104,238,000

Trustee sayings banks..
Postal savings banks...
Government and private savings b a n k s . . .
Postal savings banks
Private sayings banks
Postal savings banks
Dominion Government savings banks
Government and post-office savings banks.
do
do
Postal savings
("Mutual savings banks.
\Stock savings banks...
Postal savings banks..

966,730
180,086
660,424
552,059
538,072
81,900
173,456
32,137
260,164
97,465
269,486

250,198.399
906,763,188
49,707,248
487,686,039
124,598,017
11,740,261
40,008,418
13,903,114
28,823,428
6,438,165
14,480,853

127.22
63.95
29.94
191.10
231.56
143.35
230.65
432.62
110.79
66.06
53.74

5.62
20.39
.20
99.80
113.37
10.68
4.95
1.72
3.92
3.61
.56

129,274,463 14,239,530,423
674,728
131,954,696
8,935,055 4,422,489,384
2,431,958
995,532,890
66,466
2,086,978

110.15
195.58
494.96
409.35
31.38

15.71

1
The figures of population are for the nearest date to which the statistics of savings banks relate.
2 Exclusive of 2,348 deposits of $282,467 in savings banks in Faroe Islands and 190,528 savings deposits of $35,853,774 in ordinary banks.
8
Exclusive of Brunswick.
* Not included in the totals.
s Exclusive of data for three large private savings banks in Batavia, Soerabaja, and Macassar, and the small banks of Amboina and Menado.
6
The total is exclusive of $641,226,500 worth of securities held by the savings banks to the credit of depositors.
7
The peseta has been converted at the rate of 20 cents.
* Exclusive of Government stock held for depositors, amounting to $266,073,878 in the postal savings banks and to §30,726,117 in the trustee savings banks.
^-Exclusive of the population of the feudatory States.
w Exclusive of savings deposits in chartered banks and special private savings banks.
« At the end of 1912 the private savings banks held deposits of $4,271,955.




S

fed
O

o
o

p

o

i
o

to
0*

124

REPOBT OF THE COMPTROLLER OF THE CURRENCY.

GBOWIira- BUSINESS OF FEBSEAL BESEEVE BANKS.
The following table shows the progress and development of the
business of the Federal reserve banks. It will be noted that the
combined assets of the banks reached $1,000,000,000 at the end of
April, 1917, rose to $2,000,000,000 in the middle of June, and exceeded $3,000,000,000 in the middle of November. Their investments in United States securities reached the maximum on November 16, 1917, when they amounted to $241,906,000.
The November 16, 1917, returns state the total assets of these
banks at $3,012,406,000, consisting of $1,584,328,000 in gold,
$52,525,000 in other currency, $681,719,000 bills discounted and
bought in the open market, $241,906,000 United States securities,
and $1,273,000 municipal warrants. The earning assets of the banks,
consisting of bills and securities, totaled $924,898,000, and the
calculated average rate of earnings was 3.37 per cent.
The liabilities of the banks consist of $66,691,000 paid-in capital,
$1,960,747,000 gross deposits, and $980,585,000 notes in circulation.
Gold reserve held against net deposits was 62.2 per cent, gold and
other lawful money reserve against deposits, 65.7 per cent, and gold
reserve against notes in circulation, 65.9 per cent.
EARNINGS AND DIVIDENDS.

Iii the year ended December 31, 1916, the earnings of the Federal
reserve banfa amounted to $4,955,343. Net earnings available for
dividends amounted to $2,392,077, from which dividends were paid
to the amount of $1,495,843, plus $246,931 approved for payment
after January 1, 1917.
For the first half of 1917 the reported earnings were $4,141,528,
earnings in excess of current expenses $2,762,645, and dividends
declared payable as of June 30, 1917, $1,721,245. In addition to
the latter amount dividends were paid by two banks between January
and May, aggregating $124,144.
The net earnings of the banks on the calculated average paid-in
capital were 9.8 per cent, ranging from 6.8 per cent for the Dallas
bank to 12.4 j)er cent for the bank at Minneapolis.
The indications at the present time are that at least six of the
Federal reserve banks by the end of the current calendar year will be
able to pay up all accumulated dividends to December 31, 1917, and
have a substantial balance to be returned to the Government.
The development of the business of the Federal reserve banks as
shown by weekly statements from November 20, 1914, to November
30, 1917, is shown in the following table:




REPORT OF THE COMPTROLLER OF THE CT7KREXCY.

121

Comparative statement of the principal items of assets and liabilities of the Federal rese:
banks from the date of the first report, Nov. 20, 1914, to Nov. SO, 1917.
ASSETS.
[In millions of dollars.]

Date.

Gold,
Bills
includreceivOther able dis- United
ing 5
per cent lawful counted States
redemp- money
bonds.
and
tion*
bought.
fund.

1914.
Nov. 20 . .
Nov. 2 7 . . .
Dec. 4...
Dec. 11
Dee. 18....
Dec. 24....
Dec. 31

203.4
227.8
230.9
232 0
233.2
232.6
229.0

37.3
34.6
32.0
28.2
25.0
25.7
26.6

10.2

1915.
Jan. 8
Jan. 1 5 . . . .
Jan. 22
Jan. 29..
Feb. 5 . . . . .
Feb. 12
Feb. 1 9 . . .
Feb. 2 0 . . .
Mar 5
Mar. 12."..
Mar. 1 9 . . .
Mar. 2 6 . . .
Apr. 2 . . . .
Apr. 9
Apr. 1 6 . . .
AOT.23...
Apr. 3 0 . . .
May 7 . . . . .
May 14....
May 21....
May 28....
June 4
June 1 1 . . .
June 1 8 . . .
June 2 5 . . .
July 2 . . . . .
July 9 . . . . .
July 16....
July 2 3 . . . .
July 30....
Aug. 6 . . . .
Aug. 1 3 . . .
Aug. 20
Aug. 2 7 . . .
Sept. 3 . . . .
SGDt. 10...
Sept. 1 7 . . .
Seot. 2 4 . . .
Oct. 1.
Oct. 8 . . . . .
Oct. 1 5 . . . .
Oct. 2 2 . . . .
Oct. 2 9 . . . .
Nov. 5 . . . .
Nov. 3 2 . . .
Nov. 1 9 . . .
Nov. 2 6 . . .
Dec. 3
Dec. 10....
Dec. 17....
Dec. 2 3 . . . .
Dee. 30.....

232.6
236.5
289.7
235.9
256.2
259.2
251.8
248.9
247 3
247 0
245.0
242.1
239.1
239.5
237.2
238.7
238.2
244.0
241.1
243.4
243.6
242.5
246.2
246.5
255.2
264.3
266.2
261.2
263.6
286.2
261.2
264.3
262.0
268.2
2G8.4
282.0
288.6
290.2
283.8
284.8
286.8
282.9
281.4
294.7
297.4
316.0
321.0
325.2
321.2
334.9
347.4
345.0

18.0
16.2
18.7
20.9
22.6
22.1
29.9
29.1
23 3
21.6
21.6
23.1
25.6
30.0
29.3
29.1
26.5
34.0
36.5
36.8
32.0
35.3
44.6
48.9
47.8
24.8
22.5
26.5
25.9
22.1
24. S
20.9
27.1
19.9
19.3
20.2
16.0
23.0
16.5
21.3
19.7
34.6
37.0
31.6
31.8
32.2
37.2
32.7
28.4
27.0
9.7
13.5 1

9.9
12.4
13 0
14.0
16.4
17.1
17.8
20.5
25 7
27.8
29.9
31.7
33.7
35.3
35.9
36.5
36.6
35.4
34.7
34.6
34.0
34.7
36.0
35.6
36.4
36.2
36.7
37.6
39.4
40.7
40.9
40.8
41.7
42.8
43.0
43.3
43.7
44.4
44.9
45.4
43.9
43.3
44.1
43.1
43-2
45,1
49.0
51.3
52.7
52.7
54.4
55.4




5.6
7.4
9.3

Due
from
Munici- Federal Federal
reserve
pal war- notes reserve
rants.
banks
(net).
(net).

Oneyear
Treasury
notes.

All
other
assets.

0.1
.2
3
1

20

1

9.0
8.5

!

10.6

11 6
6.2
7.6
91
74

i

i
I
!

!

2.7
4.8

!

|

14 9
81
8.3
9.8
6.1
59

20.6
24.3
24 0
24 0
21.6
22 1
24.1
25.2
26 8
29.3
30 1
30.7
30.9
30.2
33.4
34.0
36.8
37.5
40.7
40.9
43.2
37.9
29 5
65
5.5
3.7
3.7
44

5.2

4.8

5.4

45
2.8
8.0

1

72

5.4

65
5.6

10.3
5.7
5.3

83

i

9.5

10.1
13.2
6.7
7.4
7.1

i

72
7.6
7.6
7.9

*

7.9
7.9
7.9

8.5
8.6

8.7
8.8
8.8
8.9

9.0
9.3
9.3
9.5
10.4
10.5
10.5
10.5
12.0
12.7
13.0
13.9
14.4
14.5
15.0
15.8

;

9.7
11.5
12.4
13.9
14.4
15.1
16.1
18.1
18.6
18.5
25 8
24.0
23.7
24.4
24.9
27.4
27.0
26.6
25.4
25.0
22 1
22.8
27.5
27 3
17.8
18.1
13.6
14.1
12.2

7.8

9.1
7.6
8.3
9.9
9.2

11.0
12.6
11.3
12.8
12 5
12.9
13.4
12.5
14.9
15.4
15.5
15.2
15 7
19.8
15 2
19.5
18.8
19 2
18.1
22.3
21 0
21.0
21.9

71
5.9
4.0
6.8

70

7.8
8.1

59
5.3
5.6
4.8
49
4.0

8.5
7.4
11.0
7.7
10.2
12 3

38
3.4
3.6
3.3
31
3.0
31

8.5

3.6

12 5
16 2
15.8
14 0
19 8
19.7
21 3
25.0
20.8

30
33
3.7
46
65
5.3
43
4.2
6.5

Aggregate
assets.

246.4
270.0
273 0
272 4
269.9
271.6
277 8
287.3
297.0
304 5
302 2
322.2
325 0
326,4
331.7
330 3
33L1
333 1
333.2
339.6
340 7
341.1
346 6
347.6
331.0
366 2
362.4
380.2
357.5
371 2
370 3
381.4
366.4
365.3
367 8
371.1
377.0
377.4
374.1
382 Q
4
3S9
383.2
403 4
408.1
417.7
411.4
414 3
415.8
427 8
429 9
432 7
446 2
471.8
4.35 3
485 3
482.1
489 3
490.8
491.1

126

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Comparative statement of the principal items of assets and liabilities of the Federal reserve
banks from the date of the first report, Nov. 20, 1914, to Nov. 30, 1917—Continued.
ASSETS—Continued.
[In millions of dollars.]

Date.

1916.
Jan. 7
Jan.14
Jan. 21
Jan. 28
Feb 4" V
Feb. 1 1 . . .
Feb.18...
Feb 25 . .
Mar. 3 . . .
Mar. 1 0 . . .
Mar. 1 7 . . .
Mar. 24
Mar. 3 1 . . .
Ai)r. 7
Apr. 1 4 . . .
Apr. 2 1 . . .
Apr. 2 8 . . .
May 5
May 12....
May 19....
May 26....
June 2
June 9 . . . .
June 1 6 . . .
June 2 3 . . .
June 3 0 . . .
July 7
July 14....
July 2 1 . . . .
July 28
Aug. 4
Aug. 1 1 . . .
Aug. 1 8 . . .
Aug. 2 5 . . .
Sept. 1 . . . .
Sept 8 . . . .
Sept. 15...
Sept. 22...
Sept. 29...
Oct. 6
Oct. 1 3 . . . .
Oct. 2 0 . . . .
Oct. 2 7 . . . .
Nov.3
Nov. 1 0 . . .
Nov. 1 7 . . .
Nov. 2 4 . . .

Gold,
Bills
receivincluding 5
Other able dis- United
percent lawful counted States
redemp- money
and
bonds.
tion
bought.
fund.

354.4
348.0
341.8
349.9
342.1
340.3
338.3
340.4
338.2
338.5
334.5
342.1
335.2
327.3
322.9
316.1
311.2
306.6
312.2
326.6
337.1
346.4
360.6
368.0
373.6
376.7
385.9
390.2
363.5
364.8
365.2
366.9
372.9
372.4
351.8
369.7
377.5
378.4
387.2
387.0
394.3
384.3
398.0
407.2
406.8
435.6
460.0

12.9
14.3
14.2
15.5
14.6
15.3
18.2
17.7
13.0
20.0
11.3
12.2
9.9

11.6
11.5
9.5

12.0
10.3
7.9

17.7
22.0
13.8
18.5
14.0
14.5
27.8
37.4
10.7
14.3
17.1
12.2
11.6
17.5
12.8
14.1
28.1
8.4

8.1
8.3
14.5
11.7
11.0
10.4
7.3
7.8
17.0
18.4




55.6
55.7
55.8
53.2
51.3
52.7
52.8
51.9
52.5
54.5
57.7
60.6
61.7
64.4
66.3
66.3
69.1
68.0
69.2
72.0
73.1
73.4
78.4
85.4
89.7
92.3
92.1
1G5.1
114.3
111.1
109.9
109««
106.9
109.2
105.7
107.3
110.3
111.6
106.6
101.1
99.5
104.1
107.2
104.8
110.3
117.5
122.6

16.7
17.6
20.2
21.4
24.3
25.3
26 A29.6
33.1
34.1
39.2
40.2
40.3
45.2
45.0
45.2
45.8
50.1
51.3
51.8
51.9
52.0
52.2
52.9
52.9
52.9
52.6
52.6
49.7
48.6
48.1
46.7
47.0
46.8
46.8
45.9
40.9
47.6
46.5
44.4
42.6
41.3
40.5
40.5
38.9
39.1
39.4

Oneyear
Treasury
notes.

1.9
3.2
3.8
3.8
3.8
3.8
3.8
3.8
4.2
4.2
4.2
4.2
4.2
4.5
4.5
7.2
7.9
7.9
8.4
7.9
8.2
8.2
9.1
9.0
8,0

6.9
8.8
10.5
11.7
11.4
11.4
11.3
11.2
11.2

Due
Munici- Federal from
pal war- reserve Federal
notes reserve
rants.
(net).
banks
(net).

17.1
19.4
20.6
20.6
20.9
25.6
25.0
25.4
30.5
32.7
33.0
32.7
33.0
35.2
35.7
35.9
36.9
39.2
40.3
44.5
45.0
36.6
23.1
22.1
21.6
22.8
25.2
27.4
27.7
27.2
27.4
28.0
27.8
27.9
21.3
21.2
23.7
24.1
24.1
29.0
31.5
32.5
29.9
24.1
20.7
18.6
22.2

24.2
29.8
34.9
36.5
33.7
28.3
28.6
23.8
25.6
25.0
24.6
24.8
25.1
21.8
22.1
21.7
21.6
26.3
26.0
26.5
26.4
24.1
23.9
24.4
23.0
23.2
24.1
20.8
20.0
20.3
20.4
20.1
19.9
21.2
20.9
19.3
20.0
16.1
14.2
14.9
15.3
15.2
16.8
17.7
17.6
14.3
15.4

11.1
13.0
13.1
10.7
15.2
13.0
12.3
13.3
20.6
12.6
16.2
12.6
13.1
11.2
16.8
17.6
14.7
17.3
15.8
19.4
16.5
15.3
17.7
21.4
19.3
20.4
20.4
20.0
12.0
12.0
19.9
16.4
21.1
21.6
35.6
28.7
28.9
29.3
31.4
26.2
30.1
30.6
33.2
34.8
35.1
59.8
43.2

All
other
assets.

7.1
9.8
10.7
10.0
11.0
12.9
8.0
11.4
5.9
5.2
5.0
4.8
5.0
7.6
4.0
3.6
4.5
4.1
4.6
6.0
9.5
8.9
5.2
5.5
4.4
4.6
4.1
8.3
4.8
5.5
4.4
3.7
3.2
3.5
3.0
3.3
3.0
8.5
7.5
3.0
2.7
2.6
3.7
3.1
2.4
6.1
2.6

Aggregate
assets.

499.1
507.6
511.3
517.8
514.0
513.4
509.6
513.5
519.4
522.6
521.6
530.0
523.3
526.2
527.5
519.7
519.6
525.7
531.1
568.3
585.3
574.7
583.8
597.9
603.2
624.9
646.3
639.6
613.5
615.1
615.4
610.8
624.2
623.6
607.4
632.6
627.7
631.7
632.7
628.9
638.2
633.3
651.1
650.9
650.9
719.2
735.0

REPORT OF THE COMPTROLLER OF THE CURRENCY.

127

Comparative statement of the principal items of assets and liabilities of the Federal reserve
banks from the date of the first report, Nov. 20, 1914, to Nov. 30, 1917—Continued.
ASSETS—Continued.
[In millions of dollars.]

Date.

1916.
Dec. 1
Dec. 8 . . . .
Deo. 15
Dec. 2 2 . . .
Dec. 2 9 . . .
1917.
Jan. 5 . . . . .
Jan. 1 2 . . .
Jan.19...
Jan. 2 6 . . .
Feb. 2 . . . .
Feb. 9
Feb. 1 6 . . .
Feb. 2 3 . . .
Mar. 2 . . . .
Mar. 9 . . . .
Mar. 1 6 . . .
Mar. 2 3 . . .
Mar. 3 0 . . .
Apr. 6
Apr. 1 3 . . .
Apr. 2 0 . . .
Apr. 2 7 . . .
May 4 . . . .
May 1 1 . . .
May 1 8 . . .
May 2 5 . . .
June 1

Junes

Date.

1917.
June 15
June 2 2 . . .
June 2 9 . . .
July 6
July 13. .*'.
July 2 0 . . .
July 2 7 . . .
Aug. 3 . . . .
Aug. 10...
Aug. 17...
Aug. 2 4 . . .
Aug. 3l!!.
Sept. 7
Sept. 14..
Sept. 21
Sept. 2 8 . .
Oct. 5
Oct. 11—12
Oct. 1 9 . . .
Oct. 2 8 . . .
Nov. 2
Nov. 9

Bills
discounted
DU9
and
OneFedMufrom UncolOther bought, United year nicipal eral
All
Gold
Federal lected other
lawful includ- States Treas- war- reserve
reserve. money. ing 5 bonds.
ury
notes Reserve items. assets.
per cent
notes. rants. (net). banks
(net).
redemption
fund.

439.2
428.0
435.3
449.9
453.7
460.8
501.2
502.1
517.9
521. 8
488.9
492.4
497.1
518. 5
538.1
559.3
562.5
577.4
565.1
539.1
539.6
522.2
557. 7
561.3
541.0
520.8
489. 8
538.6

10.8
4.6
7.9
6.0

17.5
16.2
16.8
8.5

17.6
12.2
10.6
7.6

15.2
10.0
19.1
16.2
10.7
9.3

19.1
21.1
24.5
30.3
39.4
36.1
27.4
35.9
36.6
37.7

128.1
158.1
160.7
156.9
157.7

40.2
41.5
42.6
43.5
44.2

11.2
11.2
11.2
11.2
11.2

21.3
13.2
11.2
10.6

148.0
140.3
125.7
113.4
107.8
128.3
145.6
144.2
132.9
127.4
114. 2
108.3
104.6
100.7
102.0
102.7
106.4
119.8
136.7
1.45. 0
155.0
167.0
233.3

41.1
41.1
37.9
36.1
30.6
29.5
29.5
29.5
28.6
29.1
29.2
29.3
29.3
o 86.6
86.2
86.2
94.4
100.8
94.3
91.1
94.3
90.5
96.3

14.9
14.9
18.3
19.6
18.6
18.6
18.6
18.6
19.5
19.5
19.4
18.8
18.4
23.0
23.4
23.4
23.4
23.4
23.4
23.3
23.3
23.3
23.3

10.6
12.2
12.7
14.8
16.7
17.1
16.8
17.0
16.0
15.8
15.7
15.2
15.2
15.2
15.0
14.8
14.7
14.6
14.7
13.9

9.0
8.7
9.9

5.5

18.3
18.8
19.5
19.2
21.3
21.7
19.9
24.1
27.1
25.5
23.3
22.5
22.1
23.1
20.6
22.0
19.4
18.8
16.2
22.0
20.6
20.6
23.6
24.1
26.5
28.4
29.9
26.2

2.5
2.9
4.7
3.5
6.2

6.7
5.4
4.1

12.7
13.3
7.8
.7
4.0
3.1
3.4
3.3
2.3
3.4
1.1
2.5
.1
5.2
1.3

&S7.5
&133. 0
3.7
4.8

142.6
120.8
132.1
126.4
126.6
121.2
144.2
136.9
154.0
130.4
158. 0
145.8
132.8
146.4
169. 2
167.0
204.8
184.6
310.7
192.8
328.8
177.1
304.7

710.2
715.3
741.1
750.8
768.2

8.8

38.2
36.6
47.6
49.3
47.0

11.6

889.7
889.1
877.8
880.3
882.0
860.0
894.0
890.3
915.7
911.0
942.2
917.9
914.5
981.1
984.9
986.7
1,023.6
1,075.2
1,209.2
1,155.7
1,342.0
1,038.3
1,276.5

12.3
12.7
13.6
13.2
11.1
8.6
8.3
7.8
6.4
6.2
5.7
5.5
4.9
4.6
4.8
5.8
5.4
6.1
6.0
6.4
6.1
5.6

Due
Bills United OneFive
Mu- per cent from
All
Other
year
disGold
States Treas- nicipal redemp- Federal Uncol- other
lawful
lected
warreserve. money. counted securi- ury
tion Preserve items assets.
and
bought. ties. notes. rants. fund. banks
(net).

1,050.9
I 3 212.0
1,294. 6
1,317.7
l! 353.4
1 380.0
1 362.3
1,367.7
1,370.9
1,374.6
1 372.2
1,353.5
1,364.8
1 374.9
1,402.3
1,398.7
1 438.5
1,447.4
1,471.5
1,513. 4
1,546.1
1 573.4
Nov. 16III 1 584.3
Nov. 2 3 . . . 1,604. 7
Nov. 30... 1,621.7

24.5
35.7
39.8
38.3
47.5
50.3
51.8
53.7
53.1
52.9
52.5
52.6
50.6
51.1
49.9
49.1
48.2
48.1
49.0
49.5
50.7
52.2
52.5
54.1
54.5

367.3
435 3
399.5
331.5
335.1
359.1
333.6
305.1
284.0
299.3
288.0
301.9
341.4
335.8
344.8
410.1
451.4
478.9
458. 2
574.7
690.0
691.2
681.7
865.9
961.9

114.1
114. 9
70.7
71 6
74.3
75.3
77.0
67.9
73.9
75.7
75 7
77.9
87.8
87.7
95.0
95.0
129.4
103.4
102.3
110.0
99.1
96.1
241.9
111.8
89.1

2.5
2.4
2.4
2.4
2.4
2.2
1.5
1.2
1.3
1.2
1.2
1.2
.2
.2
.2
.2
.1
.1
.2
.2
1.3
1.3
1.3

1 4
1.4

0.4
.5
.5

5.6
2.6
1.4

.5

19 5

.5

11.1

.5
.5
.5
.5

.5
.5
.5
.5

.5
.5
.5
c5
.5
.5
.5

.5
.5

.5
.5
.5

7.0
4.1
4.7
1.7

11.7
.2

10.2
12.0
6.6
1.3
7.9
2.6

17.1
32.5
6.9

14.4
7.7
17.8
11.9

Aggregate
assets.

295.0
195.8
221. 7
251.4
254.2
243.0
204.8
197.1
205. 8
230.7
210.4
260.2
217.0
224.6
237.7
232.8
230.4
321.2
332.3
28^.7
317.9
271.8
428.5
302.5
373.2

 a From Apr. 6 to June 8. Includes United States certificates of indebtedness.
6 Includes fiscal agent account.


0.6
.4
.8
.9
.8
1.6
1.1
.5
.4
1.9
.3
.3
.4
.3
.4
.4
.6
1.0
1.2
1.4
1.6
3.0
3.7
3.3
2.5

Aggregate
assets.

1 861.0
1,999. 6
2,053.4
2,033.8
2,075. 2
2,116.1
2,091.2
1,998.4
1,988.3
2,048.4
2,001.1
2,058.4
2.074.7
2,081.7
2 132.2
2,194.8
2,301.6
2, 417.8
2,447. 8
2.528.4
2,721.5
2, C97.2
3,012.4
2, 956.1
3,104.8

128

EEPOBT OF THE COMPTROLLER OF THE CURRENCY.

Comparative statement of the principal items of assets and liabilities of the Federal reserve
banks from the date of the first report, Nov. 20,1914, to Nov. SO,1917—Continued.
LIABILITIES.
[In millions of dollars.}

Govern- Member
bank
ment
Capital.
deposits. deposits
(net).

Date.

1914.
Nov. 2 0 . . ,
Nov 27
Dec. 4
Dec. 11..
P e r 18

.. .

227. t
219.3
251.0
251.0
248.0
249.8
256.0

18.1
18 0
IS. Q
18.0
18 0
18 0
18.0

Pet?. 24..

Pee. 31

18.0
18,0
18.4
20.4
35.1
35.8
36 0
38.1
35.0
36.1
30.1
36.1

.

2'37. 4
277.2
284 2
279.5
284.1
235 0
285 5
290.3
287.9
288.0
288.6
288.2
293.9
294.0
294.1
?97 2
294.8
293.3
"95 5
295.0
2Q9 0
288.3
°09 6
299 4
311.3
297.9
295.8
"397.6
301.1
390 2
306.0
SOI 9
310 1
" 316 9
312.3
32* 1
316.9
329.9
324.7
326 8
328.8
340.4
343 6
346.1
359.4
385.0
398 0
393.0
39O 3
397 9
398.0
400.0

1.9
1.8
1.9
2.3
3.0
4.2

• 36.1

.

.

Jim 9 4 » „ . . ,

Juno 11
June 18 . . . B .
June 2 5 . . .
July 2
July 9
Julv 16..
July 23
July 30 . .
Aug. 6
,
AUF 13.
Aug. 2 0 . . .
Am*. 27 . . . . .
Sept.3
Sept.10.
Sept. 17.
Sept. 2 4 . . .
Oct. 1
Oct. 8 .
Oct. 1-5....
Oct. 23
Oct. 2$
Nov.5
Nov. 12
Nov. 19
Nov. 2 6 . . .
Dec.3
Dec. 10 ..
Dec. 17 . . .
Dec. 24
Dec.30




. . .

..

3(3. 2
So. 2
36 7
39.7
53.4
54 0
54.1
54 2
54.2
54 2
54.2
54.2
54.1
54.1
54 1
54.1
54 2
54.3
54 3
54 3
5*. 7
54. 7
51 7
54.7
54.7
54.7
54 7
54.7
54.8
54 8
54.8
54.8
54.8
54.8
54.8
5^ 9
54.9
54.9
54.9

15.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
15 0
15.0
15.0
15.0

Federal
reserve All other
bank
liabilinotes
ties.
in circulation.

1.2
2.7
4.0
3.4
3.9
3.8
3.8

1915.
Jan, 8.
Jan.15..
Jan. 22 .
Jan. 29 . .
^eb.5......
FeK 12
Fob " 9
>
Feb. 26....
Mar.5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
A"Dr. 9
Apr. 16
A^r 23
Apr .30
May 7.
May 14
Mav 21
MaV 28

Federal
reserve
notes
(net).

4 q
5.3
&4
7.0
8.4
8.9
9.6
10.5
10.8
10 9
11.0
11.2
11 2
10.9
10 9
11.4
7

r 1
12 1
12.6
12.8
13.3
14 2
14.5
14 9
15.4
15 7
15 8
16 7
17 7
17 5
16 6
15 4
14.3
15 2
14 8
14.8
13 9
13 7
13.0
13.0
13 4
14 0
14 7
14 5
14.7
13.5

.... 1
|
1

1 y
2.1
5 5
24
3 6

5^

4 P,
3 3
1 *
2.1
1 f
l.i
1 /
1 "

2 r
2 i
1^
3 1
2 '%"
2 i
2 \
2 S
2 (
31
4(
4 f
4
8I
7 5
7 f
7/

KEPOET OP THE COMPTROLLER 01? THE CUSBENCY.

129

Comparative statement of the principal items of assets and liabilities of the Federal reserve
banks from the date of the first report, Nov. 20,1914, to Nov. 30, 19177—Continued.
LIABILITIES—Continued,
[In millions of dollars.)

Member
bank
Capital.
deposits. deposits
(net).
Govorn-

Date,

1915.

Tan. 7.
Jan I-1
F?b. 4

54.9
54 9
54.9
54.9
54.9
54.9
54.9
54.9
54.9
55.0
54.9
54.9
54.9
54 9
54.9
54.9
51.8
54.9
54.8
54.9
54.9
54 9
54.9
54.9
54.9
54.9
54.9
55.2
55.2
55.2
55.2
55.1
55.1
55.4
55. 4
55. 4
55.4
55. 4
55. 4
55. 7
55. 7
55.7
55.7
55. 7
55 7
55. 7
55.7

23.8
26 9
28.1
27.8
29. 9
26.9
29.0
32.5
30.1
30.6
32.4
35.1
38.4
37 0
34.7
35.3
40.7
40.4
3-S. 2
40.5
44 J
50 0
51.6
55.7
64.5
101.1
114.4
97.5
54.3
56. 5
56.6
53.3
49. 7
50 1
50.9

Govern- Member
bank
Capital.
ment
deposits. deposits
(net).

Federal
reserve
notes
(net).

. . .

F^b. I S . . . .
:-•
M-«r. 10 .
Mar. 17 . . . .
M-T

I'iv.zi

. .

Ar>r. C1 . . . .
Apr. ^ - . . . . .
£ id V 12
MT7;'L...,..,.,..

,
.. -

J r;-e 'i
.Tins fr ) . . . . . . . . . . . . . . . . . . . . . . . . . .
Ju:ie t - . . , . * . . . . . . . . .
June 2.1 . . . . .
'?mis 20„.„.<,

J-1 v 7.

irly^""""""""""

"
"

J i ! j Y ^'"*
A"irt" ^:A > i c r *'1

An?. I S . .
jVi" 1 -? 1 . ' > > . . , .

Jj pT-kf '-,
y (-.?-,+
i"

(*'\

• '

Oct. »3
Oet 2?)
T

\ 0v

I)

Nov. 21..

Date.

Dec.
Dee.
Dec.
Dec.
Dec.

1916.
1
8
15
22
29...

. .

55.7
55,7
55.7
55.8
55.7




26.8
28 7
28.8
29.5
28.8

613.5
618 6
643.1
648.8
668.8

40^2
39.9
39.0
34.0
24. 7
28.1
30.0
28.7
23 3
25.2
2G.3

13.4
11 4
12 6
15.8

41.*. 7
'2L7
410.1
412.0
418.7
-L1?. 3
4 / 8 cS
420.0

Federal
reserve
notes
(not).

13.0
12 0
11.6
10.3
10.0
9.5

9.1
9.4
9.6
I-'). 2
10.2
10.0
8.9
9.5

426.5
<117.3
u-J.O
4 S.fe
427. S
1C3.0

r,o 4
477.3
47? ^
457. 5
<<". \ 0
40? 0
}

•)

<•-

;•"" i
t; j o
5?]. «'
5 CO
Mt.O
5.X 1

f ??• j
0J7. i

Federal
reserve All other
bank
liabilinotes
ties.
in circulation.

9.5
9.6
8.8
8.6
8.4
8.0

7 7
7 5
7.6
8.0
9.2
0.4
10.0
h). 1
10.1
30.1
11.0
il. 2
12.3
i'\ 7

6.4

.7
1.1
1.0
1 2
1.4
2.0
1.7
1.7
1.7
1.7
1.7

i'l 9

1 7
1.7
1.7
1.7
1.7
1.7
1.7
1.7
1.7
1.7
1.7
1.7
i 7
1.7
2.3
3.2
2.9
3.0
1.0
1.0
1.0
1.0
1.0
1 0

i !. f.
14.3

1.0

11.4
"!().!
J L2
I 1.6
J-.J.2
1L.8
11.9
12.0
12. 7

1.0

Federal
Due to
reserve
nonAll
bank
member
other
notes liabilities. banks,
in circuclearing
lation.
account.

14.1

0.7
.8
.8
.8
.8

0.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
.1
.5
.6
.6
.2
.2
.2
.2
2
.2
.3
.3
.3
.2
.2
.2
.3
.3
.3
.3
.3
.3
.3
.4
.4
.4
.4
.5
.5
.5
.4
5
.6
.8

Collection
items.

130

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Comparative statement of the principal items of assets and liabilities of the Federal reserve
banks from the date of the first report, Nov. 20, 1914, to Nov. 30, 1917—Continued.
LIABILITIES—Continued
[In millions of dollars.]

Bate.

Jar .5

. . . .

MPJ* 9

16
23
30
6
13
20
27
4
11
1«
25

June 1
June 8

J u n e 15
J u n e 22

June 29
July 6 ...
July 13
July 20
July 27
Av™ 3
A.ue 10
A.rg 17
Aug. 24
Aug 31
Sept 7
Sci>t 14
Sept 21
Sopfc 28.
Oct. 5
Oct. U-12
Get 9
Oct. 26
Nov. 2
Nov 9
Nov 18
Nov. 23

Nov 30

All
other
liabilities.

Due to
nonmember
banks,
clearing
account.

Collection
items.

1917.

Jan 12
Jan 19
Jan. 26
Fob 2
Feb. 9
Fcb. 16
F e b 23
Mar. 2
Mar
Mar.
Mar
Apr
Apr.
Ahr.
Aur
May
May
May
May

Federal
Federal reserve
bank
reserve
notes
notes
(net). in circulation.

Govern- Reserve
Capital.
ment
deposits. account

. . . .
. .

55.7
55. 7
55.6
55. 7
55 7
55.7
55.8
56.0
56. 0
56 0
56.1
56.1
56 1
56.1
53.4
56.4
56.4
56.9
56.9
50. 9
57.0
57 0
57.0
57.2
57 2
57.2
57.7
57 7
57.7
57.8
57.9
58.0
58.1
58.5
58.9
59.3
59.4
59.4
59.4
61.0
61.1
61.8
62.6
64.3
65.3
66.7
67.1
68.5

25.6
27.8
28.4
25.6
23.3
15.5
10.9
13.4
14.2
12 4
18.6
19.7
20 6
46.5
42.2
42.0
99.7
107.9
242. 4
187.1
198. 5
96 4
227.0
259.1
495 8
301.0
413.6
300.9
181. 6
143. 0
56.8
140.4
110.1
60.0
154. 4
39.9
21.6
25.0
63.7
86.3
74.2
76.4
132.2
175.9
59.2
218.9
196.4
221.0

656.4
680.6
669.9
687.8
689.9
678. 2
688.6
692.5
708.9
7QQ 5
726.1
711.1
790 4
758.2
741.5
742. 6
719. 8
743.1
740.7
748.5
813.3
721 1
776.9
870.7
806 2
1,033.5
1,112.3
1,019.7
1,165. 0
1,135.5
1,192.9
1,101.6
1,130. 8
1,121.1
1,069.8
1,138.5
1,139.3
} 151 7
L, 137.5
1,148.9
L, 265. 3
L, 230. 6
L, 264.3
.,372.0
. 407. 0
31480. 5
1, 426. 6
1,489. 4

i Includes due to Federal referve banks, net.

2

13.2
13.6
13.9
13.5
11.5
13.1
17.1
19.1
19.8
18 8
19.4
16.7
15 9
14.3
13.0
16.5
18.2
19.0
24.0
24.6
26.2
27 8
32.5
43.0
2 499 7
508.8
527.5
532.5
534.2
534.0
540.8
549.2
558.8
573.0
587.9
621.3
644.6
670.2
699.3
740.9
779.9
815.2
847.5
881.0
932.5
972.6
1,016.0
1,057.0

0.2
.3
.3
.3
.4
.3
.5
.5

0.4

s

.9
1.2
2.0
2.3
2.5
2.8
4.2
4.9
5.5
6.0
6.9
7.6
8.0
8.0
8.0
8.0
8.0
8.0
8.0
8.0
8.0

8.0
8.0

.5
.5
5
.6
.6
.4
,4
25.6
10.7
1 8
76.8
1 8
1.9
2.0
2 4
2.5
21.9
1.9
2.2
2.1
3.0
2.0
2.2
12.1
12.2
2.3
2.5
2.6
2.9
3.2
4.2
3.6
3.9
4.2
4.2
4.4
4.6
4.6

5.6
6.8
4.8
8.5
12.3
10.3
11.6
S2.9
28.9
52.3
50.6
50.8
66.7
94.0
51.4
42.3
35.3
24.3
33.9
20.9
22.3
17.5

118.6
111.2
109.7
97.4
101.2
97.2
121.2
108.8
116.3
102 8
121.5
113.8
1
111 4
105.4
131.1
128.9
129.0
122.8
134.4
136.7
170.2
134 1
181.3
179.8
137 6
149.5
164.6
153.8
165.3
137.8
132.1
122.5
171.9
137.9
140.3
154.1
156.3
164.4
157.4
159.3
173.8
210.0
174.5
191.8
187.0
240.4
215.2
1238.9

Changed to actual circulation on and after June 22.

FEDERAL RESERVE NOTES.

In the weekly statements issued by the Federal Reserve Board, in
addition to showing in detail the assets and liabilities of the Federal
reserve banks, the volume of Federal reserve notes issued, the amount
secured by gold and other lawful money deposited with the Federal
reserve agents, and the amount secured by commercial paper, are
reported.
Since July 28, 1916, when, through the ordinary process of redemption and the limited requirements of trade, the volume of Federal
reserve notes outstanding reached a low point of $174,023,000, there



REPORT OF THE COMPTROLLER OF THE CURRENCY.

131

has, with the exception of a slight decline during the month of
January, 1917, been, a steady and rapid increase in the amount in
circulation.
This increase has oeen especially notable since the formal declaration of war against Germany. "The unprecedented demands for
currency incident to war business, the floating of the Liberty Loans
and Treasury certificates, and the requirements of Army and Navy
paymasters have increased the demand for currency, but the main
cause of the increase of Federal reserve notes has been their issuance
against the deposit with Federal reserve banks or the Federal reserve
agents of gold certificates and gold, which it lias been thought wise
to accumulate under present conditions.
In the table following are shown the amounts of notes outstanding,
amounts secured by gold and lawful money deposited, and by commercial paper, at the close of each week from November 20, 1914, to
November 30? 1917:
Federal reserve notes-—Weekly statement of Federal reserve notes outstanding {amount
issued by Federal reserve agents to the banks, less "unfit" notes returned for redemption),
amount secured by gold and laivful money, arid amount secured by commercial paper,
from Nov. 20, 1914, to Nov. 30, 1917.

Date.

1914.
Nov. 20
27

Pec. 4

11
13
24
31

1915.
Jan. S
15
22
29

Feb.
Mar.

5

12
19
26

5

12
19
26

Apr. 2
9
16
23
30

May

7

14
21
28

June 4

11
18
25

July 2
9
16
23
30

Aug. 6

13
20

27

A m o u n t s secured b y
gold a n d
lawful
money.

Amounts secured by
commercial
paper.

SI, 215,000
2,700,000
5,105,000
6,702,000
8,869,000
12,412,000
16,027,000

$1,135,000
3', 210,000
51013,000
8,565,000
12,252,000

$1,215,000
2; 700.000
3,970;000
3,492,000
3,856,000
3,847,000
3,775; 000

16,530,000
16,804,000
17,106,000
17,679,000
18,702,000
20,106,000
24;632,000
28,172,000
29,805,000
33,965,000
36,846,000
39,858,000
43'. 376,000
44^ 828,000
48,461", 000
50,074,000
53,353,000
55,042,000
59,829,000
61,950,000
65,612,000
69,704.000
73.529', 000
79; 386,000
82,961,000
84.581,000
SO] 131,000
93,361,000
94,131,000
97,831,000
101,731,000
102,571,000
107,691,000
109,901,000

14,676,000
14,966,000
15,193.000
15,40i; 000
15,702,000
la! 921,000
19,702,000
20,844.000
23,413^ 000
20, 961,000
28,359.000
30,969', 000
S3, 779,000
34,379,000
37.694,000
39; 185,000
42,315,000
43,845,000
48,605)000
51.091,000
54; 691,000
58,291,000
61,431,000
65,873,000
68,996,000
70,616,000
74,246, 000
77,656,000
78,126,000
81,191.000
84,676; 000
85,806,000
89, 726,000
90,986,000

1,854,000
Nov. 5
1,838,000
12
1,913,000
19
26
2,278,000
3,000,000
Dec. 3
4,185,000
10
4,930,000
17
5,328,000
23
6,392,000
30
7,004,000
8) 487,000
1916.
8,889.000
Jan. 7
9,597,000
14
10,449,000
21
10,767,000
28
10,889,000
Feb. 4
11,038,000
11
18
11,197,000
11,224,000
25
10, 859,000
Mar. 3
10,921,000
10
11,413,000
17
12,098.000
24
31
13.ois; 000
13;965,000
Apr. 7
13,965,000
14
14,885,000
21
15,705,000
28
16.005,000
May 5
16; 640,000
* 12
17,055,000
19
18,765,000
26
17,965,000 1 June 2
18,915,000
9

Federal reserve notes
outstanding.

Date.

Federal reserve notes
outstanding.

A m o u n t s secured b y
gold and
lawful
money.

Amounts secured by
commercial
paper.

114,531,000
119; 851,000
124,000,000
133,060,000
141,000,000
148,590; 000
153, 790,000
159,280,000
168) 370', 000
170,310, '300
179,335,000
183,275,000
187,815', 000
190,985,000
200,265,000
205,205,000
211,735,000
214.125,000

94,766,000
99,358,000
104,54i;000
115, ISO', 000
123,801.000
130,620;000
136,210.000
142,440', 000
151,830,000
154,005,000
163,155,000
166,755,000
171.095,000
174; 147,000
182,912', 000
187; 840,000
194,400,000
197,450,000

19,765,000
20,495,000
19,459,000
17,880,000
17,699,000
17,970,000
17,580,000
16,840,000
16,540', 000
16,305;000
16,180,000
16,520,000
16,720,000
16,838,000
17,353,000
17,365,000
17,335,000
16,675,000

215.525,000
219,030,000
220,380,000
218,945.000
217, 777; 000
211,661,000
206,978,000
196,992,000
191,303,000
191,678,000
191,185,000
190,903,000
190,232,000
190,536,000
186, 761,000
186,643,000
185,424,000
187,452,000
187,166,000
186,000,000
187,248.000
184,217,'000
179,471,000

199,690,000
204,159,000
206,029,000
205,380,000
205', 112,000
199', 989,000
195;705,000
185,775,000
179.734,000
179,474,000
179,272,000
178,706,000
179,281,000
180,578,000
176,883,000
176,433,000
175,847,000
178,042,000
177.599,000
176;693,000
178,116,000
175,205,000
170,409,000

15,835,000
14,871,000
14,351,000
13', 565, COO
12;665;000
11.672,000
11,273,000
11,217,000
11,569,000
12,204,000
11,893,000
12,197,COO
10,951,000
9,958,000
9,878,000
10,210, COO
9,577,000
9,413,000
9,567,000
9,307, C00
9,132,000
9,012,000
9,062,000

1915.




Sept. 3
10
17
24

Oct. 1
8
15
22
29

182

EEFOUT OF THE COMPTROLLER OF THE CURRENCY.

Federal reserve notes—Weekly statement of Federal reserve notes outstanding {amount
issued by Federal reserve agents to the banks, less "unfit" notes returnedfor redemption),
amount secured by gold and lawful money, and amount secured by commercial 'paper,
from Nov. 20, 1914, to Nov. 30, 1917—Continued.

Date.

Federal reserve notes
outstanding.

Amounts se- Amounts secured by
cured by
gold and
commercial
lawful
paper.
money.

23
30

July 7

14
21
28

Aug. 4

11
18
25

Sept. 1
8
15
22
29

Oct. 6
13
20
27

Nov. 3

10
17
24

Dec. 1
8
15
22
29

1917.
Jan. 5
12
19
25

Feb. 2

9
16
23

Mar. 2

Amounts se- Amounts secured by
cured by
gold and
commercial
lawful
paper.
money.

1917.

1910.

June 16

Federal reserve notes
outstanding.

Date.

179,802,000
176,955,000
176,168,000
179,783,000
179,358,000
175,219,000
174,023,000
175,551,000
175,602,000
176,620,000
179,838,000
194,645' 000
199,218,000
202,530,000
209,778,000
213,987,000
220,490,000
225,882,000
230,803,000
234,876,000
240,534,000
247,873,000
255,702,000
258,081,000
268,270,000
279,462,000
289,778,000
295,766,000
300,511,000

170,875,000
166,823,000
165.986,000
168,806,000
168,241,000
163,932,000
162,776,000
162,184,000
162,085,000
162,036? 000
163,834,000
177,035,000
181,029,000
185,161,000
193,110.000
197,572,000
204,4761000
210,088,000
215,329,000
219,502,000
225,060,000
231,339,000
238,458,000
241,566,000
252,057,000
264,639,000
273,274,000
278,528.000
282,523^000

8,927,000
10,132,000
10,182,000
10,977,000
11,117,000
11,287,000
11/247,000
13,367,000
13,517,000
14,584,000
16,004,000
17,610,000
18,189,000
17,369,000
16,668,000
16,395,000
16,014,000
15,794,000
35,474,000
15,374,000
15,474,000
16,534:000
17,244,000
16,515,000
16,213,000
14,323,000
16,504.000
18,238,000
17,988,000

300,280,000
293,440,000
292,014,000
291,693,000
290,577,000
308,348,000
321,453,000
331,469,000
343,847,000

281,292,000
274,512,000
273,141,000
273,320,000
274,074,000
288, 720,000
297,270,000
306,186,000
317,581,000

18,983,000
18,928,000
18,873,000
18,373,000
16,503,000
19,628, 000
24,183,000
25,283,000
28,266,000

Mar. 9
16
23
30

Apr. 6
13
20
27

May 4

11
18
25

June 1
8
15
22
29

July 6

13
20
27

Aug. 3
10
17
24
31

Sept. 7
14
21
28

Oct. 5
12
19
26

Nov. 2

9

16
03

30

355,263.000
363,278; 000
372,244,000
382,566,000
400,703,000
431,794,000
440,539,000
446,544. 000
458,874,000
470,401,000
478,906,000
483.038,000
499,844,000
512,527,000
527,971,000
539,976,000
550;504,000
570,725,000
579; 957,000
583,937,000
584', 464,000
590,389,000
601,227,000
613,646,000
627', 307,000
644) 911,000
6S0,073,000
700;430,000
725,397,000
754,088,000
797.630,000
837; 425,000
875,278,000
903,387,000
941,284,000
995,384,000
1,038, 620.000
1,102,287,000
1,126,345,000

328,433,000
338,603,000
349,519,000
360,668,000
378,450,000
410, 796,000
413,538,000
422,905,000
433,089; 000
438,323,000
448,311,000
456,511,000
466,959,000
475,201,000
459,942,0C0
390,765,000
402,639,000
413,715,000
428,338,000
423,889,000
434,193,000
467,845,000
485,467,000
502,588,000
488,536,000
493,185,000
494,779,000
520,470,000
536,009,000
555,239,000
560,111,000
550,734, G O
O
618,827.000
614,692,000
602, 433,000
618,254,000
629,906'. 000
623,948'. 000
681,824, C O
O

26,830,000
24,670,000
22,725,000
21,898,000
22,253,000
20,998,000
22,001,000
23,639,000
25,785,000
32,078,000
30.595,000
3lJ 477,000
32,875,000
37,326,000
68,029,000
149,211,000
147,865,000
157,010,000
151,619,000
160,048; 000
150,271,000
122,544,000
115,760,000
111,058,000
138,771,000
151,728,000
185,294,000
179,980.000
189,388,000
193,849,000
237,519,000
256, 691, G O
O
256,451,000
288,695,000
338,851,000
379,130,0G0
408,714,000
478,339,000
464,521,000

Since June 15 of this year, a marked increase is noted in the proportionate amount of notes secured by commercial paper, there
being but $68,029,000, or less than 13 per cent of the total outstanding thus secured on that date, whereas on November 30, the
amount so secured had increased to $464,521,000, or more than 41
per cent of the total.
Up to October 31, 1917, Federal reserve notes to the amount of
$2,188,300,000 were printed, $1,533,360,000 of which were shipped
or delivered to, or upon the order of, the Federal reserve agents, and
$654,940,000 held in the reserve vault available for shipment as
required.
During the year ended October 31, 1917, Federal reserve notes to
the amount of $137,060,290 were returned to this office for destruction as " unfit for circulation,?; making a total of $218,794,720 mutilated notes so returned to that date.
Detailed information relative to issues and redemptions of Federal
reserve notes, by banks and denominations, is given in the following
tables:



REPORT OF THE COMPTROLLER OF THE CURRENCY.

133

Statement of Federal reserve notes, by denominations, printed, shipped to Federal reserve
agents, and United States sub treasuries, and on hand in reserve vault to Oct. SI, 1917.
Bank.

Fives.

148,080.000
113,360^000

37.600,000
34; 100; 000

106,000,000
79,600;000

961,720,000
559,560,000

143,040,000

34, 720,000

3,200,000

26,400,000

402,100,000

36,720,000
32,480,000

38,160,000
37,520,000

9,000,000
7,000,000

12,400,000
7,200,000

121,220,000
107,440,000

4,240,000

640,000

2,000,000

5,200,000

13,780,000

27,280,000
23,120,000

58,800,000
39,840,000

14,800,000
10,400; 000

10,000,000
8,000,000

132,840,000
93,000,000

10,320,000

4,160,000

18,660,000

4, 400,000

2,000,000

39,840,0Q0

19,540,000
15,220,000

25,200,000
19,520,000

23.600,000
21;760,000

4,400.000
3;400; 003

3,600,000
2,000,000

76,340,000
61,900,000

4,320,000

5,680,000

1,840,000

1,000,000

1,600,000

14,440,000

19,820,000
19,580,000

24,280,000
23,280,000

20,480,000
20,240,000

7,400,000
2,400,000

8,000,000
2,800,000

79,980,000
68,300,000

240,000

1,000,000

240,000

5,000,000

5,200,000

11,680,000

54, S40,000
25,880,000

69,920,000
57,120,000

89,200,000
68,0S0,000

27.600,000
16;000,000

23,600,000
14,400,000

265,160,000
181,480,000

28,960,000

12,800,000

21,120,000

11,600,000

9,200,000

83,680,000

25,540,000
16; 880,000

23,160,000
24,180,000

20,240,000
19,440; 000

4,000,000
3,000,000

4,000,000
3,200,000

79,940,000
66,680,000

8,6G0,000

2,000,000

800.000

1,000,000

800,000

13,260,000

28,040.000
23,880,000

25,120,000
21,240,000

18.880,000
17; 360,000

2,000,000
1,600,000

4,400.000
3,200,000

78,440,000
67,280,000

4,160,000

3,880,000

1,520,000

400,000

1,200,000 "

11,160,000

41,080,000
25,440,000

28,240,000
18,840,000

26,320,000
18,400,000

6,000,000
4,200; 000

5,200,000
3; 600,000

106,840,000
70,480; G O
O

15,640,000

9,400, G O
O

7,920,000

1,800,000

1,600,000

30,300,000

17,720,000
17,180,000

Dallas:
Printed
Shipped

337,440,000
194,400,000

21,9G0,000
11,640,000

On hand
"Kansas City:
Printed..
Shipped..
On hand

5,640,GOO

1,700,000

On hand
Chicago:
Printed
Shipped
On hand
St. Louis:
Printed
Shipped.
On hand
Minneapolis:
Printed....
Shipped

$5,600,000
5,600,000

24,940,COO
23,240,000

On hand
Richmond:
Printed....
Shipped
On hand
Atlanta:
Printed
Shipped......

S13,600.000
13,600,000

194,800,000

On hand.....
Cleveland:
Printed
Shipped

§44,760,000
39,120,000

332,600.000
137,800,000

On hand
Philadelphia:
Printed
Shipped

Fifties.

15,600,000

l\ow York:
Printed
Shipped....

Twenties.

S40.760.000
25,160,000

Boston:
Printed
Shipped.
On band

Tens.

23.560,000
23', 560,000

22.320,000
22; 320,000

6.000,000
2; 800,000

7,600,000
4,000,000

77,200,000
69,860,009

3,200,000

3,600,000

7,340,000

14,400,000
14,400,000

92,700,001")
92, 700,000

Onc hand

540,000
17,540,000
17,540,000

21,760,000
21,760,000

26,000,000
26,(300,000

13,000 000
13,000,000

644,380,000
359,440,000

690,440,000
498,600,000

505,680,000
417,920,000

137,400,009
103,800,000

284,940,000

191,840,000

87,760,000

33,600,000




Total.

$11,200,000 $115,920,000
11,200,000
94,680,000
21,240,, 000

San Francisco:
Printed..
Shipped
Vault balance Oct. 31,
1917:
Total printed
Total shipped
Total on hand

Hundreds-

210.400,000 2,188,300,000
153,600,000 1,533,360,000
56,800,000

654,940,000

134

BEPORT OF THE COMPTROLLER OF THE CURRENCY.

Federal reserve notes issued, hy denominations, through the Federal reserve agents, to the
banks, also the amounts retired and outstanding, Oct. SI, 1917.
Fives.

Tens.

Twenties.

Fifties.

Hundreds.

Total.

$19,006,600
7,448,680
11,557,920

$32,125,600
6,317,045

$8,168,200
499,320

$3,002,000
313,700

$6,002,300
506,700

$68,304,700
15,085,445

25,808,555

7,668,880

2.688,300

5,495,600

53,219,255

116,790,350
51,026,785

162,527,800
44,532,470

93,638,400
11,712,980

22,202,450
826,700

61,214,000 456,373,000
26,416; 300 134,515,235

65,763,565

117,995,330

81,925,420

21,375,750

34,797,700

321,857,765

16,332,700
6,976,235

28,874,800
6,349,790

30,990,200
3,340,990

3,290,000
91,200

3,150,000
351,100

82,637,700
17,109,315

9,356,405

22,525,010

27,649,210

3,198,800

2,798,900

65,528,385

8,260,000
2,403,985

17,000,000
2,618,950

34,880,000
2,619,950

8,400,000
235,500

3,600,000
138,300

5,856,015

14,381,050

32,260,050

8,164,500

3,461,700

72,140,000
8,016,685
64,123,315

15,754,300
6,670,615

20,827,700
6,742,275

22, 769,400
5,329,740

3,712,200
l,45i; 050

1,882,000
520,800

&4,945,600
20,714,480

9,033,685

14,085,425

17,439,660

2,261,150

1,361,200

44,231,120

20,624,050
9,475,025

25,605,800
8,199,540

23,420,980
5,052,490

2,620,450
1,506,550

2,392,900
1,212,000

74,664,180
25,445,605

11,149,025

17,406,260

18,368,490

1,113,900

1,180,900

49,218,575

14,500,050
3,358,035

41,600,000
899,510

54,400,600
1,127,790

8,600,250
159,300

7,600,100
39,900

126,701,000
5;584,535

11,142,015

40,700,490

53,272,810

8,440,950

7,560,200

121,11.6,465

14,052,950
5,784,800

17,052,050
2,058,060
14,994,100

2,260,050
732,550

1,650,000
900,700

56,768,100
13,462,045

8,268,150

21,752,940
3,985,935
17,767,005

1,527,500

749,300

43,306,055

18,782.000
7,522^ 740

18,535,000
3,553,935

15,575,000
2,390,920

860,000
137,900

1,460,000
201,400

11,259,280

14,981,065

13,184,080

722,100

1,258,600

55,212,000
13,806,895
41,405,105

?1 084,000
9,280,735

18,794,000
5,290,950

6,330,000
5,050,350

1,370,000
3,300

64,128,000
24,222,165

12,703,265

15,650,000
4,596,830
11,053,170

13,503,050

1,279,650

1,366,700

39,905,835

14,740,000
6,693,390

26,040,900
10,585,365

23,098,600
6,981,370

3,070,650
1,504,050

4,515,000
2,672,600

8,046,610

15,455,535

16,117,230

1,566,600

1,842,400

71,465,150
28,436,775
43,028,375

11,820,000
4,221,070

11,120,000
2,309,570

18,000,000
1,416,040

3,200,000
'131,150

6,000,000
158,700

50,140,000
8,236,530

7,598,930

8,810,430

16,583,960

3,068,850

5,841,300

41,903,470

292,647,000
120,862,095

421,660,540
100,691,215

360,787,540
47,820,600

67,548,050
12,140,000

Total outstanding.. 171,784,905

320,969,325

312,966,940

55,408,050

Bank.
Boston:
Tssued
Retired
Outstanding
New York:
Issued
Retired
Outstanding
Philadelphia:
Issued
Retired
Outs tanding
Cleveland:
Issued
Retired
Outstanding
Richmond:
Issued
Retired
Outstanding
Atlanta:
Issued
Retired
Outstanding
Chicago:
Issued
Retired
Outstanding
St. Louis:
Issued
Retired
Outstanding
Minneapolis:
Issued
Retired
Outstanding
Kansas City:
Issued
Retired
Outstanding
Dallas:
Issued
Retired
Outstanding
San Francisco:
Issued
Retired
Outstanding
RECAPITULATION.

Total issued
Total retired




100,836,300 1,243,479,430
33,121,800 314,635,710
67,714,500

928,843, 720

KEPORT OF THE COMPTROLLER OP THE CURRENCY.

135

Mutilated Federal reserve notes, by denominations, received, destroyed, and on hand in
vault Oct. 31, 1917.
Bank.

Fives.

Balance on hand
Oct. 31, 1917

$6,311,445
44.444,670
5;394,990
2,618,950
4,594,575
3,237,290
1,013,510
2,712,995
2,818,955
2,818,830
4,361,965
1,235,890

$491,120
10,874,580
2,430,790
2,539,950
3!360,340
1,757,010
1,203,190
1,245,900
1,151,920
994.950
2,204', 770
1,426^ 860

$311,700
624,250
1,200
235,500
738,850
86,100
159,050
32,500
7,900
50,350
93,400
131,550

$504,400
1,602,300
1,100
138.300
238;800
119,100
39,800
700
21,400
3,300
17,600
159,500

$15,060,745
108,482,235
14,171,615
7,936,690
14,188,880
9,896,485
5,218,535
7,483,945
8,702,920
10,846,925
11,400,875
5,404.870

102,230,025
97,565,680

Total received
Total destroyed

Twenties.

$7,442,080
50,938,435
6,343;535
2,403,990
5,256,315
4,696,985
2, 802,985
3,491,850
4,702,745
6,979,495
4,723,140
2,451,070

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Tens.

81,554.035
78,550; 395

29,681,380
28,154,960

2,472,350
2,404;000

2,840,300
2,756;600

218,794,720
209,431,635

4,664,945

3,013,670

1,526,420

68,350

89 ; 700

9,363,085

Fifties.

Hundreds.

Total.

NOTE.—During the year burned, badly mutilated, and fractional parts of Federal reserve notes amounting to $7,180 have been identified, valued, and the bank of issue determined.

FEDERAL RESERVE BANK NOTES.

In addition to Federal reserve notes, the Federal reserve banks
may issue "Federal reserve bank notes." This currency is of the
same tenor and effect and is issued under the same terms and conditions as national-bank notes, except that its volume is not limited
to the amount of capital stock of the issuing bank.
The notes issued to the banks are secured by deposits of United
States Government bonds bearing the circulation privilege, acquired
in the open market or taken over from national banks desiring to
reduce their circulation.
On October 31, 1917, the amount of Federal reserve bank
notes outstanding was $12,970,425, of which $10,732,400 was secured
by Government bonds and $2,238,025 by lawful money deposited to
reduce circulation.
The bonds on deposit to secure this currency are classified as
follows:
2
4
2
2

per
per
per
per

cent
cent
cent
cent

consols of 1930
loan of 1925.
Panama of 1936**.
Panama of 1938

$9, 605,
825,
1465
1555

Total bonds.

900
000
500
000

10, 732; 400

Notes issued, redeemed, and outstanding, by denominations.
Denomination.

Issued.

Redeemed. Outstanding.

Ten^
Twenties .

$4,427,380
5,960,000
4,400,000

$536,925
865,590
387,440

S3,803,455
5,094.410
4,012^ 500

Total

14,787,380

1,816,955

12,970,425




138

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Federal reserve hank notes, by denominations, printed, issued, and on hand in vault, Oct.
31, 1917.
Fives.

Tens.

Twenties.

Philadelphia, printed and on hand
Cleveland, printed and on hand
Richmond, printed and on hand
Atlanta, printed and on hand
Chicago, printed and on hand
Minneapolis printed and on hand

$320,000
1,000,000
200,000
640,000
1,600,000
1 320 000

$440,000
2,000,000
400,000
480,000
1,800,000
2,680,000

$240,000
2,000,000
400,000
480,000
1,600,000

Kansas City:
Printed
Issued

4,360,000
3,414,980

5,040,000
4,000,000

3,600,000
2,640,000

13,000,000
10,054,980

945,020

1,040,000

960,000

2,945,020

1,640,000
1,012,400

2,400,000
1,950,000

2,000,000
1,760,000

6,040,000
4,732,400

627,600
1,680,000

440,000
1,930,000

240,000
1,360,000

1 307,600
5,000,000

12,760,000
4,427,380

17,200,000
5,960,000

11,680,000
4,400,000

400,000

42,040,000
14,787; 380

8,332,620

11,240,000

7,280,000

400,000

27,252,620

Bank.

On hand..
Dallas:
Printed..
Issued

.
. .

On hand
San Francisco, printed and en hand

Fifties.

8400,000

Total.
SI, 000,000
5,000,000
1,000,000
2,000,000
5,000,000
4,000,030

EECAPITULATION.

Total printed
Total issued
Total on hand

FEDERAL FARM L0A2T BASKS.
The Federal land bank system recently established is of immeasurable benefit to the agricultural portions of the country in particular,
and to the entire country indirectly. It enables the borrowing of
money for the purchase and development of farms at rates of interest
comparable with those paid by borrowers in other lines of business,
and offers the opportunity to liquidate the borrowings in small
semiannual payments extending over a period of from o to 40 years.
Federal land bank loans on mortgages may be made at a rate of
interest not in excess of 6 per cent, exclusive of amortization payments, and in amounts ranging from $100 to $10,000. No loan shall
exceed 50 per cent of the value of the land mortgaged and 20 per
cent of the value of the permanent improvements thereon.
The Farm Loan Board recently issued a statement showing the
comparative cost on a $1,000 basis of a loan made on the 36-year
amortization plan, 5 per cent interest, semiannual payments, and a
loan on the simple interest plan at various rates from 5 to 7 per cent,
for any period of years from 5 to 36. The table referred to follows.




REPORT OF THE COMPTROLLER OF THE CURRENCY.
Comparative cost of loan.
Amount required to cancel loan of $1,000 on—
Time, in years.

The simple interest plan.

The amortisation plan.

5 per cent. 5J per cent. 6 per cent. 6£ per cent
6:":
';:
Q

10. .
11....
12
13 . .
.

H
15
18
17.....

..
.

18
jo
20
21.
oo
23
21

.-

2528..

°7
28

20
30

82
33.....
34

35
36......

$1,243.
1,291.
1, 337.
3,383.
1,428.
1,472.
1,515.
1.558.
1'599.
1, 640.
1, C80.
1, 719.
1, 75G.
1, 793.
3.828.
1,862.
1,895.
......
1,927.
1, 957.
. ..
1,985.
2,012.
2, 037.
2,081
2,082.
2,102
2,120
2,135
2 148
2,159
2,167
2,173
2,176

:::;:....

.
.

$1,250.00
1,300.00
1,350.00
1,400.00
1,4,50.00
1,500.00
1,550.00
1.600.00
I . 050.00
'
1, 700.00
1,750.00
1,800.00
1,850.00
1,900.00 '•
1, 950.00
2,000.00
2,050.00
2,100.00
2,150.00
2,200.00
2,250.00
2,300.00
2,350.00
2,400.00
2,450. 00
2,500.00
2,550.00
2,600.00
2,G50.00
2,700.00
2.750.00
2,800.00

SI.275.00
1,330.00
1,385.00
1,440.00
1,495.00
1; 550.00
1, 605.00
1, 6C0.00
1, 715.00
1,770.00
1 , 825.00
'
1,880.00
1,935.00
1 990.00
2,045.00
2,100.00
2, loo. 00
2,210.00
2,265.00
2,320.00
2,375.CO
2,430.00
2,485.00
2,540.00
2,595.00
2,650.00
2,705.00
2, 760.00
2,815.00
2.870.00
2,925.00
2,930.00

$1,300.00
1, 3f-:o. o o

1,420.00
1,480.00
1,540.00
1.GOO.00
lieoo.oo
i; 720. oo
1,780.00
3,840. 00
1,900.00
1,960.00
2,020.00
2,080.00
2,140.00
2,200.00
2,260.00
2, 320. 00
2.380.00
2,440.00
2,500.00
2,560.00
2, 620.00
2, G80.00
2, 740.00
2, 800.00
2,860.00
2, 920.00
2,980.00
3,040.00
3,100.00
3,160.00

$1,325.00
1,390.00
1,455.00
1,520.00
1,585.00
1,650.00
1,715.00
1 . 780.00
'
1 , 845.00
'
1^010.00
1,975.00
2.040.00
2,105.00
2,170.00
2,235.00
2,300.00
2,365.00
2,430.00
2.495.00
2,560.00
2, 625.00
2,690.00
2, 755.00
2, 820.00
2, 885.00
2, 950.00
3.015.00
Si 080.00
3; 145.00
3,219.00
3,275.00
3,340.00

" per cent.
$1,350.00
1,420.00
1,490.00
1,560.00
1,630.00
1,700.00
1,770.00
1,840.09
1,910.00
1,980.00
2,050.00
2,120.00
2,190.00
2,260.00
2,330.00
2,400.00
2,470.00
2,540.00
2,610.00
2,680.00
2,750.00
2,820.00
2,890.00
2,960.00
3,030.00
3,100.00
3,170.00
3,240.00
3,310.00
3,380.00
3.450.00
3^ 520.00

The act establishing this system wag published in the Comptroller's
report for 1916, and statistics are submitted below relating to the
extent of the applications for loans and the amount of loans made
for each State and district by the 12 Federal land banks up to
October 31, 1917. Applications for loans received by the 12 Federal
land banks aggregated $193,250,945, and up to the date mentioned
loans had. been approved and there had been paid out to farmers
upon their applications the sum of $21,040,138.
In the accompanying table are shown the States comprised in
Federal land bank districts, the city in which the bank is located, the
total amount of loans applied for, by States and by districts, and the
total amount of loans closed and paid, by States and distircts. The
table follows:




138

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Amount of loans applied for and the amount of loans closed and paid out in each of the
States and districts to Oct. 31, 1917.

Maine
New Hampshire . .
Vermont
Massachusetts
±uiode Island
Connecticut
New York
New Jersey
Pennsylvania
West Virginia
Virginia - - Delaware.
Maryland
North Carolina
South Carolina
Florida ..
Tennessee
Kentucky
Indiana
Ohio
Alabama
Louisiana
Mississippi
Illinois
Missouri
Arkansas..
North D a k o t a . . .
Minnesota.
Wisconsin.
Michigan
Iowa
Wyoming
South Dakota
Nebraska
Kansas..
Oklahoma
Colorado
New Mexico
Texasr
^alifo nia
Nevada
Utah
Arizona
Idaho
Montana
Washington...

Total loans Total loans Total loans Total loans
applied for, applied for,
closed,
closed, by
by States.' by district^ by States. districts.

Federal land bank
district of—

States.

S303.965
81,fGO
325, 642
1,010,455
96,460
599 825
1,623,196
604,745
1,088,605
986.140
5,208,743
29,150
255,280
6,132,419
5,320,787

•Springfield

Baltimore

i

j

i

[•Columbia

!

j
|[Louisville

!

j New Orleans
St. L o u i s . . .

j

1st. Paul

j
\> Omaha
i Wichita
Houston

f
J
|
I
f
<
(
(
>
(
1
(
J
i
(
f
J
j
(
f
1
1
1

Berkeley

>Spokane

1

f
1
1

5,790,307
5.445,512
3,577,155
3,128,320
546,490
5, 766,584
1,633,476
6,352,9771,371,360
2. 944,165
4,654,455
9,155,550
4,778,500
1.986.270
4,443,680
1,588,900
2,295,385
3.925,630
7,137,445
7.347,477
5,575,057
6.563.242
3,908,273
19,167,223
14,887,389
461.938
2, /18,925
1,141, 8S7
3, 718,188
9,660,919
6 340 7~8

I 9,044,889

$71,300
143,265
8,350
14 800
66,350

$4,646,188

7,567, 918
(

1 19, 768,800 j
[

1
> 12,697,477
j
V 13,753,037
f
8. 969, 980 \
1
f
J
• 20,364,000
f
1
1
[
l
f
I 23,394,049 j
1
I
19,167.223
f
J
I 19,210,139
(
? 14,947,360

1

1 23, 764, 774

J

$304,065

141,800
113,350
877, 600
2, 600
58,600
284,615
271,065
32,900
273,900
358,500
742,700
16,800
312,COO
350
808,265
143,575
431,260
307,680
938.300
694,900
445.200
• 647,200
48,800
134,600
286,500
623,830
3.039,000
1,319,300
891,700
719,700
729,433
970,200
69,000
92,100
549,595
1,158,270
8 8 2 fv">0

1,259; 075

1,193,950

629,280

j
i 1,391,900

1
}
[

1,121,516

I

882,515

J 2,726,200
t
j
1
[ 1,093,790

,1- 5,869,700
729,433

I 1,248,200

1
]
i 3,849,590

J

The capital stock of the Federal land banks on October 31, 1917,
was $9,988;071, of which $8,891,930 was owned by the Government
of the United States, $988^071 by Farm Loan Associations, and
$108,070 by individuals. Farm loan bonds issued amount to
$21,477,475. The total liabilities of these Federal land banks is
stated at $35,484,479. The principal asset is represented by mortgage loans, the total being $21,031,513. The banks have investments
in United States certificates of indebtedness to the amount of
$10,104,779, and in United States bonds, $84,747. The statement
of condition of these banks follows:




KEPOKT OF THE COMPTROLLER OF THE CURRENCY.

139

Statement of condition of the Federal land banks at the dose of business Oct. 31, 1917.
Springfield.

Due from banks
Mortgage loans
United States bonds
Certificate of indebtedness
Farm-loan bonds
Equipment (furniture and fixtures)
Salaries
Other expenses
Cash

$414,093.65
304,065.00
5,000.00
500,000.00
9,340.67
22,100.43
26,957.68
1,666.03

Total

1,283,223.46

Baltimore.

Columbia.

Louisville.

$46,023.14
1,193,950.00
5,036.46
750,000.00
30,950.00
6,587.78
30,565.97
13,653.80
100.00

$253,081.84
629,280.00

2,076,867=15 |

1,302,125.71

2,715,630.98

350,000.00
1,500.00
10,881.23
42,308.63
15,074.01

$149,504.93
1,383,800.00
8,850.00
1,000,000.00
126,625.00
4,732.82
36,011.20
6,094.13
12.90

LIABILITIES.

Capital stock:
Government.
Associations..
Individuals..

739,725.00
15.295.00
10', 275.00

742,265.00
69,190.00
7,735.00

500,000.00

809,750.00
9,038.67
1,400.20
1,250,000.00

781,515.00
9,529.93
3,156.12
500,000.00

819,190.00
11,604.78
3,345.03
1,750,000.00

7,625.00

6,678.28

7,924.59

17,630.42
113,860.75

1,283,223.46

Total.

750,000.00
31,515.00

765,295.00
10,303.46

Total capital stock
Interest
Premium on bonds
Farm-loan bonds
Accrued interest on farm-loan bonds
sold
Other indebtedness

741,485.00
59,750.00
8,515.00

2,076,867.15

1,302,125.71

2,715,630.98

St. Paul.

Omaha.

New Orleans.

Due from banks
Mortgage loans
United States bonds
Certificate of indebtedness
Farm-loan bonds
Equipment (furniture and
Salaries
Other expenses
Cash
Total.

fixtures)

|

t. Louis.

$368,837.08
1,121,515.00
8,260.00
750,000.00
16,675.00
4,873.00
42,833.37
28,543.72
25.00

$281,079.44
882,515.00
5,100.00"
1,000,000.00
84,050.00
7,992.19
34,333.93
26,751.06
50.00

$340,189. 64
2,726,200.00
5,226.75
1,501,279.40
25,175.00
10,013.01
35,464.25
51,191. 45
768.25

$100,289.62
1,093,790.00
7,500.00
750,000.00
112,925.00
6,143.71
29,774.38
19,499.57

2,341,562.17

2,321,871.62

4,695,507.75

2,116,972.38

745,730.00
56,730.00
4,270.00

742,075.00
44,175.00
7,925.00

744,740.00
136,310.00
5,2G0.00

710,670.00
54,700.00
39,330.00

806,730.00
10,455.64
1,719.85
1,500,000.00

794,175.00
17,258.51
1,500,000.00

886,310.00
12,186.82
2.190. 85
2,500,000.00

804,700.00
8,888.31
3,634.38
1,250,000.00

22,656.68

10,438.11

21,874.54
1,272,945.54

12,626.48
37,123.21

2,341,562.17

2,321,871.62

4,695,507.75

2,116,972.38

60.00

LIABILITIES.

Capital stock:
Government.
Association..
Individuals..
Total capital stock
Interest
Premium on bonds
Farm-loan bonds
Accrued interest on farm-loan bonds
sold
Other indebtedness

Total.
12040°—CUE 1917—VOL 1-




-10

140

EEPORT OF THE COMPTROLLER OF THE CURRENCY.

Statement of condition of the Federal land banks at the close of business Oct. 31, 1917—Continued.
Wichita.

Houston.

Berkeley.

Spokane.

Total.

ASSETS.

$396,915.65
$244,658.95 $259,313.98
$107,858.17 $2,961,846.09
Due from banks
5,869,675.00
729,433.70 1,247,700.00 3,849,590.00 21,031,513.70
Mortgage loans
14,924.00
5,250.00
7,500.00
12,100.00
United States bonds
84,747.21
500,000.00 1,003,500.00 1,000,000.00 1,000,000.00 10,104,779.40
Certificate of indebtedness
3,550.00
100,000.00
501,450.00
Farm-loan bonds
Equipment (furniture and fix7,552.11
4,496.85
4,919.05
tures)
5,418.87
82,951.29
51,983.77
41,244.76
30,405.63
38,850.68
Salaries
432,877.00
27,800.97
21,365.55
25,690.48
Other expenses
13,686.52
276,309.05
5.00
5,259.85
23.29
45.83
8,006.15
Cash
Total
6,874,111.35 2,040,037.71 2,589,519.36 5,127,050.25 35,484,479.89
LIABILITIES.

Capital stock:
Government
Associations
Individuals
Total capital stock
Interest
Premium on bonds
Farm-loan bonds
Accrued interest on farm-loan
bonds sold
Other indebtedness
Total

744,165.00
293,485.00
' 5,835.00

741,235.00
34,330.00
8,765.00

744,010.00
5,990.00

745,830.00
192,591.50
4,170.00

8,891,930.00
988,071.50
108,07a 00

1,043,485.00
27,667.31

784,330.00
16,612.08

3,750,000.00

1,227,475.00

750,000.00
8,201.87
1,422.53
1,750,000.00

942,591.50
5,643.52
1,290.91
4,000,000.00

9,988,071.50
147,390.90
18,159.94
21,477,475.00

12,384.75
2,040,574. 29

10,665.63
955.00

17,509.96
62,385.00

55,061.74
122,462.58

203,076.18
3,650,306.37

6,874,111.35

2,040,037.71

2,589,519.36

5,127,050.25

35,484,479.89

CONCLUSION.
I desire to acknowledge with cordial appreciation the efficient and
faithful work performed during the past year by the employees generally of this bureau, including also the force of national bank examiners and their assistants.
The enormous increases in the work which has been carried on by
this bureau in the past four years, in the responsibility involved and
in the magnitude of the financial interests now under the supervision
of the Comptroller's Office, are out of all proportion to the increase
in the force of employees or to the increase in the appropriations
granted the bureau for its operations.
At the time of the call of January 13,1914, immediately preceding the
present administration of this office, the total resources of all national
banks coming under its supervision amounted to $11,296,000,000.
On November 20, 1917, the date of the last call, the total resources
of all the national-banks of the country amounted to $18,553,000,000,
an increase of $7,257,000,000, or 64.24 per cent.
The increase in the employees of the bureau (outside the reimbursable roll) from the fiscal year 1914 to the fiscal year 1917 was
but 11.21 per cent. The appropriations by Congress for the operations of the Currency Bureau for the fiscal year ended June 30, 1917
(exclusive of the reimbursable roll), shows an increase over the fiscal
year ended June 30, 1914, of 18.02 per cent.




REPORT OF THE COMPTROLLER OF THE CURRENCY.

141

The efficient accomplishment of the very great amount of additional work which has been imposed upon the force of the bureau
has involved special effort and much overtime; but the new and
additional tasks have been met cheerfully and satisfactorily, and
with no pecuniary •compensation for the overtime and extra work
usually allowed in commercial life,
I respectfully call attention to a number of special exhibits relating
to the operations of the national banks which are published as an
appendix to Volume 1 of this report^ in addition to the other exhibits
hereinbefore referred to.
The usual detailed statements of each national bank, together with
additional general and special statistical information and the customary digest of court decisions relating to national banks, will be
found in Volume 2 of this report.
Respectfully submitted.
JOHN SKELTON WILLIAMS,

Comptroller of the Currency,
The SPEAKER, OF THE HOUSE OF REPRESENTATIVES.




APPENDIX TO VOLUME 1




143

EXHIBIT A.
LIST OF BANKS, BY STATES, WHOSE SUBSCRIPTIONS FOR THEMSELVES
FOE, BONDS OF THE FIRST LIBERTY LOAN AMOUNTED TO 5 PER
CENT OR MORE OF THEIR TOTAL RESOURCES:
ALABAMA.

CALIFORNIA—continued.

Henry National Bank of Abbeville.
First National Bank of Andalusia.
First National Bank of Anniston.
Anniston City National Bank, Anniston.
First National Bank of Ashland.
Bessemer National Bank, Bessemer.
First National Bank of Opelika.
Farmers National Bank of Opelika,
First National Bank of Oxford.
First National Bank of Prattville.
Sheffield National Bank, Sheffield.
Isbell National Bank of Talladega.
First National Bank of Wetuinpka.

National Bank of San Mateo.
Santa Barbara County National Bank,
Santa Barbara.
First National Bank of Santa Maria.
First National Bank of Sebastopol.
San Joaquin Valley National Bank,
Stockton.
First National Bank of Ukiah.
Commercial National Bank of Upland.
First National Bank of Ventura.
First National Bank of Willows.
Bank of Woodland, N. A., Woodland.
First National Bank of Yuba City.
Security National Bank of Los Angeles.

ARIZONA.

First National Bank of Florence,
First National Bank of Globe.
ARKANSAS.

First National Bank of Ashdown.
First National Bank of Helena.
German National Bank of Little Rock.
State National Bank of Texarkana.
CALIFORNIA.

Alameda National Bank, Alameda.
First National Bank of Crows Landing.
First National Bank of Ducor.
First National Bank of Emeryville.
Escondido National Bank, Escondido.
First National Bank of Fort Bragg.
First National Bank of Fowler.
First National Bank of Hay ward.
First National Bank of Hollywood.
First National Bank of Lamanda Park.
California National Bank of Modesto.
First National Bank of Paso Peebles.
Placentia National Bank, Placentia.
First National Bank of Puente.
Capital National Bank of Sacramento.
First National Bank of Salinas.
American National Bank of San Bernardino.
Farmers Exchange National Bank of San
Bernardino.
First National Bank of San Diego.
San Fernando National Bank, San
Fernando.




COLORADO,

Farmers National Bank of Ault.
First National Bank of Fort Collins.
Poudre Valley National Bank of Fort
Collins.
First National Bank of Greeley.
First National Bank of Lafayette.
First National Bank of La Junta.
Carbonate National Bank of Lead ville.
First National Bank of Olathe.
CONNECTICUT.

Hartford National Bank of Hartford.
Merchants National Bank of New Haven.
Waterbury National Bank of Waterbury.
DISTRICT OF COLUMBIA.

Farmers & Merchants National Bank.
Commercial National Bank.
District National Bank.
Federal National Bank.
National Bank of Washington.
Riggs National Bank.
FLORIDA.

First National Bank of Bradenstown.
First National Bank of Fort Myers.
First National Bank of Key West,
National City Bank of Tampa.
145

146

REPORT OF THE COMPTROLLER OF THE CURRENCY.
ILLINOIS—continued.

Georgia National Bank of Athens.
First National Bank of Blakely.
First National Bank of Dalton.
Dawson National Bank, Dawson.
First National Bank of Eastman.
First National Bank of Eiberton.
Gainesville National Bank.
Bibb National Bank of Macon.
Atkins National Bank of Maysville.
First National Bank of Sandersville.
First National Bank of Shellman.
First National Bank of Sparta.
First National Bank of Thomasville.
Citizens National Bank of Washington.
Merchants National Bank of Savannah.

First National Bank of Meridian.
Farmers & Merchants National Bank of
Nampa.
First National Bank of Shoshone.
Bonner County National Bank of Sandpoint.
First National Bank of Mullan.
First National Bank of Jerome.
Lincoln County National Bank of Shoshone.
First National Bank of Idaho at Boise.
First National Bank of Mountain Home.
Boise City National Bank of Boise.
ILLINOIS.

First National Bank of Arcola.
Aurora National Bank.
First National Bank of Batayia.
First National Bank of Belvidere.
Second National Bank of Belvidere.
FirBt National Bank of Bement.
State National Bank of Bloomington.
Second National Bank of Charleston.
Dewitt County National Bank of Clinton.
First National Bank of East Peona.
Elgin National Bank.
First National Bank of El Paso.
Woodford County National Bank of El
Galena National Bank of Galena.
Merchants National Bank of Galena.
First National Bank of Grand Ridge.
First National Bank of Humboldt.
Irving Park National Bank.
Lawndale National Bank (Chicago).
Lewistown National Bank.
First National Bank of Mackinaw.
First National Bank of Mount Pulaski.
Cumberland County National Bank of
Neoga.
Newman National Bank.
First National Bank of Paxton.
Merchants & Illinois National Bank of
Peoria.
Livingston County National Bank of
Pontiac.




National Bank of Pontiac.
City National Bank of Ridge Farm.
Peoples National Bank of Rock Island.
First National Bank of Secor.
First National Bank of Shelbyville.
Citizens National Bank of Shelbyville.
First National Bank of Steward.
Sycamore National Bank.
First National Bank of Taylorville.
Farmers National Bank of Taylorville.
First National Bank of Triumph.
Farmers National Bank of Westervelt.
First National Bank of Wyanet.
First National Bank of Altamont.
First National Bank of Anna.
First National Bank of Carbondale.
Carbondale National Bank.
First National Bank of Carlyle.
First National Bank of parmi.
National Bank of Carmi.
Green County National Bank of Carrollton.
First National Bank of Christopher.
First National Bank of Cobden.
First National Bank of Dongola.
First National Bank of Edwardsville.
First National Bank of Granite City.
First National Bank of Herrin.
First National Bank of McLeansboro.
City National Bank of Murphysboro.
First National Bank of Newton.
First National Bank of Olney.
First National Bank of Robinson.
National Bank of Shawneetown.
Sorento National Bank.
First National Bank of Ullin.
First National Bank of Vandalia.
INDIANA.

Franklin County National Bank of
Brookville.
Wayne National Bank of Cambridge City.
First National Bank of Crawfordsville.
Citizens National Bank of Crawford sville.
Elston National Bank of Crawfordsville.
First National Bank of Crown Point.
First National Bank of Danville.
Fishers National Bank.
First National Bank of Portville.
First National Bank of Frankfort.
American National Bank of Frankfort.
Citizens National Bank of Franklin.
Franklin National Bank.
First National Bank of Greencastle.
Central National Bank of Greencastle.
Third National Bank of Greensburg.
First National Bank of Hammond.
First National Bank of Kirklin.
First National Bank of Knightstown.
Citizens National Bank of Kokomo.
Merchants National Bank of La Fayette.
Fowler National Bank of La Fayette.
First National Bank of Lebanon.
First National Bank of Marion.

REPORT OF THE COMPTBOLLEK OF THE CtJEEENCY.
INDIANA—continued.
Marion National Bank.
First National Bank of Martinsyille.
Citizens National Bank of Martinsville.
First National Bank of Monrovia.
First National Bank of Montezuma.
First National Bank of Morgantown.
Delaware County National Bank of
Muncie.
American National Bank of Noblesville.
First National Bank of North Vernon.
First National Bank of Plainfield.
Rockville National Bank.
Rosedale National Bank.
Peoples National Bank of Rushville.
Rush County National Bank of Rushville.
Rushville National Bank.
Shelby National Bank of Shelbyville.
Spencer National Bank.
First National Bank of Tipton.
Citizens National Bank of Tipton.
First National Bank of Whiting.
City National Bank of Boonville.
First National Bank of Cannelton.
National Branch Bank of Madison.
Mount Vernon National Bank.
First National Bank of Petersburg.
First National Bank of Poseyville.
Bozeman Waters National Bank of Poseyville.
First National Bank of Shelburn.
First National Bank of Vincennes.
Farmers National Bank of Wadesville.
Washington National Bank.
IOWA.

First National Bank of Algona.
Atlantic National Bank.
National State Bank of Burlington.
First National Bank of Centerville.
Lucas County National Bank of Chariton.
Clarinda National Bank.
City National Bank of Clinton.
Clinton National Bank.
First National Bank of Conrad.
Commercial National Bank of Council
Bluffs.
First National Bank of Cresco.
National Bank of Decorah.
First National Bank of Denison.
First National Bank of George.
Mills County National Bank of Glen wood.
Grundy Center National Bank.
First National Bank of Hull.
First National Bank of Jefferson.
First National Bank of Jewell Junction.
First National Bank of Lake City.
First National Bank of Lime Springs.
First National Bank of Marshall town.
First National Bank of Missouri Valley.
Clark National Bank of Newton.
First National Bank of Northboro.
First National Bank of Northwood.
Red Oak National Bank.
First National Bank of Waterloo.
First National Bank of Wyoming.
 National Bank.
Centerville


147

KANSAS.

Farmers National Bank of Abilene.
First National Bank of Beattie.
First National Bank of Centralia.
Cold water National Bank.
Council Grove National Bank.
El Dorado National Bank.
Galena National Bank.
Commercial National Bank of Ilutchinson.
Citizens National Bank of Independence.
First National Bank of Junction City.
National Bank of Kinsley.
Farmers & Drovers National Bank of
Marion.
Citizens National Bank of Minneapolis.
Minneapolis National Bank.
First National Bank of Mount Hope.
First National Bank of Norcatur.
Oberlin National Bank.
Peoples National Bank of Paola.
First National Bank of Parsons.
National Bank of America, Salina.
First National Bank of Sedan.
First National Bank of Troy.
First National Bank of Washington.
Cowley National Bank of Winfield.
Commercial National Bank of Kansas
City.
Union National Bank of Wichita.
KENTUCKY.

Clay City National Bank.
Farmers National Bank of Cynthiana.
National Bank of Cynthiana.
First National Bank of Hazard.
Citizens National Bank of Lancaster.
Montgomery National Bank of Mount
Sterling.
Mount Sterling National Bank.
Traders National Bank of Mount Sterling.
First National Bank of Paris.
First National Bank of Pikesyille.
Bell National Bank of Pineville.
First National Bank of Prestonsburg.
Salyersville National Bank.
First National Bank of Somerset.
Citizens National Bank of Winchester.
Citizens National Bank of Bowling Green.
Taylor National Bank of Campbellsville.
First National Bank of Carrollton.
Carrollton National Bank.
Farmers National Bank of Clay.
Citizens National Bank of Danville.
First-Hardin National Bank of Elizabethtown.
First National Bank of Greenville.
First National Bank of Harrodsburg.
Mercer National Bank of Harrodsburg.
Lawrenceburg National Bank.
Union National Bank of Providence.
Citizens National Bank of Russellville.
First National Bank of Scottsville.
Allen County National Bank of Scottsville.
First National Bank of Springfield.
First National Bank of Wickliffe.

148

REPORT OF THE COMPTROLLER OF THE CUKRENCY.
LOUISIANA.

MISSOURI.

First National Bank of Jeanerette.
First National Bank of Lafayette.
First National Bank of Lake Charles.
New Iberia National Bank.
State National Bank of New Iberia.
First National Bank of Ville Platte.
First National Bank of Lake Providence.
Ouachita National Bank of Monroe.
Hibernia National Bank of New Orleans.
New Orleans National Bank.

Hannibal National Bank.
Union National Bank of Springfield.
First National Bank of Albany.
First National Bank of Golden City.
Farmers National Bank of Pleasant Hill.
Mercantile National Bank of St. Louis.

Bethel National Bank of Bethel.
First National Bank of Boothbay Harbor.
First National Bank of Damariscotta.
Ticonic National Bank of Waterville.

NEBRASKA.

First National Bank of Auburn,
Carson National Bank of Auburn.
Beatrice National Bank.
Coleridge National Bank.
First National Bank of Falls City,
First National Bank of Fremont.
First National Bank of Hampton.
First National Bank of Newman Grove.
Saunders County National Bank of Wahoo.

MARYLAND.

Centerville National Bank.
Queen Anne National Bank, Centerville.
Third National Bank of Cumberland.
Citizens National Bank of Frederick.
First National Bank of Frostburg.
Citizens National Bank of Frostburg.
First National Bank of Midland.
MASSACHUSETTS.

Andover National Bank of Andover.
National Rockland Bank of Roxbury, at
Boston.
Brockton National Bank of Brockton.
Dedham National Bank of Dedham.
National Bank of Fairhaven.
Falmouth National Bank of Falrnouth.
Hopkinton National Bank of Hopkinton.
First National Bank of Ipswich.
First National Bank of Marlboro.
Pacific National Bank of Nantucket.
Orange National Bank of Orange.
MICHIGAN.

First National Bank of Buchanan.
First National Bank of Eaton Rapids.
First National Bank of Hart.
Commercial National Bank of Ithaca.
Hackley National Bank of Muskegon.
Union National Bank of Muskegon.
Sturgis National Bank.
First National Bank of Traverse City.
First National Bank of Manistique.
Marquette National Bank.

First National Bank of Elko.
Farmers & Merchants National Bank of
Reno.
NEW HAMPSHIRE.

Peoples National Bank of Claremont.
Keene National Bank of Keene.
Indian Head National Bank of Nashua.
National Mechanics & Traders * Bank of
Portsmouth.
NEW JERSEY.

First National Bank of Belleville.
First National Bank of Branchville.
Clinton National Bank.
Central National Bank of Freehold.
First National Bank of Hope.
Hudson County National Bank of Jersey
City.
First National Bank of South Amboy.
First National Bank of Tenafly.
First National Bank of West Orange.
Second National Bank of Atlantic City.
Atlantic City National Bank.
First National Bank of Blackwood.
First National Bank of Trenton.
Ventnor City National Bank.
Marines National Bank of Wild wood.
NEW MEXICO.

First National Bank of Elida.
Silver City National Bank.

MISSISSIPPI.

NEW YORK.

First National Bank of Laurel.
Citizens National Bank of Meridian.
Merchants National Bank of Vicksburg.
First National Bank of Aberdeen.
First National Bank of Ittabena.

Chester National Bank of Chester.
Conewango Valley National Bank of Conewango Valley.
Dundee National Bank of Dundee,
National Bank of Far Rockaway.




REPORT OF THE COMPTROLLER OP T H E CURRENCY.

149

NEW YORK—continued,

OHIO—continued.

City National Bank of Gloversville.
First Nationa Bank of Groton.
First National Bank of Hastings upon
Hudson.
First National Bank of Hoosick Falls.
First National Bank of Islip.
National Mohawk Valley Bank of Mohawk.
National Bank of New Berlin.
First National Bank of Ozone Park.
First National Bank of Palmyra.
National Bank of Pawling.
First National Bank of Pearl River.
Lincoln National Bank of Rochester.
First National Bank of Rockville Center.
Saratoga National Bank of Saratoga
Springs.
National State Bank of Troy.
Union National Bank of Troy.
City National Bank of Watertown.
Citizens National Bank of Wellsville.
First National Bank of New York City.

First National Bank of Troy.
Midland National Bank of Washington
Court House.
First National Bank of Westerville.
First National Bank of Wilmington.
Citizens National Bank of Wilmington.

NORTH CAROLINA.

First National Bank of Lincolnton.
First National Bank of Mount Airy.
Citizens National Bank of Raleigh.
Peoples National Bank of Salisbury.
First National Bank of Statesville.
Commercial National Bank of Statesville.
NORTH DAKOTA.

First National Bank of Buffalo.
First National Bank of Devils Lake.
First National Bank of Dickinson.

First National Bank of Ansonia.
First National Bank of Ashland.
First National Bank of Bucyrus.
Citizens National Bank of Chillicothe.
City National Bank of Dayton.
Exchange National Bank of Dover.
Franklin National Bank.
First National Bank of Harrison.
First National Bank of Londonville.
First National Bank of Madison ville.
Farmers National Bank of Manchester.
Brown County National Bank of Mount
Orab.
New Knox National Bank of Mount
Vernon.
First National Bank of Mount Washington.
First National Bank of Newton Falls.
Paines ville National Bank.
Citizens National Bank of Piqua.
First National Bank of Portsmouth.
Quaker City National Bank.
Citizens National Bank of Ripley.
Ripley National Bank.
Second National Bank of Toledo.



OKLAHOMA,

First National Bank of Bixby.
First National Bank of BlacKwell.
First National Bank of Dewey.
Duncan National Bank.
First National Bank of Edmond.
Farmers and Merchants National Bank
of Fair view.
Citizens National Bank of Fort Gibson.
Francis National Bank.
First National Bank of Frederick.
First National Bank of Guthrie,
City National Bank of Guymore.
First National Bank of Heavener.
Peoples National Bank of Kingfisher.
State National Bank of Marlow.
First National Bank of Mays ville.
American National Bank of McAlester.
First National Bank of Noble.
First National .Bank of Nowata.
First National Bank of Owasso.
First National Bank of Perry.
Still water National Bank.
First National Bank of Stratford.
First National Bank of Washington.
OREGON.

Harvey County National Bank oi
Burns.
United States National Bank of Eugene.
First National Bank of Marsfield.
First National Bank of Pendleton.
American National Bank of Pendleton.
Capital National Bank of Salem.
Stockgrowers and Farmers National
Bank of Wallowa.
PENNSYLVANIA.

First National Bank of Bedford.
First National Bank of Beliefon te.
Farmers National Bank of Belleville,
Biglerville National Bank.
First National Bank of Bloomsburg.
Bloomsburg National Bank.
Farmers National Bank of Bloomsburg.
Blue Ball National Bank.
Valley National Bank of Chamhersburg.
Clearfield National Bank.
County National Bank of Clearfield.
Curwensville National Bank.
Dover National Bank.
Deposit National Bank of DuBois.
Fannetsburg National Bank.
First National Bank of Fredericksburg.
First National Bank of Hamburg.

150

REPORT OF THE COMPTROLLER OF THE CURRENCY.
PENNSYLVANIA—continued.

TEXAS.

First National Bank of Huntingdon.
Union National Bank of Huntingdon.
Hoblitzel National Bank of Hyndman.
First National Bank of Landisville.
First National Bank of Leesport.
Citizens National Bank of Lewistown.
Mauch Chunk National Bank.
May town National Bank of May town.
Charter National Bank of Media.
Miilersville National Bank.
First National Bank of Minersville.
Union National Bank of Minersville.
First National Bank of Mount Carmel.
Grange National Bank of Susquehanna
County, New Milford.
First National Bank of Osceola (Osceola
Mills).
Parkersburg National Bank.
Quarryville National Bank.
First National Bank of Reading.
National Union Bank of Reading.
Reading National Bank.
Reedsville National Bank.
Ridley Park National Bank.
St. Marys National Bank.
National Bank of Schwenksville.
First National Bank of Shenandoah.
First National Bank of Susquehanna.
National Bank of Top ton.
Tremont National Bank.
First National Bank of Tyrone.
National Bank of Chester County of West
Chester.
First National Bank of Williamsburg.
Farmers & Merchants National Bank of
Williamsburg.
West Branch National Bank of Williamsport.
First National Bank of York.
Third National Bank of Philadelphia.
Ninth National Bank of Philadelphia.
Tenth National Bank of Philadelphia.
Central National Bank of Philadelphia.
Market Street National Bank of Philadelphia.

Farmers & Merchants National Bank of
Abilene.
First National Bank of Bozwell.
First National Bank of Blossom.
First National Bank of Bonham.
First National Bank of Commerce.
National Bank of Daingerfield.
First National Bank of Deport.
Citizens National Bank of Ennis.
Freeport National Bank.
First National Bank of Frost.
First National Bank of Gainesville.
Lindsay National Bank of Gainesville.
First National Bank of Hico.
Citizens National Bank of Jasper.
First National Bank of Leonard.
Stone Fort National Bank of Nacog*
doches.
First National Bank of Paris.
American National Bank of Paris.
City National Bank of Paris.
Citizens National Bank of Petty.
First National Bank of Purdon.
First National Bank of Roxton.
First National Bank of San Angelo.
American National Bank of Terrell.
Texarkana National Bank.
Citizens National Bank of Tyler.
Tenison National Bank of Dallas.
Alamo National Bank of San Antonio.
City National Bank of San Antonio.
Frost National Bank of San Antonio.

RHODE ISLAND.

Aquidneck National Bank of Newport.
Providence National Bank of Providence.
SOUTH CAROLINA.

Peoples National Bank of Rock Hill.
TENNESSEE.

American National Bank of Dayton.
Third National Bank of Knoxville.
American National Bank of Lebanon.
First National Bank of McMinnville.
First National Bank of Dyersburg.
First National Bank of Jackson.
First National Bank of Ripley.
Fourth <e First National Bank of Nashf
ville.



UTAH.

First National Bank of Coalville.
First National Bank of Moab.
Pingree National Bank of Ogden.
VERMONT.

First National Bank of North Bennington.
VIRGINIA.

First National Bank of Broadway.
Culpeper National Bank.
First National Bank of Louisa.
WASHINGTON.

Bellingham National Bank.
Northwestern National Bank of Bellingham.
Colfax National Bank.
Davenport National Bank.
First National Bank of Kelso.
First National Bank of North Yakima.
Yakima National Bank of North Yakima
First National Bank of Ritzyille.
Pioneer National Bank of Ritzyille.
First National Bank of Toppenish.
Baker Boyer National Bank of Walla
Walla.

EEPOKT OF THE COMPXKOLLEK OF THE CTJBBENCY.
WEST VIRGINIA.

Traders National Bank of Buckhannon.
Kanawha National Bank of Charleston.
First National Bank of Marlinton.
South Branch Valley National Bank of
MooreHeld.
WISCONSIN.

First National Bank of Darlington.
Citizens National Bank of Darlington.
First National Bank of Kaukauna.
First National Bank of Portage.
First National Bank of Shullsburg.




151

WISCONSIN—continued.

National Exchange Bank of Waukesha.
First National Bank of Wausau.
First National Bank of Wauwatosa.
First National Bank of White Water.
First National Bank of Barron.
First National Bank of Medford.
First National Bank of Superior.
WYOMING.

Stockmens National Bank of Caspar.
Wyoming National Bank of Caspar.

EXHIBIT B.
List of national banhs, arranged by Federal Reserve Districtst vjhich, according to their
sworn reports to this office, failed to send in for themselves or their customers, any subscriptions to the first Liberty loan.
Federal reserve district No. 3:
Orbisonia National Bank, Orbisonia, Pa,
First National Bank, Three Springs* Pa.
Federal reserve district No. 4:
Whitley National Bank, Corbin, Ky.
First National Bank, Wilmore, Ky.
First National Bank, New Concord, Ohio.
First National Bank (P. 0 . Hollsopple), Benson, Pa.
Federal reserve district No. 5:
First National Bank, Charlotte, N. C.
First National Bank, West Jefferson, N. C.
First National Bank, Olanta, S. C.
Hallwood National Bank, Hallwood, Va.
First National Bank of Highland, Monterey, Va.
Citizens National Bank, Belington, W. Va.
Oil Field National Bank, Griffithsville, W. Va.
Kingwood National Bank, Kingwood, W. Va.
First National Bank, Pineville, W. Va.
First National Bank, Reedy, W. Va.
Federal reserve district No. 6:
First National Bank, New Brockton, Ala.
First National Bank, Luvern, Ala.
First National Bank, Linden, Ala.
First National Bank, Headland, Ala.
First National Bank, Dozier, Ala.
First National Bank, Ashford, Ala.
Slocomb National Bank, Slocomb, Ala.
First National Bank, Opp, Ala.
First National Bank, Newville, Ala.
First National Bank, Millen, Ga.
First National Bank, Arlington, Ga.
First National Bank, East Point, Ga.
First National Bank, Russellville, Tenn.
First National Bank, Huntland, Tenn.
First National Bank, Doyle, Tenn.
First National Bank, Carthage, Tenn.
Federal reserve district No. 7:
First National Bank, Blandinsville, 111.
Mount Prospect National Bank, Mount Prospect, 111.
First National Bank, Hubbard, Iowa.
Federal reserve district No. 8:
First National Bank, Noble, 111.
First National Bank, Ackerman, Miss.
City National Bank, Green City, Mo.
First National Bank, Morrilton, Ark.
Federal reserve district No. 9:
First National Bank, Lake Park, Minn.
First National Bank, Campbell, Minn.
First National Bank, Bertha, Minn.
First National Bank, Ada, Minn.
Ada National Bank, Ada, Minn.
First National Bank, Sandstone, Minn0
First National Bank, East Fairview, N. Dak.
First National Bank, Frankfort, S. Dak.
First National Bank, Morristown, S. Dak.
First National Bank, Carter, Mont.
152




REPORT OF THE COMPTROLLER OF THE CUKEENOY.
Federal reserve district No. 10:
First National Bank, Fountain, Colo.
First National Bank, Hillsboro, Kans.
First National Bank, Kiowa, Kans.
German National Bank, Victoria, Kans,
First National Bank, Fairview, Mo.
First National Bank, Bazile Mills, Nebr.
First National Bank, Johnson, Nebr.
First National Bank, Arcadia, Okla.
National Bank of Commerce, Hollis, Okla.
Farmers National Bank, Hammon, Okla.
First National Bank, Grove, Okla.
First National Bank, Fairland, Okla.
First National Bank, Buffalo, Okla.
Farmers National Bank, Maysville, Okla.
Lenapah National Bank, Lenapah, Okla.
Federal reserve district No. 11:
First National Bank, Woodville, Okla.
First National Bank, Kingston, Okla.
First National Bank, Jayton, Tex,
First National Bank, Marble Falls, Tex.
First National Bank, Moran, Tex.
First National Bank, Newsome, Tex,
First National Bank, Oakville, Tex.
First National Bank, Poth, Tex.
First National Bank, Stanton, Tex.




153

EXHIBIT

C.

List of national banks, arranged by Federal reserve districts, which, according to their
sworn reports to this office, failed to send in for themselves or their customers any sub"
scnptions to the Second Liberty Loan.
Federal reserve district No. 1:
Farmers and Traders National Bank, Colebrook, N. H.
Federal reserve district No. 5:
First National Bank, Brunson. S. C.
First National Bank, Waverly, Va.
Federal reserve district No. 6:
First National Bank, Newville, Ala.
First National Bank, Floraia, Ala.
First National Bank, Arlington, Ga.
First National Bank, Doyle, Tenn.
First National Bank, Russellville, Tenn.
Federal reserve district No. 8:
First National Bank, Fulton. Ky.
First National Bank, Ludlow, Mo.
Federal reserve district No. 9:
Farmers National Bank, Big Sandy, Mont.
Fort Pierre National Bank, Fort Pierre, S. Dak.
Federal reserve district No. 10:
Farmers National Bank, Pleasant Hill, Mo.
First National Bank, Hooker, Okla.
Federal reserve district No. 11:
City National Bank, Granbury, Tex.
First National Bank, Ranger, Tex.
Federal reserve district No. 12:
Farmers National Bank, Buhl, Idaho.
First National Bank of Horatio, Ark., says it wired a subscription for $5,000, but
on account of the application not being on the proper form failed to secure an allotment.
First National Bank of Lapine, Ala., says it wired for $4,500, but did not get an
allotment.
154




EXHIBIT D.
FORM FOR COMPUTATION OF RESERVE TO BE CARRIED WITH THE FEDERAL RESERVE
BANK BY ALL MEMBER BANKS LOCATED IN CENTRAL RESERVE CITIES.
No. of bank

Report of the reserve of trie
located at
at

, State of.
o'clock

in.,

, 191...

DEMAND DEPOSITS.

1. Deposits, other than United States Government deposits, payable within thirty days
2. Balances due to banks, other than Federal reserve banks
$
Less:
3. Balances due from banks, otherthan Federal reserve banks
$
4. Items with Federal reserve bank in process of collection
$
5. Checks on other banks in the same place
$
6. Exchanges for clearing house
$
Total deductions (items 3, 4, 5, and 6)
$
7. Net balance due to banks i

$.

8.

$.

Total demand deposits (items 1 and 7)

§.

TIME DEPOSITS.

9. Savings accounts (subject to not less than thirty days' notice before payment)
$
10. Certificates of deposit (subject to not less than thirty days' notice before payment). $
11. Other deposits payable only after thirty days
$
12. Postal savings deposits
$
13.
Total time deposits (items 9,10,11, and 12)
,

$..

Thirteen per cent of demand deposits (item 8)
•. $«.
Three per cent of time deposits (item 13)
•• $-•
Totalreserve to be maintained with Federalreserve bank
$..
Balance with Federal reserve bank available as reserve
$..
Excess
Deficiency.
i Should the aggregate "duefrom banks" (items 3, 4, 5, and 6) exceed the aggregate "due to banks/!
both items must be omitted from the calculation.
Treasury Department,
Comp. of Currency—FORM A 2150.
Statistical. 7-2&-17—150.
12040°—CUR 1917—VOL 1




11

155

156

EEPOET OF THE COMPTROLLER OF THE CURRENCY.

COMPUTATION OP RESERVE TO BE CARRIED WITH THE FEDERAL RESERVE BANK BY
ALL MEMBER BANKS LOCATED IN RESERVE CITIES NOT CENTRAL RESERVE CITIES.

No. of bank

Report of the reserve of the
located at
at

, State of

o'clock — m . ,

, 191
DEMAND DEPOSITS.

1. Deposits, other than United States Government deposits, payable within thirty days,.,.... $
2. Balances due to banks, other than Federal reserve banks
I
....
Less:
3. B alances due from banks, other than Federal reserve banks
S
4. Items with Federal reserve bank in process of collection
$
5. Checks on other banks in the same place
S
6. Exehanges for clearing house
$
Total deductions (items 3, 4,5, and 6)
S
7. Net balance due to banks i
$
8.

Total demand deposits (items 1 and 7)

§

TIME DEPOSITS.

9. Savings accounts (subject to not less than thirty days' notice before payment)
10. Certificates of deposit (subject to not less than thirty days' notice before payment).
11. Other deposits payable only after thirty days
12. Postal Savings deposits
13.
Totaltime deposits (items 9,10,11, and 12)
Ten per cent of demand deposits (item 8)
Three per cent of time deposits (item 13)
Totalreserve to be maintained with Federal reserve bank
B alance with Federal reserve bank available as reserve
Excess
Deficiency

$
S
$
$.

$
$
$
$
$
$
$...

i Should the aggregate "due from banks" (items 3, 4, 5, and 6) exceed the aggregate "due to banks,"
both items must be omitted from the calculation.
Treasury Department,
Oomp. of Currency—FORM C 2150.
Statistical. 7-28-17—600.




KEPORT OF THE COMPTROLLER OF THE CURRENCY.

157

COMPUTATION OF R E S E R V E TO B E C A R R I E D WITH THE F E D E R A L PRESERVE B A N K BY
A L L M E M B E R B A N K S N O T LOCATED IN R E S E R V E OR CENTRAL R E S E R V E C I T I E S .

No. of bank

Report of the reserve of the
located at
at

, State of

o'clock

m.,

,..

, 191

DEMAND DEPOSITS.

1. Deposits, other than United States Government deposits, payable within thirty days
2. Balances due to banks, other than Federal reserve banks
"...
$
Less;
3. Balances due from banks, other than Federal reserve banks
$
4. Items with Federal reserve bank in process of collection
$
5. Checks on other banks in the same place
$
6. Exchanges for clearing house
$
Total deductions (items 3, 4, 5, and 6)
$
7. Net balance due to banks l
,

$

$

8. Total demand deposits (items 1 and 7)

%
TIME DEPOSITS.

9. Savings accounts (subject to not less than thirty days' notice before payment).... $
10. Certificates of deposit (subject to not less than thirty day's notice before payment) $
11. Other deposits payable only after thirty days
$
12. Postal savin.es deposits
%
13.
Total time deposits (items 9,10,11, and 12)

%

Seven percent of demand deposits (item 8)
Three per cent of time deposits (item 13)
Total reserve to be maintained with Federal reserve bank
Balance with Federal reserve bank available as reserve
Excess

$
%
%
$
%

Deficiency

%

i Should the aggregate "due from banks" (items 3, 4, 5, and 6) exceed the aggregate "due to banks,71
both items must be omitted from the calculation.
Treasury Department,
COHID. of Currency—FORM B 2149.

Statistical. 7-28-17-8,000.




EXHIBIT

E.

Gold coin, gold certificates, total cash on hand in all banks, not including Federal Reserve
banks, on June 20, 1917.
[In thousands of dollars.]
In national banks.

Gold,
coin.

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island.
Connecticut

569
428
309

11,341
584
2,784

993

2,851
2,258
1,222
33,936
2,413
9,309

Gold
coin.

1224

Cash on Grand
hand, in- total,
Gold cluding cash on
certifi- gold coin hand.
cates. and gold
certificates.
2 962
2 175

648

12,781
2,377
2 2,071

2,638
481
1,205
30,711
10,088
5,683

4,313

18,520

140

81
2,135
1,185

154

5 489
2 739
2 427
64,' 647
12 501
14,992

50,806

102,795

203,618
17,233
90,309
697
7,878
3,840

9,761 178,562 260,124
'1,444
12,881
2,295
8 5,430 8 4,732 44,052
93
1,638
129
755
769
5,029
39
891
1,793

463 742
30 114
134,361
2 335
12 907
5,633

113,652

323,575

17,522

187,378

325,517

649,092

981
929
342
168
640
409
911
121
920

2,121
1,486

661

1,680
7,489

359

660

7,511
5,222
2,858
2,110
5,158
3,575
4,494
1.169
4,287
24,258
2,460
6,801
7,124

332

3,574

Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee

51,989

74,379
5,355
28,899
197
2,522
2,300

26,420

Total Eastern States

16,233

851
145

Virginia
West Virginia
North Carolina
South Carolina

4,717
9,861
2,154
13,308
101

Total New England States

11 137
9,549
6 576
3,577
10 566
6,117
8 310
3,482
11 540
33,937
6 076
12,360
12,014

749
540

1,581
803

1,299

331

867
1,012

10 972
4,059
19,420
2 570
2,814
2,478
3 737
4,518

29,359

50,568

578
1,803
1 611
1 425
397
4,209
253
1,066

792
892
2,952
1 84G
1 857
478
3,712
416
2,372

11,900

Total Middle Western S t a t e s . . . .

23,232

5,418
3,784
6,404
2,468
2,075
4,556
2,598
2,056

Missouri

2,154
2,339

11,233

Total Southern States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota

15,317

558

.'

Total Western States
1

712
504
308

2,110
308

New York
New Jersey
Pennsylvania
Delaware
Marvland
District of Columbia

North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma

Cash on
hand, inGold cluding
certifi- gold coin
cates. and gold
certificates.

In banks other than
national.

Gold coin estimated,

158




2 Gold cert ificates estimated.

792
367

2 393
889
918

3,626
4,327
3,718
1,467
5,408
2,542
3,816
2,313
7 253
9,681
3 616
5,559
4,890

77,025

6,463

6,335

58,216

135,241

38,181
16,739
69,559
12,150
9,841
16,652
11,171
20,104

2 638
1,883
8,433
8 000
2,101
11,933
3 152
2,488

7 914
1 369
18,447
24 031
l'453
2 1,318
2 1 515
4,150

31 510
10 345
72,438
36 262
9,970
7,783
15 412
21,071

69 691
27 084
141', 997
48 412
19,811
24,435
26 583
4i;175

194,397

30,628

40,197 204,791

399,188

2,364
2,351
8 633
6 845
5 057
1,284
11,467
1,116
7,437

317
446

11,707
1 764
1 763
125
850
34
410

2 657
2 638
2 504
69
2 284
72

195

2,469
2,369
7,964
7 730
6 107
658
3,445
587
3,373

4,833
4,720
16,597
14 575
11,164
1,942
14,912
1,703
10,810

46,554

7,446

2,863

34,702

81,256

1480
378

1163
367
145
507
161

1,430
1,000

341

2 471
2 405
2 159
89
198

2 415
2 252
2 789
696

61
383

8 Holdiings 1915 (not segregated 191 J-1917).

REPORT OF THE COMPTROLLER OP THE CURRENCY.

159

Gold coin, gold certificates, total cash on hand in all banJcsy not including Federal Reserve
banks—Continued.
[In thousands of dollars.]
In banks other than
national.

In national banks.

Gold,
coin.

Cash on
hand, inGold cluding
certifi- gold coin
cates. and gold
certificates.

Gold
coin.

Cash on
hand, inGold cluding
certifi- gold coin
cates. and gold
certificates.

Grand
total,
cash on
hand.

4,566
4,681
20,664
941
956
356
520
254

Total Pacific States
Hawaii
Porto Rico
Philippines

=

Total Islands
Total United States
i Gold coin estimated.




1,471
471
2,400
375
375
126
173
45

9,223
7,725
35,351
1,997
1,840
767
1,351
372

4,442
3,201
32,424
727
11,571
1597
520
1655

365
509
2 3,190
292
2 280
2 50
331
26

7,514
4,919
37,940
1,834
3,333
1,075
3,520
1,018

16,737
12,644
73,291
3,831
5,173
1,842
4,871
1,390

32,938

Washington
Oregon
California
Idaho..
Utah
Nevada.».
Arizona
Alaska

5,436

58,626

44,137

5,023

61,153

119,879

416

77

545

2,354
198
5

65
694
38

3,292
6,320
4,994

4,330
6,320
4,994

14,606

15,151

416

77

545

2,557

797

116,983

224,515

752,711

113,066

261,113

2 Gold certificates estimated-

749,791 1,502,502

EXHIBIT

F.

Number and amount of demand and time loans made by national banks between Dec. 27 >
1916, and Mar. 5, 1917, both inclusive, upon which interest was charged or collected,
either in the shape of interest, discount, or commission, at rates which would amount to
more than the equivalent of 6 per cent per annum. This list includes bought paper, as
well as loans made directly. Taken from reports of condition for Mar. 5, 1917.
Over 6 but less than 7
per cent.

7 but less than 8 per
cent.

Number.

Number.

8 but less than 10 per
cent.

Geographical division.

New England States:
Reserve city
Country banks
Total
Eastern States:
Central reserve city
Other reserve cities
Country banks
Total
Southern States:
Reserve cities
Country banks
Total
Middle Western States:
Central reserve cities
Other reserve cities
Country banks
Total
Western States:
Reserve cities
Country banks
Total
Pacific States:
Reserve cities
Country banks
Total
Total United States:
Central reserve cities
Other reserve cities
Country banks
Total

160




Amount.

Amount.

Number.

Amount.

16
177

$30,755
194,249

1,013

$1,124,506

4
512

$435
106,188

193

225,004

1,013

1,124,500

516

106,621

12
84
1,273

4,384,999
317,590
484,699

11
24
1,569

703,077
2,882
559,316

23
58
2,104

150,454
48,692
355,754

1,369

5,187,288

1,604

1,265,275

2,185

554,900

5,465
10,394

13,344,202
17,891,323

12,289
21,526

23,857,925
27,934,142

31,508
206,107

24,512,078
131,941,693

15,859

36,235,525

33,815

51,792,067

237,615

156,453,771

120
2,285
32,648

838,892
7,635,195
22,829,455

292
3,419
145,751

2,101,780
18,159,236
64,460,441

187
4,841
162,211

263,432
14,106,108
50,755,385

35,053

31,303,542

149,462

84,721,457

167,239

65,124,925

1,141
5,957

5,634,859
12,483,254

3,891
24,413

10,447,442
27,961,128

8,380
138,542

8,719,539
90,633,232

7,098

18,118,113

28,304

38,408,570

146,922

99,352,771

857
2,127

4,884,475
5,065,821

8,776
20,170

17,269,674
22,188,929

10,867
46,072

8,338,702
31,529,384

2,984

9,950,296

28,946

39,458,603

56,939

39,868,146

132
9,848
52,576

5,223,891
36,847,076
58,948,801

303
28,399
214,442

2,804,857
69,737,159
144,228,462

210
55,653
555,548

413,886
55,725,G14
305,321,034

62,556

101,019,768

243,144

216,770,478

611,416

361,461,134

EEPOET OP THE COMPTROLLER OP THE CURRENCY.

161

Number and amount of demand and time loans made by national banks between Dec. 27,
1916, and Mar. 5, 1917, etc.—Continued.
10 but less than 12 per
cent.

12 but less than 15 per
cent.

15 but less than 24 per
cent.

Number.

Number.

Number.

Geographical division.

New England States:
Reserve city
Country banks
.........
Total
Eastern States:
Central reserve city
Other reserve cities
Country banks
Total

.

Southern States:
Keserve cities
Country banks
Total
Middle Western States:
Other reserve cities
Country banks
Total
Western States:
Reserve cities
Country banks
Total
Pacific States:
Reserve cities
Country b a n k s . . . .
Total
Total United States:
Central reserve cities
0ther reserve cities
Country banks
Total




Amount.

Amount.

3
154
157

$116
7,949

2
186

S120
28,517

8,065

188

28,637

2
28
753

2,500
3,531
59,383

3
26
391

9,400
10,147
89,527

783

65,414

420

4,209
145,612

980,919
50,242,093

149,821

Amount.

3
142
145

S150
5,524
5,680

1,72?
6,238

109,074

2*i
203
224

74
20,544

6,827
3,103,458

103
6,060

4.027
404', 781

51,223,612

20,618

3,110,285

6,163

408,808

10
16,335

1,024
2,629,562

674
193,901

2,630,586

194,575

2
1,909
1,911

306
79,977

16,345

9
1,936
1,945

4,321
181,508

355
17,429

29,278
2,606,967

72
1,679

3,657
123,025

185,829

2,159,398
60,602,846
62,762,244

17,784

2,636,245 |

1,751

126,683

407
27,645

125,749
10,943,623

246
3,977

44,098
740,844

320

44,400

28,052

11,069,372

4,223

784,942

320

44,400

2
8,978
372,007

2,500
3,270, m
124,480,056

3
712
44,463

9,400
91.144
6,763,214

201
10,313

9,873
663,946

380,987

127,759,293

45,178

6,863,758

10,514

673,819

7,965

80,283

162

KEPORT OF THE COMPTROLLER OF THE CURRENCY.

Number and amount of demand and time loans made by national banks between Dec. 27,
1916, and Mar. 5, 1917, etc.—Continued.
24 per cent and over.

Geographical division.
Number.

New England States:
Reserve city
Country banks
Total
Eastern States:
Central reserve city
Other reserve cities
Country banks

Amount.

Total of loans over 6 per Total numcent.
ber of
loans on
which the
interest or
Aggregate
discount
collected amount of
per loan such loans.
Number.
Amount.
amounted
to only 50
cents or
less.

4
71

$146
2,920

32
2,255

$31,728
1,469,851

257
15,824

162,089
864,585

75

3,066

2,287

1,501,579

16,081

926,674

15
253

955
12,782

51
256
6,546

5,250,430
385,524
1,567,699

1,864
12,031
151,209

287,071
771,892
6,699,423

268

13,737

6,853

7,203,653

165,104

7,758,386

Southern States:
Reserve cities
Country banks

141
4,203

2,767
911,256

53,789
414,446

67,708,745
232,429,346

11,285
83,669

533,991
3,026,810

Total

4,344

914,023

468,235

300,138,091

94,954

3,560,801

2
987

100
84,297

599
10,568
361,777

3,204,104
39,902,643
141,033,018

1,028
5,799
81,482

99,570
522,964
3,661,481

989

84,397

372,944

184,139,765

88,309

4,284,015

6
2,511

221
403,253

18,166
372,039

26,994,394
194,813,706

1,896
47,737

115,876
2,210,632

Total

Middle Western States:
Central reserve cities -.
Other reserve cities
Country banks
Total
Western States:
Reserve cities
Country banks

2,517

403,474

390,205

221,808,100

49,633

2,326,508

Pacific States:
Reserve cities
Country banks

8

719

21,153
100,319

30,662,758
70,513,720

1,408
10,233

204,948
901,616

Total

8

719

121,472

101,176,478

11,641

1,106,564

168
8,033

4,189
1,415,227

650
103,964
1,257,382

8,454,534
165,685,792
641,827,340

2,892
32,676
390,154

386,641
2,211,760
17,364,547

8,201

1,419,416

1,361,996

815,967,666

425,722

19,962,948

Total

Total United States:
Central reserve cities
Other reserve cities
Country banks
Total




EXHIBIT G.
Number of women and other shareholders in national banks.
Amount of interest-bearing deposits upon [which interest has not been credited during
past 12 months.
Number and amount of accounts dormant since 1912. Taken from reports of condition
for Mar. 5, 1917.

Geographical location.

New England States:
Reserve cities
Country banks
Total

. . .

46,011

3,239,348

5,725
9,408
38,740

310,247
279,738
6,033,831

23,497
46,644
203,702

847,764
1,576,750
11,209,728

53,873

6,623,816

273,843

13,634,242

3,718
20,741

205,528
2,853,804

40,669
105,352

1,298,829
2,846,518

24,459

3,059,332

146,021

4,145,347

3,041
4,399
21,189

269,480
230,371
5,339,521

18,730
31,314
90,641

306,247
610,012
3,165,202

28,629

5,839,372

140,685

4,081,461

389
5,682

65,304
1,134,994

19,433
42,465

194,443
683,107

26,676

Total
Pacific States: #

179,553

1,753
24,923

Country banks

18,663

107,331

Total

$162,427
3,076,921

8,626
15,251
83,454

Western States:

2,209
43,802

94,647

Middle Western States:
Central reserve cities
Other reserve cities
Country banks

$17,100
162,453

83,531
11,116

.

1,633
17,030

159,077

Total

Total United States

Aggregate
balance
of such
accounts.

16,050
24,786
118,241

Total

Total

Number of
deposit
accounts
which have
shown no
deposits
or withdrawals
since Jan.
1, 1912.

46,887

.

Country banks .

Women
shareholders.

5,146
41,741

Eastern States:
Central reserve cities
Other reserve cities
Country banks

Southern States:
Reserve cities
Country banks

Total
number of
shareholders.

Dormant accounts.

Aggregate
amount of
interest-bearing
deposits upon
which bank is
liable for interest, but upon
which no interest has been
credited for
more than a
year.

6,071

1,200,298

61,898

877,550

7,290
17,711

4,002
2,507

296,004
299,741

35,334
32,911

602,766
657,213

25,001

6,509

595,745

68,245

1,259,979

459,619

138,204

17,498,110

736,703

27,237,927

24,676
137,757
297,186

8,766
23,549
105,889

5?9,727
1,094,045
15,824,344

42,227
175,603
518,873

1,154,011
4,445,227
21,638,689

459, 619

138,204

17,498,116

736,703

27,237,927

RECAPITULATION.

Central reserve cities
Other reserve cities
Country banks
Total




163

EXHIBIT H.

LEGISLATION

AFFECTING

OR EELATIETG TO UATIO3STAI
BAKKS.
A number of important acts which directly or indirectly affect
the operations of national banks have been passed by Congress
since the last annual report of this office was made to Congress.
Briefly summarized according to the subject matter to which they
relate, the effect of these acts is as follows:
NATIONAL BANK CIRCULATION.

Prior to the passage of the Federal reserve act all national banks
were required as a condition of doing business to maintain a minimum
amount of United States Government bonds on deposit with the
Treasurer of the United States against which circulating notes might
be issued. The Federal reserve act as originally passed relieved
banks incorporated after its passage from this requirement, but
permitted such banks, at their option, to become banks of issue.
The language of the act was not free from ambiguity, but, as interpreted by this office, it required all banks organized prior to the
passage of the act to maintain the minimum deposit of bonds referred
to, and any bank organized after the passage of the act which issued
any circulating notes was also required to maintain this minimum
deposit without reference to the amount of notes issued. By the
act of June 21, 1917, this ambiguity has been removed, and all banks
are now required to deposit bonds equal only to the amount of
circulating notes actually issued.
Under preexisting law national banks were not permitted to issue
circulating notes in denominations of less than $5 and were not
permitted to issue more than one-third of their notes in this denomi^
nation. In view of the increasing demand for notes of smaller denominations such banks were authorized by the act of October 5,
1917, to issue notes in denominations of $1 and $2, provided no
bank issued more than $25,000 in these denominations. By the
same act the limitation on notes of denomination of $5 was removed.
RESERVES.

Prior to the act of June 21 national banks were required to carry
a certain amount of reserve in cash, a fixed amount with the Federal
reserve banks, and were permitted to carry the balance with other
national banks approved as reserve agents by this office. By the
act of June 21 they are required to carry all reserve with the Federal
reserve bank. Under existing laws banks in central reserve cities
are required to carry with Federal reserve banks 13 per cent against
demand deposits, those in reserve cities are required to carry 10 per
cent against demand deposits, and those in nonreserve cities or
country banks are required to carry 7 per cent against demand
164




REPORT OF THE COMPTROLLER OF THE CURRENCY.

165

deposits. All member banks, regardless of location, are required
to maintain a reserve of 3 per cent against time deposits. The act
of April 24, 1917, authorizing the first Liberty Loan, amends section
5191, Revised Statutes, so as to make it unnecessary for national
banking associations and other member banks to carry any reserve
against United States deposits.
ACCEPTANCE POWER.

Under the terms of the Federal reserve act as originally passed,
national banks were permitted to accept drafts and bills of exchange
in transactions which involve the importation or exportation of
goods. By the act of June 21 national banks are authorized to
accept drafts and bills of exchange which grow out of transactions
involving the domestic shipment of goods, provided shipping documents are attached at the time of acceptance, or which are secured
at the time of acceptance by a warehouse receipt or other such
document conveying or securing title covering readily marketable
staples. Such acceptances are subject to appropriate limitations as
to amount.
STATUTORY CRIMES.

Section 22 of the Federal reserve act, which makes it a crime for
officers and directors to be the beneficiaries of transactions engaged
in with their banks, other than those authorized bylaw, was amended
by the act of June 21, so as to include in the authorized transaction
carrying of deposit accounts by such officers and directors with
their banks and the making of loans under certain circumstances by
the banks to such officers and directors.
EXTENSION OF FUNCTIONS OF FEDERAL RESERVE BANKS.

Federal reserve banks were originally authorized to receive
deposits only from member banks and from the United States,
and for purposes of exchange from other Federal reserve banks.
By the act of June 21 such banks are now authorized for the purpose
of exchange and collection, to receive deposits of current funds,
checks, drafts, and maturing notes and bills from nonmember banks
or trust companies which maintain with the Federal reserve bank a
balance sufficient to offset items in transit held for the account of
the depositing bank.
The amendments to the Federal reserve act and the national-bank
act a n d certain laws authorizing the issuance and sale of the Liberty
Loans which affect directly or indirectly the operations of national
banks are submitted herewith.
FSDEHAL HESEUVE ACT AMENDMENTS APPROVED JUNE 21, 1917.
Be it enacted, etc., That section three of the act known as the Federal reserve act
be amended and reenacted so as to read as follows:
"SEC. 3. The Federal Reserve Board may permit or require any Federal reserve
bank to establish branch jbanka within the Federal reserve district in which it is
located or within the district of any Federal reserve bank which may have been suspended. Such branches, subject to such rules and regulations as the Federal Reserve
Board may prescribe, shall be operated under the supervision of a board of directors
to consist of not more than seven nor less than three directors, of whom a majority of
one shall be appointed by the Federal reserve bank of the district, and the remaining




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KEPOET OF THE COMPTROLLER OF THE CURRENCY.

directors by the Federal Reserve Board. Directors of branch banks shall hold office
during the pleasure of the Federal Reserve Board."
SEC. 2. That section four in the paragraph relating to the appointment of class-C
directors and prescribing their duties be amended and reenacted so as to read as
follows:
"Class C directors shall be appointed by the Federal Reserve Board. They shall
have been for at least two years residents of the district for which they are appointed,
one of whom shall be designated by said board as chairman of the board of directors
of the Federal reserve bank and as 'Federal reserve agent.' He shall be a person
of tested banking experience, and in addition to his duties as chairman of the board
of directors of the Federal reserve bank he shall be required to maintain, under
regulations to be established by the Federal Reserve Board, a local office of said board
on the premises of the Federal reserve bank. He shall make regular reports to the
Federal Reserve Board and shall act as its official representative for the performance
of the functions conferred upon it by this act. He shall receive an annual compensation to be fixed by the Federal Reserve Board and paid monthly by the Federal reserve
bank to which he is designated. One of the directors of class C shall be appointed
by the Federal Reserve Board as deputy chairman to exercise the powers of the chairman of the board when necessary. In case of the absence of the chairman and deputy
chairman, the third class C director shall preside at meetings of the board.
" Subject to the approval of the Federal Reserve Board, the Federal reserve agent
shall appoint one or more assistants. Such assistants, who shall be persons of tested
banking experience, shall assist the Federal reserve agent in the performance of his
duties and shall also have power to act in his name and stead during his absence or
disability. The Federal Reserve Board shall require such bonds of the assistant
Federal reserve agents as it may deem necessary for the protection of the United States.
Assistants to the Federal reserve agent shall receive an annual compensation, to be
fixed and paid in the same manner as that of the Federal reserve agent."
SEC. 3- That section nine be amended and reenacted eo as to read as follows:
" SEC. 9. Any bank incorporated by special law of any^ State, or organized under the
general laws of any State or of the United States, desiring to become a member of
the Federal Reserve System, may make application to the Federal Reserve Board,
under such rules and regulations as it may prescribe, for the right to subscribe to the
stock of the Federal reserve bank organized within the district in which the applying bank is located. Such application shall be for the same amount of stock that the
applying bank would be required to subscribe to aa a national bank. The Federal
Reserve Board, subject to such conditions as it may prescribe, may permit the applying bank to become a stockholder of such Federal reserve bank.
• " I n acting .upon such applications the Federal Reserve Board shall consider the
financial condition of the applying bank, the general character of its management, and
whether or not the corporate powers exercised are consistent with the purposes of
this act.
"Whenever the Federal Reserve Board shall permit the applying bank to become
a stockholder in the Federal reserve bank of the district its stock subscription shall
be payable on call of the Federal Reserve Board, and stock issued to it shall be held
subject to the provisions of this act.
"All banks admitted to membership under authority of this section shall be required to comply with the reserve and capital requirements of this act and to conform
to those provisions of law imposed on national banks which prohibit such banks from
lending on or purchasing their oAvn stock, which relate to the withdrawal or impairment of their capital stock, and which relate to the payment of unearned dividends.
Such banks and the officers, agents, and employees thereof shall also be subject to
the provisions of and to the penalties prescribed by section fifty-two hundred and
nine of the Revised Statutes, and shall be required to make reports of condition and
of the payment of dividends to the Federal reserve bank of which they become a
member. Not less than three of such reports shall be made annually on call of the
Federal reserve bank on dates to be fixed by the Federal Reserve Board. Failure
to make such reports within ten days after the date they are called for shall subject
the offending bank to a penalty of $100 a day for each day that it fails to transmit such
report, such penalty to be collected by the Federal reserve bank by suit or otherwise.
"As a condition of membership such banks shall likewise be subject to examinations
madeby direction of the Federal Reserve Board or of the Federal reserve bank by
examiners selected or approved by the Federal Reserve Board.
"Whenever the directors of the Federal reserve banks shall approve the examinations made by the State authorities, such examinations and the reports thereof may
be accepted in lieu of examinations made by examiners selected or approved by the
Federal Reserve Board: Provided, however. That when it deems it necessary the board



REPORT OF THE COMPTROLLER OF THE CURRENCY.

167

may order special examinations by examiners of its own selection and shall in all cases
approve the form of the report. The expenses of all examinations, other than those
made by State authorities, shall be assessed against and paid by the banks examined.
''If at any time it shall appear to the Federal Reserve Board that a member bank
has failed to comply with the provisions of this section or the regulations of the Federal Reserve Board made pursuant thereto, it shall be within the power of the board
after hearing to require such bank to surrender its stock in the Federal reserve bank
and to forfeit all rights and privileges of membership. The Federal Reserve Board
may restore membership upon due proof of compliance with the conditions imposed
by this section.
"Any State bank or trust company desiring to withdraw from membership in a
Federal reserve bank may do so, after six months* written notice shall have been
filed with the Federal Reserve Board, upon the surrender and cancellation of all o!
its holdings of capital stock in the Federal reserve bank: Provided, however, That no
Federal reserve bank shall, except under express authority of the Federal Reserve
Board, cancel within the same calendar year more than twenty-five per centum of its
capital stock for the purpose of effecting voluntary withdrawals during that year.
All such applications shall be dealt with in the order in which they are filed with the
board. Whenever a member bank shall surrender its stock holdings in a Federal
reserve bank, or shall be ordered to do so by the Federal Reserve Board, under authority of law, all of its rights and privileges as a member bank shall thereupon cease and
determine, and after due provision has been made for any indebtedness due or to
become due to the Federal reserve bank it shall be entitled to a refund of its cash
paid subscription with interest at the rate of one-half of one per centum per month
from date of last dividend, if earned, the amount refunded in no event to exceed
the book value of the stock at that time, and shall likewise be entitled to repayment
of deposits and of any other balance due from the Federal reserve bank.
"No applying bank shall be admitted to membership in a Federal reserve bank
unless it possesses a paid-up, unimpaired capital sufficient to entitle it to become a
national banking association in the place where it is situated under the provisions
of the national-bank act.
"Banks becoming members of the Federal Reserve System under authority of this
section shall be subject to the provisions of this section and to those of this act which
relate specifically to member banks, but shall not be subject to examination under
the provisions of the first two paragraphs of section fifty-two hundred and forty of the
Revised Statutes as amended by section twenty-one of this act. Subject to the provisions of this act and to the regulations of the board made pursuant thereto, any bank
becoming a member of the Federal Reserve System shall retain its full charter and
statutory rights as a State bank or trust company, and may continue to exercise all
corporate powers granted it by the State in which it was created, and shall be entitled to all privileges of member banks: Provided, however, That no Federal reserve
bank shall be permitted to discount for any State bank or trust company notes,
drafts, or bills of exchange of any one borrower who is liable for borrowed money to
such State bank or trust company in an amount greater than ten per centum of the
capital and surplus of such State bank or trust company, but the discount of bills of
exchange drawn against actually existing value and the discount of commercial or
business paper actually owned by the person negotiating the same shall not be considered as borrowed money within the meaning of this section. The Federal reserve
bank, as a condition of the discount of notes, drafts, and bills of exchange for such
State bank or trust company, shall require a certificate or guaranty to the effect that
the borrower is not liable to such bank in excess of the amount provided by this
section, and will not be permitted to become liable in excess of this amount while
such notes, drafts, or bills of exchange are under discount with the Federal reserve
bank.
11
It shall be unlawful for any officer, clerk, or agent of any bank admitted to membership under authority of this section to certify any check drawn upon such bank
unless the person or company drawing the check has on deposit therewith at the
time such check is certified an amount of money equal to the amount specified in
such check. Any check so certified by duly authorized officers shall be a good and
valid obligation against such bank, but the act of any such officer, clerk, or agent in
violation of this section may subject such bank to a forfeiture of its membership in
the Federal Reserve System upon hearing by the Federal Reserve Board.''
SEC. 4. That the first paragraph of section thirteen be further amended and reenacted so as to read as follows:
"Any Federal reserve bank may receive from any of its member banks, and from
the United States, deposits of current funds in lawful money, national-bank notes,
Federal reserve notes, or checks, and drafts, payable upon presentation, and also,




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REPORT OF THE COMPTROLLER OF THE CURRENCY,

for collection, maturing notes and bills; or, solely for purposes of exchange or of collection, may receive from other Federal reserve banks deposits of current funds in
lawful money, national-bank notes, or checks upon other Federal reserve banks,
and checks and drafts, payable upon presentation within its district, and maturing
notes and bills payable within its district; or, solely for the purposes of exchange 0 ?
2
of collection, may receive from any nonmember bank or trust company deposits of
current funds in lawful money, national-bank notes, Federal reserve notes" checks
and drafts payable upon presentation, or maturing notes and bills: Provided, Such
nonmember bank or trust company maintains with the Federal reserve bank of its
district a balance sufficient to offset the items in transit held for its account by the
Federal reserve bank: Provided further, That nothing in this or any other section of
this act shall be construed as prohibiting a member or nonmember bank from making
reasonable charges, to be determined and regulated by the Federal Reserve Board,
but in no case to exceed 10 cents per $100 or fraction thereof, based on the total of
checks and drafts presented at any one time, for collection or payment of checks and
drafts and remission therefor by exchange or otherwise; but no such charges shall be
made against the Federal reserve banks,"
SEC. 5. That the fifth paragraph of section thirteen be further amended and reenacted so as to read as follows:
"Any member bank may accept drafts or bills of exchange drawn upon it having
not more than six months' sight to run, exclusive of days of grace, which grow out of
transactions involving the importation or exportation of goods; or which grow out of
transactions involving the domestic shipment of goods, provided shipping documents
conveying or securing title are attached at the time of acceptance; or which are secured
at the time of acceptance by a warehouse receipt or other such document conveying
or securing title covering readily marketable staples. No member bank shall accept,
whether in a foreign or domestic transaction, for any one person, company, firm, or
corporation to an amount equal at any time in the aggregate to more than ten per
centum of its paid-up and unimpaired capital stock and surplus, unless the bank is
secured either by attached documents or by some other actual security growing out
of the same transaction as the acceptance;' and no bank shall accept such bills to
an amount equal at any time in the aggregate to more than one-half of its paid-up
and unimpaired capital stock and surplus: Provided, however, That the Federal Reserve Board, under such general regulations as it may prescribe, which shall apply to
all banks alike regardless of the amount of capital stock and surplus, may authorize
any member bank to accept such bills to an amount not exceeding at any time in
the aggregate one hundred per centum of its paid-up and unimpaired capital stock and
surplus: Provided further, That the aggregate of acceptances growing out of domestic
transactions shall in no event exceed fifty per centum of such capital stock and
surplus."
SEC. 6. That section fourteen, subsection (e), be amended and reenacted so as
to read as follows:
"(e) To establish accounts with other Federal reserve banks for exchange purposes and, with the consent or upon the order and direction of the Federal Reserve
Board and under regulations to be prescribed by said board, to open and maintain
accounts in foreign countries, appoint correspondents, and establish agencies in such
countries wheresoever it may be deemed best for the purpose of purchasing, selling,
and collecting bills of exchange, and to buy and sell, with or without its indorsement,
through such correspondents or agencies, bills of exchange (or acceptances) arising
out of actual commercial transactions which have not more than ninety days to run,
exclusive of days of grace, and which bear the signature of two or more responsible
parties, and, with the consent of the Federal Reserve Board, to open and maintain
banking accounts for such foreign correspondents or agencies. Whenever any such
account has been opened or agency or correspondent has been appointed by a Federal reserve bank, with the consent of or under the order and direction of the Federal
Reserve Board, any other Federal reserve bank may, with the consent and approval
of the Federal Reserve Board, be permitted to carry on or conduct, through the
Federal reserve bank opening such account or appointing such agency or correspondent, any transaction authorized by this section under rules and regulations
to be prescribed by the board."
SEC. 7. That section sixteen, paragraphs two, three, four, five, six, and seven,
be further amended and reenacted so as to read as follows:
"Any Federal reserve bank may make application to the local Federal reserve
agent for such amount of the Federal reserve notes hereinbefore provided for as it
may require. Such application shall be accompanied with a tender to the local Federal reserve agent of collateral in amount equal to the sum of the Federal reserve
notes thus applied for and issued pursuant to such application. The collateral



REPORT OF THE COMPTBOLLER OF THE CUBKEKCY.

169

security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired
under the provisions of section thirteen of this act, or bills of exchange indorsed
by a member bank of any Federal reserve district and purchased under the provisions of section fourteen of this act, or bankers' acceptances purchased under
the provisions of said section fourteen, or gold or gold certificates; but in no event
shall such collateral security, whether gold, gold certificates, or eligible paper, be
less than the amount of Federal reserve notes applied for, The Federal reserve agent
shall each day notify the Federal Reserve Board of all issues and withdrawals of
Federal reserve notes to and hy the Federal reserve bank to which he is accredited.
The said Federal Reserve Board may at any time call upon a Federal reserve bank
for additional secuiity to protect the Federal reserve notes issued to it.
"Every Federal reserve bank shall maintain reserves in gold or lawful money of
not less than thirty-five per centum against its deposits and reserves in gold of not
less than forty per centum against its Federal reserve notes in actual circulation: Provided, however, That when the Federal reserve agent holds gold or gold certificates
as collateral for Fe deral reserve notes issued to the bank such gold or gold certificates shall be counted as part of the gold reserve which such bank is required to maintain against its Federal reserve notes in actual circulation. Notes so paid out shall
bear upon their faces a distinctive letter and serial number which shall be assigned
by the Federal Reserve Board to each Federal reserve bank. Whenever Federal
reserve notes issued through one Federal reserve bank shall be received by another
Federal reserve bank, they shall be promptly returned for credit or redemption to the
Federal reserve bank through which they were originally issued or, upon direction of
such Federal reserve bank, they shall be forwarded direct to the Treasurer of the
United States to be retired. No Federal reserve bank shall pay out notes issued
through another under penalty of a tax often per centum upon the face value of notes
so paid out. Notes presented for redemption at the Treasury of the United States
shall be paid out of the redemption fund and returned to the Federal reserve banks
through which they were originally issued, and thereupon such Federal reserve
bank shall, upon demand of the Secretary of the Treasury, reimburse such redemption fund in lawful money or, if such Federal reserve notes have been redeemed
by the Treasurer in gold or gold certificates, then such funds shall be reimbursed
to the extent deemed necessary by the Secretary of the Treasury in gold or gold
certificates, and such Federal reserve bank shall, so long as any of its Federal reserve
notes remain outstanding, maintain with the Treasurer in gold an amount sufficient
in the judgment of the Secretary to provide for all redemptions to be made by the
Treasurer. Federal reserve notes received by the Treasurer otherwise than for redemption may be exchanged for gold out of the redemption fund hereinafter provided and returned to the reserve bank through which they were originally issued,
or they may be returned to such bank for the credit of the United States. Federal
reserve notes unfit for circulation shall be returned by the Federal reserve agents
to the Comptroller of the Currency for cancellation and destruction.
'' The Federal Reserve Board shall require each Federal reserve bank to maintain
on deposit in the Treasury of the United States a sum in gold sufficient in the judgment
of the Secretary of the Treasury for the redemption of the Federal reserve notes issued
to such bank, but in no event less than five per centum of the total amount of notes
issued less the amount of gold or gold certificates held by the Federal reserve agent
as collateral security; but such deposit of gold shall be counted and included as part
of the forty per centum reserve hereinbefore required. The board shall have the
right, acting through the Federal reserve agent, to grant, in whole or in part, or to reject
entirely the application of any Federal reserve bank for Federal reserve notes; but to
the extent that such application may be granted the Federal Reserve Board shall,
through its local Federal reserve agent, supply Federal reserve notes to the banks so
applying, and such bank shall be charged with the amount of notes issued to it and
shall pay such rate of interest as may be established by the Federal Reserve Board
on only that amount of such notes which equals the total amount of its outstanding
Federal reserve notes less the amount of gold or gold certificates held by the Federal
reserve agent as collateral security. Federal reserve notes issued to any such bank
shall, upon delivery, together with such notes of such Federal reserve bank as may be
issued under section eighteen of this Act upon security of United States two per
centum Government bonds, become a first and paramount lien on all the assets of
such bank.
"Any Federal reserve bank niay at any time reduce its liability for outstanding
Federal reserve notes by depositing with the Federal reserve agent its Federal reserve
notes, gold, gold certificates, or lawful money of the United States. Federal reserve
notes so deposited shall not be reissued, except upon compliance with the conditions
of an original issue.



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REPOKT OF THE COMPTBOLLEB OF THE CUEBEHCY.

^
Federal reserve agent shall hold such gold, gold certificates, or lawful money
available exclusively for exchange for the outstanding Federal reserve notes when
offered by the reserve bank of which he is a director. Upon the request of the Secretary of the Treasury the Federal Reserve Board shall require the Federal reserve agent
to transmit to the Treasurer of the United States so much of'the gold held by him as
collateral security for Federal reserve notes as may be required for the exclusive purpose of the redemption of such Federal reserve notes, but such gold when deposited
with the Treasurer shall be counted and considered as if collateral security on deposit
with the Federal reserve agent.
"Any Federal reserve bank may at its discretion withdraw collateral deposited
with the local Federal reserve agent for the protection of its Federal reserve notes
issued to it and shall at the same time substitute therefor other collateral of equal
amount with the approval of the Federal reserve agent under regulations to be prescribed by the Federal Reserve Board. Any Federal reserve bank may retire any of
its Federal reserve notes by depositing them with the Federal reserve agent or with
the Treasurer of the United States, and such Federal reserve bank shall thereupon
be entitled to receive back the collateral deposited with the Federal reserve agent
for the security of such notes. Federal reserve banks shall noj be required to maintain
the reserve or the redemption fund heretofore provided for against Federal reserve
notes which have been retired. Federal reserve notes so deposited shall not be reissued except upon compliance with the conditions of an original issue."
All Federal reserve notes and all gold, gold certificates, and lawful money issued
to or deposited with any Federal reserve agent under the provisions of the Federal
reserve act shall hereafter be held for such agent, under such rules and regulations
as the Federal Reserve Board may prescribe, in the joint custody of himself and the
Federal reserve bank to which he is accredited. Such agent and such Federal reserve
bank shall be jointly liable for the safe-keeping of such Federal reserve notes, gold,
gold certificates, and lawful money. Nothing herein contained, however, shall be
construed to prohibit a Federal reserve agent from depositing gold or gold certificates
with the Federal Reserve Board, to be held by such board subject to his order, or with
the Treasurer of the United States for the purposes authorized by law.
SEC. 8. That section sixteen be further amended by adding at the end of the
section the following:
"That the Secretary of the Treasury is hereby authorized and directed to receive
deposits of gold coin or of gold certificates with the Treasurer or any Assistant Treasurer
of the United States when tendered by any Federal reserve bank or Federal reserve
agent for credit to its or his account with the Federal Reserve Board. The Secretary
shall prescribe by regulation the form of receipt to be issued by the Treasurer or Assistant Treasurer to the Federal reserve bank or Federal reserve agent making the der i t , and a duplicate of such receipt ehall be delivered to the Federal Reserve Board
the Treasurer at Washington upon proper advices from any assistant treasurer that
such deposit has been made. Deposits so made shall be held subject to the orders
of the Federal Reserve Board and shall be payable in gold coin or gold certificates on
the order of the Federal Reserve Board to any Federal reserve bank or Federal reserve
agent at the Treasury or at the Subtreasury of the United States nearest the place of
business of such Federal reserve bank or such Federal reserve agent: Provided,
however, That any expense incurred in shipping gold to or from the Treasury or Subtreasuries in order to make such payments, or as a result of making such payments,
ehall be paid by the Federal Reserve Board and assessed against the Federal reserve
banks. The order used by the Federal Reserve Board in making such payments
shall be signed by the governor or vice governor, or such other officers or members as
the board may by regulation prescribe. The form of such order shall be approved
by the Secretary of the Treasury.
"The expenses necessarily incurred in carrying out these provisions, including
the cost of the certificates or receipts issued for deposits received, and all expenses
incident to the handling of such deposits shall be paid by the Federal Reserve Board
and included in its assessments against the several Federal reserve banks.
'' Gold deposits standing to the credit of any Federal reserve bank with the Federal Reserve Board shall, at the option of said bank, be counted as part of the lawful
reserve which it is required to maintain against outstanding Federal reserve notes, or
as a part of the reserve it is required to maintain against deposits.
"Nothing in this section shall be construed as amending section six of the act
of March fourteenth, nineteen hundred, as amended by the acts of March fourth,
nineteen hundred and seven, March second, nineteen hundred and eleven, and June
twelfth, nineteen hundred and sixteen, nor shall the provisions of this section be
construed to apply to the deposits made or to the receipts or certificates issued under
those acts.'7



BEPOBT OP THE COMPTROLLER OF THE CURRENCY.

171

SEC. 9. That section seventeen be amended and reenacted so as to read as follows:
" SEC. 17. So much of the provisions of section fifty-one hundred and fifty-nine of the
Revised Statutes of the United States, and section four of the act of June twentieth,
eighteen hundred and seventy-four, and section eight of the act of July twelfth,
eighteen hundred and eighty-two, and of any other provisions of existing statutes as
require that before any national banking association shall be authorized to commence
banking business it shall transfer and deliver to the Treasurer of the United States a
stated amount of United States registered bonds, and so much of those provisions or
of any other provisions of existing statutes as require any national banking association
now or hereafter organized to maintain a minimum deposit of such bonds with the
Treasurer is hereby repealed."
SEC. 10. That section nineteen be further amended and reenacted so as to read as
follows:
"SEC. 19. Demand deposits within the meaning of this act shall comprise all deposits payable within thirty days, and time deposits shall comprise all deposits payable after thirty days, ail savings accounts and certificates of deposit which are subject
to not less than thirty days' notice before payment, and all postal savings deposits.
"Every bank, banking association, or trust company which is or which becomes a
member of any Federal reserve bank shall establish and maintain reserve balances
with its Federal reserve bank as follows:
" (a) If not in a reserve or central reserve city, as now or hereafter defined, it shall
hold and maintain with the Federal reserve bank of its district an actual net balance
equal to not less than seven per centum of the aggregate amount of its demand deposits
and three per centum of its time deposits.
" (b) If in a reserve city, as now or hereafter defined, it shall hold and maintain with
the Federal reserve bank of its district an actual net balance equal to not less than ten
per centum of the aggregate amount of its demand deposits and three per centum of its
time deposits.
" (c) If in a central reserve city, as now or hereafter defined, it shall hold and maintain with the Federal reserve bank of its district an actual net balance equal to not less
than thirteen per centum of the aggregate amount of its demand deposits and three
per centum of its time deposits.
" No member bank shall keep on deposit with any State bank or trust company which
is not a member bank a sum in excess of ten per centum of its own paid-up capital
and surplus. No member bank shall act as the medium or agent of a nonmember bank
in applying for or receiving discounts from a Federal reserve bank under the provisions
of this act, except by permission of the Federal Reserve Board.
" The required balance carried by a member bank with a Federal reserve bank may,
under the regulations and subject to such penalties as may be prescribed by the Federal
Reserve Board, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities: Provided, however, That no bank shall at any time
make new loans or shall pay any dividends unless and until the total balance required
by law is fully restored.
" In estimating the balances required by this act, the net difference of amounts due
to and from other banks shall be taken as the basis for ascertaining the deposits against
which required balances with Federal reserve banks shall be determined.
" National banks, or banks organized under local laws, located in Alaska or in a dependency or insular possession or any part of the United States outside the continental
United States may remain nonmember banks, and shall in that event maintain reserves and comply with all the conditions now provided by law regulating them; or
Bald banks may, with the consent of the Reserve Board, become member banks of any
one of the reserve districts, and shall in that event take stock, maintain reserves, and
be subject to all the other provisions of this act."
SEC. 11. That that part of section twenty-two which reads as follows: " Other than
the usual salary or director's fees paid to any officer, director, or employee of a member
bank and other than a reasonable fee paid by said bank to such officer, director, or
employee for service rendered to such bank, no ofiicer, director, employee, or attorney
of a member bank shall be a beneficiary of or receive, directly or indirectly, any fee,
commission, gift, or other consideration for or in connection with any transaction or
business of the bank," be amended and reenacted so as to read as follows:
" Other than the usual salary or director's fee paid to any officer, director, employee,
or attorney of a member bank, and other than a reasonable fee paid by said bank to
Buch ofiicer, director, employee, or attorney for services rendered to such bank, no ofiicer , director, employee, or attorney of a member bank shall be a beneficiary of or receive,
directly or indirectly, any fee, commission, gift, or other consideration for or in connection with any transaction or business of the bank: Provided, however, That nothing in this
act contained shall be construed to prohibit a director, officer, employee, or attorney

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REPORT OF THE COMPTROLLER OF THE CURRENCY.

from receiving the same rate of interest paid to other depositors for similar deposits made
with such bank: And provided further, That notes, drafts, bills of exchange, or other
evidences of debt executed or indorsed by directors or attorneys of a member bank
may be discounted with such member bank on the same terms and conditions as other
notes, drafts, bill of exchange, or evidences of debt upon the affirmative vote or written
assent of at least a majority of the members of the board of directors of such member
bank."
NATIONAL BANK ACT AMENDMENTS APPEOVED OCTOBER 5, 1917.
Be it enacted, etc., That the Act of June third, eighteen hundred and sixty-four,
Revised Statutes, section fifty-one hundred and seventy-five, which prohibits national
banks from being furnished with notes of less denomination than $5, be, and it is
hereby, repealed.
SEC. 2. That that part of the Act of March fourteenth, nineteen hundred, which
provides "that no national banking association shall, after the passage of this act, be
entitled to receive from the Comptroller of the Currency, or to issue or reissue, or
place in circulation more than one-third in amount of its circulating notes of the
denomination of $5," be, and it is hereby, repealed.
SEC. 3. That from and after the passage of this act any national banking association,
upon compliance with the provisions of law applicable thereto, shall be entitled to
receive from the Comptroller of the Currency, or to issue or reissue, or place in circulation notes in denominations of $1, $2, $5, $10, $20, $50, and $100 in such proportion
as to each of said denominations as the bank may elect: Provided, however, That no
bank shall receive or have in circulation at any one time more than $25,000 in notes
of the denominations of $1 and $2.
SEC. 4. That all acts or parts of acts which are inconsistent with this act, are hereby
repealed.
AUTHORIZATION OF FIRST WAS LOAN, APRIL 24, 1917.
Be it enacted, etc., That the Secretary of the Treasury, with the approval of the
President, is hereby authorized to borrow, from time to time, on the credit of the
United States for the purposes of this act, and to meet expenditures authorized for
the national security and defense and other public purposes authorized by law not
exceeding in the aggregate $5,000,000,000, exclusive of the sums authorized by section four of this act, and to issue therefor bonds of the United States.
The bonds herein authorized shall be in such form and subject to such terms and
conditions of issue, conversion, redemption, maturities, payment, and rate and time
of payment of interest, not exceeding three and one-half per centum per annum, as
the Secretary of the Treasury may prescribe. The principal and interest thereof shall
be payable in United States gold coin of the present standard of value and shall be
exempt, both as to principal and interest, from all taxation^ except estate or inheritance taxes, imposed by authority of the United States, or its possessions, or by any
State or local taxing authority; but such bonds shall not bear the circulation privilege.
The bonds herein authorized shall first be offered at not less than par as a popular
loan, under such regulations prescribed by the Secretary of the Treasury as will give
all citizens of the United States an equal opportunity to participate therein; and any
portion of the bonds so offered and not subscribed for may be otherwise disposed of
at not less than par by the Secretary of the Treasury; but no commissions shall be
allowed or paid on any bonds issued under authority of this act.
SEC. 2. That for the purpose of more effectually providing for the national security
and defense and prosecuting the war by establishing credits in the United States for
foreign governments, the Secretary of the Treasury, with the approval of the President, is hereby authorized, on behalf of the United States, to purchase, at par, from
such foreign governments then engaged in war with the enemies of the United States,
their obligations hereafter issued, bearing the same rate of interest and containing in
their essentials the same terms and conditions as those of the United States issued
under authority of this act; to enter into such arrangements as may be necessary or
desirable for establishing such credits and for purchasing such obligations of foreign
governments and for the subsequent payment thereof before maturity, but such
arrangements shall provide that if any of the bonds of the United States issued and
used for the purchase of such foreign obligations shall thereafter be converted into
other bonds of the United States bearing a higher rate of interest than three and onehalf per centum per annum under the provisions of section five of this act, then and
in that event the obligations of such foreign governments held by the United States
shall be, by such foreign governments, converted in like manner and extent into
obligations bearing the same rate of interest as the bonds of the United States issued
under the
provisions of section five of this act. For the purposes of this section there


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173

is appropriated, out of any money in the Treasury not otherwise appropriated, the
sum of $3,000,000,000, or so much thereof as may be necessary: Provided, That the
authority granted by this section to the Secretary of the Treasury jto purchase bonds
from foreign governments, as aforesaid, shall cease upon the termination of the war
between the United States and the Imperial German Government.
SEC. 3. That the Secretary of the Treasury, under such terms and conditions as he
may prescribe, is hereby authorized to receive on or before maturity payment for
any obligations of such foreign governments purchased on behalf of the United States,
and to sell at not less than the purchase price any of such obligations and to apply
the proceeds thereof, and any payments made by foreign governments on account of
their said obligations to the redemption or purchase at not more than par and accrued
interest of any bonds of the United States issued under authority of this act; and if
such bonds are not available for this purpose the Secretary of the Treasury shall
redeem or purchase any other outstanding interest-bearing obligations of the United
States which may at such time be subject to call or which may be purchased at not
more than par and accrued interest.
SEC. 4. That the Secretary of the Treasury, in his discretion, is hereby authorized
to issue the bonds not already issued heretofore authorized by section thirty-nine of
the act approved August fifth, nineteen hundred and nine, entitled "An act to
provide revenue, equalize duties, and encourage the industries of the United States,
and for other purposes7'; section one hundred and twenty-four of the act approved
June third, nineteen hundred and sixteen, entitled "An act for making further and
more effectual provision for the national defense, and for other purposes"; section
thirteen of the act of September seventh, nineteen hundred and sixteen, entitled
"An act to establish a United States shipping board for the purpose of encouraging,
developing, and creating a naval auxiliary and a naval reserve and a merchant marine
to meet the requirements of the commerce of the United States with its Territories
and possessions and with foreign countries, to regulate carriers by water engaged in
the foreign and interstate commerce of the United States, and for other purposes";
section four hundred of the act approved March third, nineteen hundred and seventeen, entitled "An act to provide increased revenue to defray the expenses of the
increased appropriations for the Army and Navy and the extensions of fortifications,
and for other purposes"; and the public resolution approved March fourth, nineteen
hundred and seventeen, entitled '' Joint resolution to expedite the delivery of materials, equipment, and munitions and to secure more expeditious construction of
ships," in the manner and under the terms and conditions prescribed in section one
of this act.
That the Secretary of the Treasury is hereby authorized to borrow on the credit of
the United States from time to time, in addition to the sum authorized in section
one of this act, such additional amount, not exceeding $83,945,480, as may be necessary to redeem the three per cent loan of nineteen hundred and eight to nineteen
hundred and eighteen, maturing August first, nineteen hundred and eighteen, and
to issue therefor bonds of the United States in the manner and under the terms and
conditions prescribed in section one of this act.
SEC. 5. That any series of bonds issued under authority of sections one and four of
this act may, under such terms and conditions as the Secretary of the Treasury may
prescribe, be convertible into bonds bearing a higher rate of interest than the rate
at which the same were issued if any subsequent series of bonds shall be issued at a
higher rate of interest before the termination of the war between the United States
and the Imperial German Government, the date of such termination to be fixed by a
proclamation of the President of the United States.
SEC. 6. That in addition to the bonds authorized by sections one and four of this
act, the Secretary of the Treasury is authorized to borrow from time to time, on the
credit of the United States, for the purposes of this act and to meet public expenditures authorized by law, such sum or sums as, in his judgment, may be necessary,
and to issue therefor certificates of indebtedness at not less than par in such form and
subject to such terms and conditions and at such rate of interest, not exceeding three
and one-half per centum per annum, as he may prescribe; and each certificate so
issued shall be payable, with the interest accrued thereon, at such time, not exceeding
one year from the date of its issue, as the Secretary of the Treasury may prescribe.
Certificates of indebtedness herein authorized shall not bear the circulation privilege,
and the sum of such certificates outstanding shall at no time exceed in the aggregate
$2,000,000,000, and such certificates shall be exempt, both as to principal and interest,
from all taxation, except estate or inheritance taxes, imposed by authority of the
United States, or its possessions, or by any State or local taxing authority.
SEC. 7. That the Secretary of the Treasury, in his discretion, is hereby authorized
to deposit in such banks and trust companies as he may designate the proceeds, or



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REPORT OF THE COMPTROLLER OF THE CURRENCY.

any part thereof, arising from the sale of the bonds and certificates of indebtedness
authorized by this act, or the bonds previously authorized as described in section
four of this act, and such deposits may bear such rate of interest and be subject to
such terms and conditions as the Secretary of the Treasury may prescribe: Provided^
That the amount so deposited shall not in any case exceed tn'e amount withdrawn
from any such bank or trust company and invested in such bonds or certificates of
indebtedness plus the amount so invested by such bank or trust company, and such
deposits shall be secured in the manner required for other deposits by section fiftyone hundred and fifty-three, Revised Statutes, and amendments thereto: Provided
further, That the provisions of sectionfifty-onehundred and ninety-one of the Revised
Statutes, as amended by the Federal reserve act and the amendments thereof, with
reference to the reserves required to be kept by national banking associations and other
member banks of the Federal Reserve System, shall not apply to deposits of public
moneys by the United States in designated depositaries.
SEC. 8. That in order to pay all necessary expenses, including rent, connected with
any operations under this act, a sum not exceeding one-tenth of one per centum of
the amount of bonds and one-tenth of one per centum of the amount of certificates
of indebtedness herein authorized is hereby appropriated, or as much thereof as may
be necessary, out of any money in the Treasury not otherwise appropriated, to be
expended as the Secretary of the Treasury may direct: Provided,*That, in addition
to the reports now required by law, the Secretary of the Treasury shall, on the first
Monday in December, nineteen hundred and seventeen, and annually thereafter,
transmit to the Congress a detailed statement of all expenditures under this act.
AUTHOBIZATION OF SECOND WAS LOAN, SEPTEMBER 24, 1917.

Be it enacted, etc., That the Secretary of the Treasury, with the approval of the
President, is hereby authorized to borrow, from time to time, on the credit of the
United States for the purposes of this act, and to meet expenditures authorized for
the national security and defense and other public purposes authorized by law, not
exceeding in the aggregate $7,538,945,460, and to issue therefor bonds of the United
States, in addition to the $2,000,000,000 bonds already issued or offered for subscription under authority of the act approved April twenty-fourth, nineteen hundred and
seventeen, entitled "An act to authorize an issue of bonds to meet expenditures for
the national security and defense, and, for the purpose of assisting in the prosecution
of the war, to extend credit to foreign governments, and for ofcher purposes'J: Provided,
That ot this sum $3,063,945,460 shall be in lieu of that amount of the unissued bonds
authorized by sections one and four of the act approved April twenty-fourth, nineteen
hundred and seventeen, $225,000,000 shall be in lieu of that amount of the unissued
bonds authorized by section thirty-nine of the act approved August fifth, nineteen
hundred and nine, $150,000,000 shall be in lieu of the unissued bonds authorized by
the joint resolution approved March fourth, nineteen hundred and seventeen, and
$100,000,000 shall be in lieu of the unissued bonds authorized by section four hundred
of the act approved March third, nineteen hundred and seventeen.
The bonds herein authorized shall be in such form or forms and denomination or
denominations and subject to such terms and conditions of issue, conversion, redemption, maturities, payment, and rate or rates of interest, not exceeding four per centum
per annum, and time or times of payment of interest, as the Secretary of the Treasury
from time to time at or before the issue thereof may prescribe. The principal and
interest thereof shall be payable in United States gold coin of the present standard of
value.
The bonds herein authorized shall from time to time first be offered at not less than
par as a popular loan, under such regulations, prescribed by the Secretary of the
Treasury from time to time, as will in his opinion give the people of the United States
as nearly as may be an equal opportunity to participate therein, but he may make
allotment in full upon applications for smaller amounts of bonds in advance of any
date which he may be set for the closing of subscriptions and may reject or reduce allotments upon later applications and applications for larger amounts, and may reject or
reduce^ allotments upon applications from incorporated banks and trust companies
for their own account and make allotment in full or larger allotments to others, and
may establish a graduated scale of allotments, and may from time to time adopt any
or all of said methods, shoiild any such action be deemed by him to be in the public
interest: Provided, That such reduction or increase of allotments of such bonds shall
be made under general rules to be prescribed by said Secretary and shall apply to all
subscribers similarly situated. And any portion of the bonds so offered and not taken
may be otherwise disposed of by the Secretary of the Treasury in such manner and at
such price or prices, not less than par, as he may determine.



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175

SEC. 2. That for the purpose of more effectually providing for the national security
and defense and prosecuting the war, the Secretary of the Treasury, with the approval
of the President, is hereby authorized, on behalf of the United States, to establish
credits with the United States for any foreign governments then engaged in war
with the enemies of the United States; and, to the extent of the credits so established
from time to time, the Secretary of the Treasury is hereby authorized to purchase, at
par, from such foreign governments respectively their several obligations hereafter
issued, bearing such rate or rates of interest, maturing at such date or dates, not later
than the bonds of the United States then last issued under the authority of this act,
or of such act approved April twenty-fourth, nineteen hundred and seventeen, and
containing such terms and conditions as the Secretary of the Treasury may from time
to time determine, or to make advances to or for the account of any such foreign governments and to receive such obligations at par for the amount of any such advances;
but the rate or rates of interest borne by any such obligations shall not be less than
the highest rate borne by any bonds of the United States which, at the time of the
acquisition thereof, shall have been issued under authority of said act approved April
twenty-fourth, nineteen hundred and seventeen, or of this act, and any such obligations shall contain such provisions as the Secretary of the Treasury may from time to
time determine for the conversion of a proportionate part of such obligations into obligations bearing a higher rate of interest if bonds of the United States issued under
authority of this act shall be converted into other bonds of the United States bearing
a higher rate of interest, but the rate of interest in such foreign obligations issued
upon such conversion shall not be less than the highest rate of interest borne by such
bonds of the United States; and the Secretary of the Treasury, with the approval of
the President, is hereby authorized to enter into such arrangements from time to
time with any such foreign governments as may be necessary or desirable for establishing such credits and for the payment of such obligations of foreign governments
before maturity. For the purposes of this section there is appropriated, out of any
money in the Treasury not otherwise appropriated, the sum of $4,000,000,000, and in
addition thereto the unexpended balance of the appropriations made by section two
of said act approved April twenty-fourth, nineteen hundred and seventeen, or so much
thereof as may be necessary: Provided, That the authority granted by this section to
the Secretary of the Treasury to establish credits for foreign governments, as aforesaid, shall cease upon the termination of the war between the United States and the
Imperial German Government.
SEC. 3. That the Secretary of the Treasury is hereby authorized, from time to time,
to exercise in respect to any obligations of foreign governments acquired under authority of this act or of said act approved April twenty-fourth, nineteen hundred and
seventeen, any privilege of conversion into obligations bearing interest at a higher
rate provided for in or pursuant to this act or said act approved April twenty-fourth,
nineteen hundred and seventeen, and to convert any short-time obligations of foreign
governments which may have been purchased under the authority of this act or of
said act approved April twenty-fourth, nineteen hundred and seventeen, into longtime obligations of such foreign governments, respectively, maturing not later than
the bonds of the United States then last issued under the authority of this act or of
said act approved April twenty-fourth, nineteen hundred and seventeen, as the case
may be, and in such form and terms as the Secretary of the Treasury may prescribe;
but the rate or rates of interest borne by any such long-time obligations at the time of
their acquisition shall not be less than the rate borne by the short-time obligations so
converted into such long-time obligations; and, under such terms and conditions as
he may from time to time prescribe, to receive payment, on or before maturity, of any
obligations of such foreign governments acquired on behalf of the United States under
authority of this act or of said act approved April twenty-fourth, nineteen hundred
and seventeen, and, with the approval of the President, to sell any of such obligations
(but not at less than the purchase price with accrued interest unless otherwise hereafter
provided by law), and to apply the proceeds thereof, and any payments so received
from foreign governments on account of the principal of their said obligations, to the
redemption or purchase, at not more than par and accrued interest, of any bonds of
the United States issued under authority of this act or of said act approved April
twenty-fourth, nineteen hundred and seventeen; and if such bonds can not be so
redeemed or purchased the Secretary of the Treasury shall redeem or purchase any
other outstanding interest-bearing obligations of the United States which may at such
time be subject to redemption or which can be purchased at not more than par and
accrued interest.
SEC. 4. That in connection with the issue of any series of bonds under the authority
of section one of this act the Secretary of the Treasury may determine that the bonds
of such series shall be convertible as provided in or pursuant to this section, and,



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REPORT OF THE COMPTROLLER OF THE CURRENCY.

in any such case, he may make appropriate provision to that end in offering for subscription the bonds of such series (hereinafter called convertible bonds). In any
case of the issue of a series of convertible bonds, if a subsequent series of bonds (not
including United States certificates of indebtedness, war-savings certificates, and
other obligations maturing not more than five years from the issue of such obligations,
respectively) bearing interest at a higher rate shall, under the authority of this or
any other act, be issued by the United States before the termination of the war
between the United States and the Imperial German Government, then the holders
of such convertible bonds shall have the privilege, at the option of the several holders,
at any time within such period, after the public offering of bonds of such subsequent
series, and under such rules and regulations as the Secretary of the Treasury shall
have prescribed, of converting their bonds, at par, into bonds bearing such higher
rate of interest at such price not less than par as the Secretary of the Treasury shall
have prescribed. The bonds to be issued upon such conversion under this act shall
be substantially the same in form and terms as shall be prescribed by or pursuant to
law with respect to the bonds of such subsequent series, not only as to interest rate,
but also as to convertibility (if future bonds be issued at a still higher rate of interest)
or nonconvertibility, and as to exemption from taxation, if any, and in all other
respects, except that the bonds issued upon such conversion shall have the same dates
of maturity, of principal, and of interest, and be subject to the same terms of redemption before maturity, as the bonds converted; and such bonds shall be issued from
time to time if and when and to the extent that the privilege of conversion so conferred shall arise and shall be exercised. If the privilege of conversion so conferred
under this act shall once arise, and shall not be exercised with respect to any convertible bonds within the period so prescribed by the Secretary of the Treasury, then
such privilege shall terminate as to such bonds and shall not arise again though again
thereafter bonds be issued bearing interest at a higher rate or rates.
SEC. 5. That in addition to the bonds authorized by section one of this act the
Secretary of the Treasury is authorized to borrow from time to time, on the credit of
the United States, for the purposes of this act and to meet public expenditures
authorized by law, such sum or sums as in his judgment may be necessary, and to
issue therefor certificates of indebtedness of the United States at not less than par in
such form or forms and subject to such terms and conditions and at such rate or rates
of interest as he may prescribe; and each certificate so issued shall be payable at such
time not exceeding one year from the date of its issue, and may be redeemable^ before
maturity upon such terms and conditions, and the interest accruing thereon shall be
payable at such time or times as the Secretary of the Treasury may prescribe. The
sum of such certificates outstanding hereunder and under section six of said act
approved April twenty-fourth, nineteen hundred and seventeen, shall not at any
one time exceed in the aggregate $4,000,000,000.
SEC. 6. That in addition to the bonds authorized by section one of this act and the
certificates of indebtedness authorized by section five of this act, the Secretary of the
Treasury is authorized to borrow from time to time, on the credit of the United States,
for the purposes of this act and to meet public expenditures authorized by law, such
sum or sums as in his judgment may be necessary, and to issue therefor, at such price
or prices and upon such terms and conditions as he may determine, war-savings
certificates of the United States on which interest to maturity may be discounted
in advance at such rate or rates and computed in such manner as he may prescribe.
Such war-savings certificates shall be in such form or forms and subject to such terms
and conditions, and may have such provisions for payment thereof before maturity
as the Secretary of the Treasury may prescribe. Each war-saving certificate so issued
shall be payable at such time, not exceeding five years from the date of its issue, and
may be redeemable before maturity upon such terms and conditions as the Secretary
of the Treasury may prescribe. The sum of such war-savings certificates outstanding
shall not at any one time exceed in the aggregate $2,000,000,000. The amount of
war-savings certificates sold to any one person at any one time shall not exceed $100,
and it shall not be lawful for any one person at any one time to hold war-savings
certificates to an aggregate amount exceeding $1,000. The Secretary of the Treasury
may, under such regulations and upon such terms and conditions as he may prescribe,
issue, or cause to be issued, stamps to evidence payments for or on account of such
certificates.
SEC. 7. That none of the bonds authorized by section one, nor of the certificates
authorized by section Rref or by section six, of this act, shall bear the circulation
privilege. All such bonds and certificates shall be exempt, both as to principal and
interest from all taxation now or hereafter imposed by the United States, any State,
or any of the possessions of the United States, or by any local taxing authority, except
(a) estate or inheritance taxes, and (b) graduated additional income taxes, commonly



EEPOBT OF THE COMPTP.OLLEB OF THE CUBEEKCY.

177

known as surtaxes, and excess-profit^ and war-profits taxes, now or hereafter imposed
by the United States, upon the income or profits of individuals, partnerships, associations, or corporations. The interest on ajo. amount of such bonds and certificates
the principal of which does not exceed in the aggregate $5,000, owned by any individual, partnership, association, or corporation, shall be exempt from the taxes provided for in subdivision (b) of this section.
SEC. 8. That the Secretary of the Treasury, in his discretion, is hereby authorized
to deposit, in such incorporated banks and trust companies as he may designate,
the proceeds, or any part thereof, arising from the sale of the bonds and certificates
of indebtedness and war-savings certificates authorized by this act, and such deposits
shall bear such rate or rates of interest, and shall be secured in such manner, and shall
be made upon and subject to such terms and conditions, as the Secretary of the
Treasury may from time to time prescribe: Provided, That the provisions of section
fifty-one hundred and ninety-one of the Revised Statutes, as amended by the Federal
reserve act, and the amendments thereof, with reference to the reserves required
to be kept by national banking associations and other member banks of the federal
Reserve System, shall not apply to deposits of public moneys by the United States
in. designated depositaries. The Secretary of the Treasury is hereby authorized to
designate depositaries in foreign countries, with which shall be deposited all public
money which it may be necessary or desirable to have on deposit in such countries
to provide for current disbursements to the military and naval forces of the United
States and to the diplomatic and consular and other representatives of the United
States in and about such countries until six months after the termination of the war
between the United States and the Imperial German Government, and to prescribe
the terms and conditions of such deposits.
SEC. 9. That in connection with the operations of advertising, selling, and delivering any bonds, certificates of indebtedness, or war-savings certificates of the United
States provided for in this act, the Postmaster General, under such regulations as he
may prescribe, shall require, at the request of the Secretary of the Treasury, the
employees of the Post Office Department and of the Postal Service to perform such
services as may be necessary, desirable, or practicable, without extra compensation.
SEC. 10. That in order to pay all necessary expenses, including rent, connected
with any operations under this act, except under section twelve, a sum not exceeding
one-fifth of one per centum of the amount of bonds and war-sayings certificates and
one-tenth of one per centum of the amount of certificates of indebtedness herein
authorized is hereby appropriated, or as much thereof as may be necessary, out of
any moneyjn i" *
~
tar}?

by3
hundred and eighteen, and annually thereafter, transmit to"the Congress a detailed
statement of all expenditures under this act.
SEC. 11. That bonds shall not be issued under authority of sections one and four
of said act approved April twenty-fourth, nineteen hundred and seventeen, in addition
to the $2,000,000,000 thereof heretofore issued or offered for subscription, but bonds
shall be issued from time to time upon the interchange of such bonds of different
denominations and of coupon and registered bonds and upon the transfer of registered
bonds, under such rules and regulations as the Secretary of the Treasury shall prescribe, and, if and to the extent that the privilege of conversion provided for in such
bonds shall arise and shall be exercised, in accordance with such provision for such
conversion. No bonds shall be issued under authority of the several sections of acts
and of the resolution mentioned in said section four of the act approved April twentyfourth, nineteen hundred and seventeen; but the proceeds of the bends herein authorized may be used for purposes mentioned in said section four of the act of April
twenty-fourth, nineteen hundred and seventeen, and as set forth in the acts therein
enumerated.
That section two of an act of Congress approved February fourth, nineteen hundred
and ten, entitled "An act prescribing certain provisions and conditions under which
bonds and certificates of indebtedness of the United States may be issued, and for
other purposes," is hereby amended to read as follows:
"SEC. 2. That any certificates of indebtedness hereafter issued shall be exempt
from all taxes or duties of the United States (but, in the case of certificates issued after
September first, nineteen hundred and seventeen, only if and to the extent provided
in connection with the issue thereof), as well as from taxation in any form by or under
State, municipal, or local authority; and that a sum not exceeding one-tenth of one
per centum of the amount of any certificates of indebtedness issued is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to pay the
expenses of preparing, advertising, and issuing the same."



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EEPOET OF THE COMPTROLLER OF THE CURRENCY.

SEC. 12. That the Secretary of the Treasury is authorized during the war, whenever
it shall appear that the public interests require that any of the accounts of the Military
Establishment be audited at any place other than the seat of government, to direct
the Comptroller of the Treasury and the Auditor for the War Department to exercise,
either in person or through assistants, the powers and perform the duties of their
offices at any place or places away from the seat of government in the manner that is
or may be required by law at the seat of government and in accordance with the
provisions of this section.
(a) That when the Secretary of the Treasury shall exercise the authority herein
referred to, the powers and duties of the said comptroller and auditor, under and
pursuant to the provisions of the act of July thirty-first, eighteen hundred and ninetyfour, and all other laws conferring jurisdiction upon those officers, shall be exercised
and performed in the same manner as nearly as practicable and with the same effect
away from the seat of government as they are now exercised and performed and
have effect at the seat of government, and decisions authorized by law to be rendered
by the comptroller at the request of disbursing officers may be rendered with the
same effect by such assistants as may be authorized by him to perform that duty.
(b) That when pursuant to this section the said comptroller and auditor shall
perform their duties at a place in a foreign country, the balances arising upon the
settlement of accounts and claims of the Military Establishment shall be certified
by the auditor to the Division of Bookkeeping and Warrants of the Treasury Department as now provided for the certification of balances by said auditor in Washington,
and the balances so found due shall be final and conclusive upon all branches of the
Government, except that any person whose account has been settled or the commanding officer of the Army abroad, or the comptroller may obtain a revision of such settlement by the comptroller upon application therefor within three months, the decision
to be likewisefinaland conclusive and the differences arising upon such revision to be
certified to and stated by the auditor as now provided bv law: Provided, That certificates of balances due may be transmitted to and paid by the proper disbursing
officer abroad instead of by warrant: Providedfurther•, That any person whose account
has been settled, or the Secretary of War, may obtain a reopening and review of any
settlement made pursuant to this section upon application to the Comptroller of the
Treasury in Washington within one year after the close of the war, and the action of
the comptroller thereon shall be final and conclusive in the same manner as herein
provided in the case of a balance found due by the auditor.
(c) That the comptroller and auditor shall preserve the accounts, and the vouchers
and papers connected therewith, and thefilesof their offices in the foreign country and
transmit them to Washington within six months after the close of the war and at such
earlier time as may be directed by the Secretary of the Treasury as to any or all
accounts, vouchers, papers, and files.
(d) That the Secretary of the Treasury is authorized to appoint an assistant comptroller and an assistant auditor and to fix their compensation, and to designate from
among the persons to be employed hereunder one or more to act in the absence or
disability of such assistant comptroller and assistant auditor. He shall also prescribe
the number and maximum compensation to be paid to agents, accountants, clerks,
translators, interpreters, and other persons who may be employed in the work under
this section by the comptroller and auditor. The assistant comptroller and assistant
auditor shall have full power to perform in a foreign country all the duties with reference to the settlement there of the accounts of the Military Establishment that the
comptroller and auditor now have at the seat of government and in foreign countries
under the provisions of this section, and shall perform such duties in accordance with
the instructions received from and rules and regulations made by the comptroller and
auditor. Such persons as are residing in a foreign country whenfirstemployed hereunder shall not be required to take an oath of office or be required to be employed
pursuant to the laws, rules, and regulations relating to the classified civil service,
nor shall they be reimbursed for subsistence expenses at their post of duty or for
expenses in traveling to or from the United States.
(e) That it shall be the duty of all contracting, purchasing, and disbursing officers
to allow any; representative of the comptroller or auditor to examine all books, records,
and papers in any way connected witn the receipt, disbursement, or disposal of public
money, and to render such accounts and at such times as may be required hy the
comptroller. No administrative examination by the War Department shall be
required of accounts rendered and settled abroad, and the time within which these
accounts shall be rendered by disbursing officers shall be prescribed by the comptroller, who shall have the power to waive any delinquency as to time or form in the
rendition of these accounts. All contracts connected with accounts to be settled by
the auditor abroad shall be filed in his office there.



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179

(f) That any person appointed or employed under the provisions of this section who
at the time is in the service of the United States shall, upon the termination of his
servieespiereunder, be restored to the position held by him at the time of such employment. ^No provision of existing law shall be construed to prevent the payment of
money appropriated for the salary of any Government officer or employee at the seat
of Government who may be detailed to perform duty under this section outside the
District of Columbia, and such details are hereby authorized.
(g) That for the payment of the expenses in carrying into effect this section, including traveling expenses, per diem of $4 in lieu of subsistence for officers and employees
absent from Washington, rent, cablegrams and telegrams, printing, law books, books
of reference, periodicals, stationery, office equipment and exchange thereof, supplies,
and all other necessary expenses, there is hereby appropriated out of any money in
the Treasury not otherwise appropriated, for the fiscal year ending June thirtieth,
nineteen hundred and eighteen, the sum of $300,000, of which not exceeding $25,000
may be expended at Washington for the purposes of this section, but no officer or
employee shall receive for duty in Washington any compensation other than his
regular salary.
(h) That the Secretary of the Treasury may designate not more than two persona
employed hereunder to act as special disbursing agents of the appropriation herein, to
serve under the direction of the comptroller, and their accounts shall be rendered to
and settled by the accounting officers of the Treasury in Washington. All persons
employed under this section shall perform such additional duties as the Secretary of
the Treasury may direct.
(i) That the comptroller and the auditor, and such persons as may be authorized in
writing by either of them, may administer oaths to American citizens in respect
to any matter within the jurisdiction of either of said officers and certify the official
character, when known, of any foreign officer whose jurat or certificate may be necessary on any paper to be filed with them.
(j) That persons engaged in work abroad under the provisions of this section may
purchase from Army stores for cash and at cost price for their own use such articles or
stores as may be sold to officers and enlisted men.
(k) That the authority granted under this section shall terminate six months after
the close of the war or at such earlier date as the Secretary of the Treasury may direct,
and it shall be the duty of the comptroller and auditor to make such reports as the
Secretary of the Treasury may require of the expenditures made and wort done pursuant to this section, and such reports shall be transmitted to the Congress at such
time as he may decide to be compatible with the public interest.
(1) No officers, employees, or agents appointed or employed under this section shall
receive more salary or compensation tlian like officers, employees, or agents of the
Government now receive.
SEC. 13. That for the purposes of this act the date of the termination of the war
between the United States and the Imperial German Government shall be fixed by
proclamation of the President of the United States.




EXHIBIT I.

DEPOSITS WITH BANKS OF PBOCEEDS OP SAIE OF WAE
BONDS AND CERTIFICATES.

In connection with bonds and certificates issued under act of
September 24, 1917, the following circular was issued by the Secretary of the Treasury, relating to the deposit of the proceeds of these
war issues:
TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,

Washington, October 6, 1911.
To Federal Reserve Banks and other banks and trust companies incorporated under the
laws of the United States or of any State:
Any incorporated bank or trust company in the United States desiring to participate
in deposits of the proceeds of bonds of the Second Liberty Loan and of certificates of
indebtedness of the United States issued under the act of Congress approved September 24, 1917, should make application to the Federal Reserve Bank of its district,
on Form H hereto attached, and accompany such application by a certified copy of
resolutions duly adopted by its board of directors, m Form J hereto attached. In
fixing the maximum amount of deposits for which it will apply, the applicant bank
or trust company should be guided by the amount of the payments which it expects
to have to make, for itself and its customers, on account of allotments of such bonds
and certificates, and, as well, by any statutory limitations upon the amount of deposits
which the applicant bank or trust company may receive from any one depositor.
Any application may be rejected or the applicant may be designated for a smaller
maximum amount than that applied for. After receiving the recommendation of the
Federal Reserve Bank, the Secretary of the Treasury will designate approved depositaries.
COLLATERAL SECURITY.

Designated depositaries will be required, before receiving deposits, to qualify by
pledging, as collateral security for such deposits, securities of the following classes, to
an amount, taken at the rates below provided, at least equal to such deposits:
(a) Bonds and certificates of indebtedness of the United States Goverment, of any
issue, including bonds of the Liberty Loans and interim certificates or receipts for
payments therefor; all at par.
(6) Bonds issued under the United States farm loan act and bonds of the Philippine
Islands, Porto Rico, and the District of Columbia; all at par.
(c) The 3J per cent bonds of the Territory of Hawaii at 90 per cent of market value;
and other bonds of said Territory at market value.
(d) Bonds of any State of the United States, at market value; and approved notes,
certificates of indebtedness, and warrants issued by any State of the United States, at
90 per cent of market value.
(e) Approved bonds of any county, city, or political subdivision in the United
States; and approved nptes, certificates of indebtedness, and warrants issued by any
county or city in the United State3 which are direct obligations of the county or city as
a whole; all at 90 per cent of market value; but not including any such bonds which,
at the date of this circular, are at a market price to yield more than 5J per cent per
annum, nor any such other obligations which at the date of this circular are at a market
price to yield more than 6 per cent per annum, if held to maturity, according to
standard tables of bond values.
*
(/) Approved dollar bonds and obligations of foreign Governments (and of the
dependencies thereof) engaged in war against Germany, issued since July 30, 1914,
at 90 per cent of the market value thereof in the United States, and approved dollar
bonds and obligations of any province or city within the territory of any such foreign
Government or dependency, issued since July 30, 1914, at 75 per cent of the market
value thereof in the United States.
180




REPORT OF THE COMPTROLLER OF THE CURRENCY.

181

(g) Approved bonds, listed on some recognized stock exchange and notes, of
domestic railroad companies within the United States; approved equipment trust
obligations of such domestic railroad companies; and approved bonds and notes of
domestic electric railway and traction companies, telephone and telegraph companies,
electric light, power, and gas companies, and industrial companies, secured (directly or
by the pledge of mortgage bonds) by mortgage upon physical properties in the United
States and listed on some recognized stock exchange, all at 75 per cent of market
value; but not including any such bonds or obligations which, at the date of this
circular, are at a market price to yield more than 6J per cent per annum, nor any
such notes which at the date of this circular are at a market price to yield more than
7J per cent per annum, if held to maturity, according to standard tables of bond values.
"(h) Commercial paper and bankers' acceptances, having maturity at the time of
pledge of not to exceed six months, exclusive of days of grace, and which are otherwise
eligible for rediscount or purchase by Federal reserve banks, and which have been
approved by the Federal reserve bank of the district in which the depositary is
located, at 90 per cent of face value. All such commercial paper and acceptances
must bear the indorsement of the depositary bank or trust company.
No securitv shall be valued at more than par. No State or municipal bond, obligation, or evidence of indebtedness shall be accepted if the State or municipality
has made default in payment of principal or interest during the past 10 years.
The right is reserved to call for additional collateral security at any time.
The approval and valuation of securities is committed to the several Federal reserve
banks, acting under the direction of the Secretary of the Treasury. The withdrawal
of securities, the pledge of additional securities, and the substitution of securities
shall be made from time to time as required or permitted by the Federal reserve
banks acting under like direction.
SECURITIES COMMITTEES.

Each Federal reserve bank is authorized to designate a committee, or committees,
to be composed of experienced bankers, in such city or cities in its district as may
be deemed necessary, to be known as the securities committee. Each securities
committee shall consist of not more than three nor less than two members, who shall
serve without compensation. It shall be the duty of such securities committee to
examine the lists of securities tendered as collateral security for deposits and to transmit
them promptly to the Federal reserve bank of the district with the committee's
recommendation.
CUSTODY OF SECURITIES.

All securities accepted as collateral security for deposits hereunder must be
deposited with the Federal reserve bank of the district in which the depositary ia
located or, by the direction and subject to the order of such Federal reserve rank,
with a custodian or custodians designated by it, and under rules and regulations
prescribed by it.
HOW DEPOSITS ARE TO BE MADE.

Each qualified depositary will be required to open and maintain for the account
of the Federal reserve bank of its district, as fiscal agent of the United States, a separate account for deposits to be made hereunder, to be known as the "War Loan Deposit
Account."
Qualified depositaries will be permitted to make payment by credit when due of
amounts payable on subscriptions made by or through them for Treasury certificates
of indebtedness and for Liberty Bonds. In order to make payment by credit the
depositary must notify the Federal reserve bank of the district by letter or telegram
to reach it on or before the date when such payment is due, and must on saiddate
issue a certificate of advice to such Federal reserve bank stating that a sum specified
(in addition to all other amounts standing to the credit of said fiscal agent with such
depositary) has been deposited with such depositary for the account of such Federal
reserve bank, as fiscal agent of the United States, in the war loan deposit account.
The unexpended cash proceeds, if any, of the sale of any issue of certificates or
bonds will be deposited among the qualified depositaries as nearly as may be In
proportion to the subscriptions made by and through them for such issue.
All deposits and withdrawals will be made by the Federal reserve bank? by direction of the Secretary of the Treasury.
The amount deposited with any depositary shall not in the aggregate excec-d at
any one time (a) the maximum amount for which it shall have been designated as a
depositary, nor (b) the aggregate amount of the collateral security pledged by it taken
at the rates herein before provided.




182

REPORT OF THE COMPTROLLER OF THE CURRENCY.
WITHDRAWAL OF DEPOSITS.

All deposits will be payable on demand without previous notice.
INTEREST ON DEPOSITS.

Each depositary will be required to pay interest at the rate of 2 per cent per annum
on the average daily balance maintained during the period of the deposit. Interest
payments must be made when deposits are finally withdrawn, but not less frequently
than quarterly.
W. G. MCADOO, Secretary of the Treasury,

Form H—Liberty Loan.
APPLICATION FOR DEPOSITS.
Act of September 24,1917.

To the Federal Reserve Bank of.
, fiscal agent of the United States:
The undersigned bank or trust company, in accordance with the provisions of
Treasury Department Circular No. 92, dated October 63 1917, and pursuant to due
action of its board of directors, hereby makes application for the deposit with it of
proceeds of the bonds and certificates of indebtedness issued and to be issued from
time to time under the act of Congress approved September 24, 1917, the aggregate
amount of such deposits not to exceed at any one time $..
; and assigns and agrees
to pledge, from time to time, to and with the Federal Reserve Bank of
,•
as fiscal agent of the United States, as collateral security for such deposits as may be
made from time to time pursuant to this application, securities of the character and
amount required by said circular.
of
By
President (Vice President).
Form J—Liberty Loan.
RESOLUTIONS AUTHORIZING APPLICATION FOR DEPOSITS.
Act of September 24,1917.

I HEREBY CERTIFY that the following resolutions were duly adopted at a meeting
of the board of directors of the below-named bank (or trust company), which meeting
was duly called, and duly held on the
day of
, a quorum being
present, and that the said resolutions were spread upon the minutes of said meeting:
Resolved, That in accordance with the provisions of Treasury Department Circular
No. 92, dated October 6, 1917, this bank (trust company) make application for the
deposit with it of proceeds of the bonds and certificates of indebtedness issued and
to be issued from time to time under the act of Congress approved September 24,
1917, the aggregate amount of such deposits not to exceed at any one time $.
;
and assign and agree to pledge from time to time to and with the Federal Reserve
Bank of
, as fiscal agent of the United States, as collateral security for
such deposits as may be made from time to time pursuant to this application, securities of the character and amount required by said circular; and
Resolved, That the president, or any vice president, or cashier, or secretary, of the
undersigned bank (or trust company]} is hereby authorized to make application,
assignment, and agreement as aforesaid and from time to time to deliver to and
pledge with said Federal reserve bank, or any custodian or custodians appointed
by it, securities of the undersigned bank (or trust company) of a character and amount
at least sufficient to secure such deposits according to the terms of said Treasury
Department circular, and from time to time to withdraw securities and to substitute
other securities and to pledge and deposit additional securities.
IN WITNESS whereof I have hereunto signed my name and affixed the seal of the
of




Cashier (Secretary),

EXHIBIT

J.

Subscriptions to the first Liberty Bonds by national banks located in cities with population of over 100.GOO, as shown in their reports of condition for June 20, 1917.
Population,
1916.

Location.

New York.
Chicago
Brooklyn
Philadelphia
Sc. Louis
Boston
Cleveland
Baltimore
Pittsburgh
Detroit
Los Angeles
Buffalo
San Francisco
Milwaukee
Cincinnati
Newark
New Orleans
Washington
Minneapolis
Seattle
Jersey City
Kansas City, Mo
Portland, Oreg
Indianapolis
Denver."
Rochester, N. Y
Providence. „
St. Paul
Louisville
Columbus. Oakland
Toledo
Atlanta
Birmingham
Omaha
Worcester, Mass
Richmond
Syracuse, N. Y
Spokane
New Haven
Memphis
Scrariton
Paterson
Fall River
Grand Rapids
Dayton.
Dallas
San Antonio
Bridgeport
New Bedford
Salt Lake City
Nashville
Lowell
East Cambridge
Tacoma
Houston.
Trenton
Hartford
Reading
Youngstown
Camden
Springfield
Fort Worth
Albany
Lynn
Des Moines
Lawrence

,

Total.




,
,
,

9,276,048
2,497,722
1,928.734
1,709; 518
757,309
756,476
674,073
589,621
579,090
571,784
503,812
468,558
463, 516
436,535
410,476
408,894
371,747
363,980
363,454
348,639
306', 345
297,847
295,463
271,708
260,800
256,417
254,960
247,232
238,910
214,878
198, 604
19i;,554
190,558
181,762
165,470
163,314
156, 687
155, 624
150,323
149,685
148,995
140, 811
138,443
128; 366
128;291
127,224
124,527
123,831
121,579
118.158
117,399
117,057
113.245
112,981
112,770
112,307
111,593
110,900
109,381
108,385
106,233
105,942
104. 562
104; 199
102,425
101 598
100,560
30,986,789

Subscriptions taken
by banks for
own account.

Per
capita.

186,580 ; 150
10,102,500
850,000
10,642,900
3,312,000
3,445,800
5,025,000
1,626,750
7,611,350
1,760,600
1,460,000
2,000,000
5,085,000
1,314,, 300
1,554,550
1,485,000
621,800
3,646,050
1,385,000
650,000
762,000
1,175,400
595,250
11,409,150
1,240,550
1,707,500
799,250
1,730,000
251.700
916,000
415,000
1,459,900
1,176,500
458;700
2,349,250
978,100
3,072 850
584,250
650,000
546,000
185,950
462,500
81,000
180,000
382,650
565,000
1,525.100
1,057,300
1,133.650
' 325;000
454,000
1,507,550
170, 000
10,000
318,550
1,335,000
486,250
400,000
823,100
428,450
226,750
184,500
704,100
1,500,000
140,000
742,700
50,000

$9.33
4.04
.44
6.23
4.37
4.56
7.45
2.76
13.14
3.08
2.90
4.27
10.97
3.01
3.79
3.63
1.67
10.02
3.81
1.86
2.49
3.95
2.01
5.19
4.76
6.66
3.13
7.00
1.05
4.26
2.09
7.62
•6.17
2.52
14,24
6.00
19.69
3.77
4,33
3,65
1.25
3.16
.59
1.41
2.98
4.45
12. 30
8,59
1.10
2.75
3,88
12.88
1.50
.09
2.84
11.92
4.38
3.64
7.55
3.97
2.13
1.75
6.77
14.42
1.37
7.35
.50

186,815,200

6.03

Total subscriptions
taken by
banks.

Per
capita.

$489,047,250
69,891,200
4,353,900
84,530,400
19,708,350
87,115,400
31,104,400
16,326.600
43,627,'050
13,569,150
6,986,350
13,426,550
36,593,500
12,377,000
24,969,600
15,195,000
3,500,000
10,602,800
11,621,250
4,302,400
1,775.100
10,782;300
5,993,900
7,063,850
8,971,350
3,906,450
5,671,000
8,660,125
6,555,750
5; 922,900
2,725,350
6,331,050
4,290,700
2,605,300
9,406,900
6.563,600
8/787,905
4,364,550
2,768,200
4,930,550
1,145,000
3.280,100
1,469; 050
3,597,000
2,237,750
2,558,850
4,650,200
2,006.350
1,126,600
3,360,250
3,149,650
3', 575,200
2,597,650
201,850
1,000,050
3,106,450
1,908,200
7,984,250
2,113,250
7,299,200
2,166,000
2,023,250
2,847,350
6,140,350
1,556,050
i;692,700
319,450

152.72
27.98
2.26
49.45
26.02
115.16
46.14
27.69
75.34
23.73
13.87
28.65
78.95
28.35
60.83
37.16
9.42
29.29
31.97
12.34
5.79
30.20
20.29
26.00
34.40
15.23
22.24
35.03
27.44
27.56
13.76
33.05
22.52
14.39
57.01
40.26
56.33
28.15
18.45
33.09
7.74
22.47
10.64
28.10
17.48
20.14
37.50
16.31
9.31
28.47
26.91
30.56
22.98
1.80
8.93
27.73
17.73
72.58
19.39
67.58
20.43
19.27
27.38
59.04
15.25
16.75
3.19

1.192,157,030

38.47

183

EXHIBIT
Subscription and payments on account of subscriptions to thefirstLiberty bonds by national
banks, as shown by their reports of condition for June 2$, 1917.
Amount
Amount
of subscripAmount
of bonds
Payments tions received of subscripupon which
on account by or through tions taken
Total of
banks agreed
of subbanks, exby banks subscription.
to make
scriptions.
clusive of
for own
advances
own subto or for
account.
scriptions.
customers.

Reserve cities.

$489,047,250
69,891,200
19,708,350

$125,362,125
2,220,250
1,132,962

99,994,650,

578,646, 800

128,715,337

3,445,800 .

87,115,400

2,711,103

3,445,800

87,115,400

2,7ii, m

4,640,350
3,503,900
73,887,500
36,015, 700
14,699,850
7,016,750

1,500,000
S50,G00
10,64.2,900
7,611,350
1,626, 750
3,646,050

6,140,350
4,353,900
84,530,400
43,627,050
16,326,600
10,662,800

937,050
377,083
13,177,959
4,654,624
2,362,750
2,759,382

9,527,804

139,764,050

25,877,050

165,641,100

24,268,848

73,801
98, 705
302,050
6,000
278,170
65,000
2,443, 744
601, 228
51,000
62,000
98,847
118,050
879,252
20,000
309,202

5, 715,055
1,243,700
3,114,200
103,650
2,146,600
2,878,200
3,125,100
2,143,250
276,650
1,771, 450
949, 050
466,500
6,304,050
1,283,700
2,067,650

5,407,049

33,588,805

13,110,950

46,699,755

11,533,246

2,356,441
1, 772, 643
194,055
553, 000
787, 212
1,410,167
767,755
4,153,100
6,800
118,700
2,751
45,100
4,098, i 61
547,800

23,415,050
26,079, 400
5,006,900
5,654, 700
11,808,550
11,062, 700
10,236,250
6,930,125
596,300
950,000
248,150
1,017,050
9,606,900
1,341,900

1,554,550
5,025, 000
916,000
1,409,150
1, 760, 600
1,314,300
1,385,000
1, 730,000
] 21,000
742, 700
97,600
328,550
1,175,400
762,150

24,969,600
31,104,400
5,922,900
7,063, 850
13,569,150
12,377,000
11,621,250
8,660,125
717,300
1,692, 700
345, 750
1,345,600
10,782,300
2,104,050

1,384,600
1,857,950
1,859,600
175,100
39; 70S
3,595.330
932.; 000
67,000
11,000
713,090
78,935
297,200
1,810,526
188,340

16,813,685

113,953,975

18,322,000

132,275,975

13,010,439

221,000
646,000
11,210
56,191
157,907
199,666
656.850
8,631
73,060
41,000

994,150
7,057,650
396,850
826,450
1,602,450
7, 730, 800
1,506,850
3,099,350
1,000, 700
6,648,300

245,000
2,349,250
272,150
52,050
168,850
1,240,550
55, 000
166,000
472,500
400,000

1,239,150
9,406,900
6G9,000
878,500
1,771,300
8,971,350
1,561,850
3, 265,350
1,473,200
7,048,300

463,418
2,195,195
.23,650
240,150
501,400
841, 784
53, 450
1,190,600
579,850
116,000

2,071,545

30, 863,550

5,421,350

36, 284,900

6, 205,597

159,260,687
2,169,051
3,439,881

708,688

Boston
New England States
Albany
Brooklyn
Philadelphia
Pittsburgh
Bal t im or e
Washington

*...

Eastern States
Richmond.
Charleston
Atlanta
Savannah.
Birmingham
New Orleans
Dallas
Fort Worth
Galveston
Efoust on
San AntonioWaco
Louisville
Chattanooga.
Nashville
Southern States
Cincinnati
Cle vel an d
Columbus...
Indianapolis
Detroit
Milwaukee
Minneapolis
St. Paul
Cedar Rapids.,.
B es M oines
Dubnque
Siou x Ci ty. _.
Kansas City, Mo
St. Joseph."
Middle States
Lincoln
Omaha
Kansas City, Kans
Topeka
"
Wichita
Denver
Pueblo
Muskosee
Oklahoma City
TuLsa
Western States

184




I

478,652,150
83,669,600

708,688

Total, central reserve cities

8402,467,100
59,7S8,700
16,396,350

64,369,619

New York City
Chicago
St. Louis

83,689,600

29,722
281,023
2,333,779
5,722,831
251,557
329,192

$86,580,150
10,102,500
3,312,000

3,072,850
390,000
1,176,500
300,000
458, 700
621,800 .
1,525,100
704,100.
100,000
1,335,000
1,057,300
94,050
251,700
516,300
1,507,550

8, 787,905 :
1,633,700
4,290,700
403,650
2,605,300
3,500,000
4,650,200
2,847,350
376,650
3,106' 450
2,006,350
560,550
6,555,750
1,800,000 :
3,575,200

535,800
613,390
1,581,139
34, 470
300,000
765, 200
1,934, .S5O
235,377
S,250
541 775
248,350
194,595
3.348,990
291,500
83% 759

REPORT OF THE COMPTEOLLER OF THE CURRENCY.

185

Subscription and payments on account of subscriptions to thefirstLiberty honds by national
banks, as shown by their reports of condition for June 20, 1917—Continued.
Amount
Amount
of subscripAmount
of bonds
P a y m e n t s tions received of subscripupon Avhich.
Total of
on account b y or t h r o u g h tions t a k e n
banks agreed
b y banks
subscription.
of subbanks, ext o make
for own
scriptions.
clusive of
advances
account.
own subto or for
scriptions.
customers.

Reserve cities.

816,500
93,826
6,371
541,560
272,600
726,000
8,721

Seattle
Spokane
Tacoma
.
. . . . . .
P oil land
Los Angeles
- San Francisco
Salt Lake City—

$4,302,400
2,768,200
1,000,050
5,993,900
6) 986,350
36,593,500
2,986,000

SI, 203,050
504,450
40,030
12(3, 700
2,956,300
2 744' 840
170, So 7

1,605,578

COUNTRY BANKS.
Maine....
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States

9,162,800

60,630,400

7,836,197

75,339,950

528, 647,530

65,565,430

931,959, 730

175,334,600 1,107,294,330

194,280,767

948,104
480,372
314,943
1,835,630
945,181
2,158,359

.

51,467,600
453,307,580

101,063,968

Total all reserve cities

6,106,118
7,881,250
4,054,600
45,325,324
5,844,960
25,021', 700

1,023,331
990,450
524,300
4,265,400
868,300
3,302,200

7,129,449
8,871,700
4,57«,900
49,590,724
6,713,260
28,323,900

753,179
2,155,245
917,425
9,817,529
575,185
2,644,987

6,680,589

_.

Southern States.. .
Ohio
Indiana
Illinois...
Michigan . . . . . . . . .

105,207,933

16,8G3,550

11 241 970
6, 811,500
17,338,931
374,150
1,687,300
118,500

65,233,210
44,361,670
65,569,077
3,521,850
3,934,309
265,750

23 149 555
8 819.665
10,253,842
107,650
722,493
8,700

145,343,506

37,572,351

1S2,915,857

43,091,905

536,9Q3
348,143
130,096
155,044
265,334
447,012
170,867
3d, 982
550, 294
2,455,771
528,914
1,167, 208
373,9o6

. .

10,973,981

53,991,210
37,550,170
48,230,146
3,147,700
2,277,000
147, .250

19,583,359

Eastern States
Virginia
West Virginia
North Carolina
Soutli Carolina„
Georgia.....
Fioricla
A} abm iia
Mississippi
Louisiana
Texas .
Arkansas
Kentucky
Tennessee

94,233,952

6 037 322
3,010, 634
10,198,204
121,160
193,669
2,370

New York
New Jersey
Pennsylvania,
Delaware
Maryland
District of Columbia

7,456.950
5,340^900
3,824,990
2,286,563
1,395,600
3,984,970
1,617,700
1,369,600
2,733, 050
14,106,906
1,940,709
4,739, 750
4,101, 200

2,238,200
1,874!500
1,180,850
439,000
i;280,025
1,780,650
1,193,900
712, 700
1,521,200
4,790,400
994,150
2,750,600
2,214,700

9,695,150
7,215,400
5,005,840
2,725,563
2, 675' 625
5,765,620
2,811, 600
2,082,300
4,254,250
18,897,306
2,934,850
7,490.350
6,315,900

852 643
611,565
1,239,185
8-17,900
270 150
1,1*7,524
485; 970
317,900
459,424
2, *29' 160
628, 050
527,569
994;650

5-4,898,879

22,970, S75

77,869,754

10, Sol, 690

34,496,843
14,694 165
16,467.207
12.429,015
9,940 110
7,977,214
10,304,100
1,585,390

7,786,107
6,022,585
8,290,519
2,110,700
2,745,400
1,991,806
5,128', 150
1,131. G O
O

42,282,950
20,716,750
24,757,726
14,539.715
12,685,510
9,9G9,020
15,432,250
2,717,290

5,503, G94
3,397,722
2,497,086
2,03% 021
1,667,795
1,612,895
2,395,4S2
195,150

143,101,211

19,305,345

7,106.614
".
1,7N',6«J1

2,"29 776
1,1 v, ."".Qi
l\ ~ L'lQ
MLS71
1,1(*'V^5
6u \ J98

,

Middle States
"NTrvrfh "nakiOfn
South Dakota.
Nebraska .
Ivan sas

$650,000
650,000
318,550
595,250
1,460,000
5 085 000
404,000

36,194,349

Pacific States
Total, other reserve cities

Minnesota
Iowa
Missouri

$3,652,400
2,118,200
681,500
5,398,650
5,526,350
31,508,500
2,582,000

' l?,r'»,-ll/
1,n?< j o
1,ISO,715
J. 72) 2(X9
4.^,204
H 2?5

.

Wyoming .
Colorado
New Mexico
Oklahoma.. =.
"Western State*.. . . . .




Mi, US
2 ^ , Ui)
U . i , it 4

'

6;t7'~> 392

107,894,044
1,959! 695
2,143,700
3 511 060
3,828, 654
1,445,400
1,949, 200
1,009; 100
3,577,469
20,120,928

35,207,167
o,ij2 0^0
812,755
2, 204,150
2,725 850
1,171,350
306,800
1,487, 600
414,600
2,510,141
12,535,256

1 597 670
2', 772,450
4,347,850
6,236,910
5,000; 004
1,753,200
3,436, 800
1,423,700
6,087,610
32,656,194

2 O1 °90
674' 809
165,979
?,ss ; 51i
501,832
174', 325
655,135
97,021
746,957
3,700,189

186

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Subscription and payments on account of subscriptions to thefirstLiberty bonds by national
banks, as shown by their reports of condition for June 20, 1917—Continued.

Reserve cities.

Amount
Amount
of subscripAmount
of bonds
Payments tions received of subscripupon which
on account by or through tions taken
Total of
banks agreed
banks, exby banks subscription. to make
of subclusive of
for own
scriptions.
advances
own subaccount.
to or for
scriptions.
customers.

COUNTRY BANKS—continued.
Washington
Oregon
California
Idaho
Utah
Nevada . .
Arizona

. .

Pacific States
Total country banks
Total United States

$599,024
404,080
1,710,526
609,389
51,516
149,320
195,575

$2,115,730
1,286,000
18,025,369
1,354,100
687,500
1,280,350
1,394,500

$1,999,600
1,462,610
5,556,680
1,250,350
509,400
364,650
275,050

$4,115,330
2,748,610
23,582,049
2,604,450
1,196,900
1,645,000
1,669, 550

$641,153
173,935
5,557,486
415,322
37,562
34, 372
221,471

3,719,430

26,143,549

11,418,340

37,561,889

7,081,301

56,635,801

448,634,858

130,677,980

579,312,838

100, 893,980

306,012,580 1,686,607,168

295,174,747

157,699,769 1,380,594,588
RECAPITULATION.

New England States:
Reserve citv
Country banks
Total
Eastern States:
Central reserve city
Other reserve cities
Country banks
Total

S70S, 688
6,680,5S9
7,389,277

$83,669,600
94,233,952

$3,445,800
10,973,981

$87,115,400
105,207,933

$2,711,103
16,863,550

177,903,552

14,419,781

192,323,333

19,574, 653

59,260,687
9,527,804
19,563,359

402,467,100
139, 764,050
145, 343, 506

86,580,150
25,877,050
37,572,351

489,047,250
165,641,100
182,915,857

125,362,125
24,268, 848
43, 091, 905

88,351,850 | 687,574,656

150,029,551

837,604,207

192,722, 878

46,699,755
77,869,754

11,533,246
10, 851, 690

124,569,509

22,384,936

Southern States:
R esc*ve cities
Country banks

5,407,049
7,166,014

33,588,805
54,898,879

Total

12,573,663

88,487,684

13,110,950
22,970,875
36,081,825

5,603.932
16,813,685
12,910,417

76,185,050
113,953,975
107,894,044

13,414,500
18,322,000
35, 207,167

89,599,550
132,275,975
143,101, 211

3,353,212
13,010. 439
19,305,345

Middle States:
Central reserve cities
Other reserve cities.
Country banks

35,333,034

298,033,069

66,943,667

364,976,736

35,668,996

Western States:
Reserve cities
Country banks

2,071,545
6,595,392

30,863,550
20,120,928

5,421,350
12,535,266

36,284,900
32,656,194

6, 205,597
3,700,189

Total

8,666,937

50,984,478

17,956,616

68,941,094

9,905,745

1,665,578
3,719,430

51,467,600
26,143,549

9,162,800
11,418,340

60,630,400
37,561,889

7,836,197
7,081,301

5,385,008

77,611,149

20,581,140

98,192,289

14,917,498

157,699,769 1,380,594,588 306,012,580 1,686,607,168

295,174,747

Total

Pacific States:
Reserve cities
Country banks
Total . .
Total United States




EXHIBIT L.
^ First Liberty bond subscriptions, allotments, sales, and percentages to total resources of all national banks based on special reports of July 23, 1917.

Cities and States.

New York

Total
amount
allotted.

Amount
of subTotal
scriptions
taken in resources on
the names June 20,
of other
1917.
national
banks.

Per
cent of
Per
Per cent of
subscrip- cent of total
tions allot- subon own ment to scripaccount total re- tions to
to total sources. total resources.
resources.

3,371,589,000
$402,418,350 $190,383,550 $86,628,950 $25,980,550 $20,010,240 $6,125,110 $489,047,300 S216,364,100 $5,781,350 $3;
71,078,800 39,134,600 3,280,450 772,424,000
60,476,950 34,931,450 10,601,850 4,203,150 3,131,000 1.018,750
19,508,350 14,588,600
968,750 221,056,000
16,228,900 13,227,725 3,279,450 1,360,875 1,092,375 268,500

Chicago
St. Louis

Total, Central
Cities

Amount of
Amount
Amount Amount
all subTotal
of Liberty
thus
scriptions
bonds
allotted amount of
far
Amount subscribed Amount sold or not dis- subscription
received
exclusive of allotted.
posed of received
for
allotted.
conbanks' own
and
banks*
tracted July 23, transmitted.
1917.
subown
for.
scriptions.
account.

2.5'
1.3'
1.48

.54
.62

14.50
9.20
8.82

270,087,300 10,030,550 4,365,069,000

Reserve

Boston
New England States
Albany
Brooklyn
Philadelphia
Pittsburgh
Baltimore
Washington
Eastern States
Richmond
Charleston
Atlanta
Savannah
Birmingham
New Orleans
Dallas
Fort Worth
Galveston
Houston
San Antonio
Waco




2.30

.72

13.28

83,111,500 55,428,800 3,823,200 1,823,200

5^300

924,900

86,934,700

57,252,000

755,250

471,088,000

.81

.39

18.45

83,111,500 55,428,800 3,823,200 1,823,200

898,300

924,900

86,934,700

57,252,000

755,250

471,088,000

.81

.39

18.45

1,586,100
590,600 417,200 173,400
850,000
672,500 128,650 483,850
16,175,450 8,211,075 6,685,725 1,536,450
8,654,650 2,590,700 1,043,200 1,369,350
1,644,450
767,250 422,300 334,250
4,087,850 2,065,200 944,900 1,121,300

6,140,350
4,353,900
85,955,900
43,422,050
14,073,750
10,720,250

4,008,600
125,050
3,656,800
527,650
56,155,400 7,796,550
24,188,650 2,328,850
10,700,150
108,800
7,898,750 1,238,400

61,986,000
36,896,000
563,907,000
422,056,000
129,560,000
76,974,000

2.55
2.30
2.87
2.05
1.27
5.31

.95
1.82
1.46
.61
.59
2.68

9.91
11.80
15.24
10.29
10.86
13.93

106,608,350 12,125,300 1,291,379,000

2.56

1.15

12.75

3.75
2.26
1.48
3.50
1.96
1.
3.46
2.09
1.20
2.03
4.28
.76

1.35 15732
9.64
1.65
6.35
1.34
2.90
5.79
11.14
.64
6.63
1.40
1.
9.36
1.17
8.37
4.52
.72
1.05
7.77
2.36
7.81
4.54
.49

479,124,200 238,542,725 100,510,250 31,544,575 24,233,615 7,412,360 579,634,450

503,900
780,450
767,400
429,300
632,400

3,418,000
2,984,300
47,944,325
21,597,950
9,932,900
5,833,550

131,667,700 91,711,025 32,998,50014,897,325
7,849,500 5,101,300
1,251,700
838,050
2,836,250 2,643,750
151,450
133,450
2,146,600 1,236,100
2,504,900 2,138,800
3,304,250 2,722,000
2,137,750 1,668,250
276,650
231,650
3,773,200 2,843,900
997,650
984,500
446,350
466,800

3,073,850 1,106,350
384,000
279,450
860,000
780,000
232,200
192,200
458,700
150,150
995,100
739,600
1,934,850 1,006,200
398,100
709,600
60,000
100,000
691,300
1,335,000
666,600
1,207,300
60,000
94,050

9,641,975 5,018,600
887,150
214,100
701,500
32,900
5,000
324,300
141,600
50,250
10,000
24,400

277,350
65,350
230,500
99,300
145,150
415,300
856,200
308.500
30,000
516,050
656,600
35,600

164,666,200
10,923,350
1,635,700
3,696,250
383,650
2,605,300
3,500,000
5,239,100
2,847,350
376,650
5,108,200
2,204,950
560,850

6,207,650
150,000
1,117,500
75,000
3,423,750
315,000
325,650
1,386,250
456,200
2,878,400
93,000
3,728,200 2,031,600
2,066,350
15,000
291,650
3,535,200
1,651,100
506,350
239,500

81,991,000
16,962,000
58,202,000
6,627,000
23,303,000
52,764,000
55,964,000
34,029,000
8,341,000
65,746,000
28,217,000
12,345,000

First Liberty hond subscriptions, allotments, sales, and percentages to total resources of all national banks based on special reports of July 23,1917—Contd.

Cities and States.

Louisville
Chattanooga
Nashville
Southern States
Cincinnati
Cleveland
Columbus
Indianapolis
Detroit
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
Middle States
Lincoln
Omaha
Kansas City, Kans
Topeka... .*
Wichita
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa
Western States




Amount of
Amount
all subof Liberty
scriptions
bonds
Amount subscribed Amount
received
for
exclusive of allotted.
allotted.
banks' own
banks'
own
subscriptions.
account.

$8,295,050 $5,716,350 $261,700
1,198,550 1,198,550
601,450
2,050,050 1,826,050 1,519,600
37,240,350 29,729,050 13,767,400
23,400,750
25,954,400
4,977,900
5,793,500
11,791,700
10,628,850
6,469,800
10,236,250
859,200
818,200
242,000
530,050
9,411,400
1,344,850

16,936,400
18,715,780
4,291,000
3,904,250
5,701,050
8,140,100
5,237,150
5,978,100
426,550
616,900
166,800
262,500
6,207,400
1,009,400

$129,950
399,750
919,050

Amount Amount
Total
thus
allotted amount of
far
not dis- subscription
sold or posed of
received
conand
tracted July 23,
1917.
transmitted.
for.

$68,700
552,500
784,900

$6,556,750
1,800,000
3,569,650

$5,846,300 $1,008,800
1,598,300
77,000
2,745,100 2,021,150

Per
cent of
Per
subPer cent of
scrip- cent of total
tions allotsubon own ment to scripaccoun' ;otal
Ltfr
tions to
to total sources. total reresources.
sources.

$64,712,000
25,130,000
37,464,000

0.40
2.39
4.06

0.20
1.51
2.46

10.13
7.16
9.54

7,578,700 3,797,300 4,301,600

51,007,750

37,307,750

6,482,250

571,877,000

2.41

1.33

8.92

745^550 458,800 287,850
1,554,550
5,150,000 2,052,270 1,659,250 1,099,920
692,500 500,300 340,050
966,000
370,900 204,750 225,250
1,416,850
21,050
1,707,350
21,050
1,723,150 1,139,750 837,850 300,000
1,730,000
715,000 525,100
189,900
1,385,000
557,500 389,950
37,500
45,000
15,750
15,750
359,050 223,300 224,000
898,500
97,600
35,300
66,500
31,200
367,500 353,000
10,500
735,950
674,650 710,250
92,400
1,270,900
378,450 101,050
64,700
765,300

24,955,300
31,104,400
5,943,900
7,210,350
13,499,050
12,352,000
8,199,800
11,621,250
904,200
1,716,700
339,600
1,266,000
10,782,300
2,110,150

17,681,950
20,768,050
4,983,500
4,275,150
5,722,100
9,279,850
5,952,150
6,535,600
442,300
975,950
233,300
630,000
6,882,050
1,387,850

880^250
390,100
715,350
1,087,200
45,000
30,100
761,650
43,000

139.958,000
177,027; 000
49,565,000
75,176,000
102,910,000
106,769,000
142,295,000
96,532,000
24,434,000
33,020,000
5,287,000
30,401,000
198,250,000
29,662,000

1.11
2.91
1.95
1.88
1.66
1.61
1.22
1.43
.18
2.72
1.85
2.42
.19
2.58

.53
1.16
1.40
.49
.02
1.07
.50
.58
.06
1.09
1.26
1.21
.34
1.28

17. 83
17.57
11.98
9.59
13.12
11.57
5.76
12.04
3.70
5.20
6.42
4.16
5.44
7.11

8,156,420 5,998,900 2,940,070 132,005,000

85,749,800

5,963,350 1,211,286,000

112,458,850 77,593,380 19,546,150

730,500

258,350
773,150
248,700

1.61

.67

10.89

30,200
140,550

1,239,150
10,506,900
669,000
883,400
1,770,350
9,000,650
1,561,850
3,648,900
2,343,700
5,074;550

846,350
4,636,750
521,550
614,000
1,231,350
5,718,750
975,050
1,503,250
1,216,750
3,052,550

225,000
310,300
500,000
20,000
198,150
104,000
17,800
830,550
40,650
565,750

19,125,000
123,318,000
10,344,000
7,891.000
23,436,000
96,087,000
la, 430,000
12,512,000
27,637,000
47,340,000

1.28
3.14
5.11
.65
1.30
1.40
.50
1.33
1.27
.77

.39
1.03
3.77
.28
1.03
.65
.11
.04
1.12
.51

6.48
8. 52
6.47
11.19
7. 55
9.37
11.62
29.16
8.48
10.72

3,265,650 2,681,134 1,057,066

36,698,450

20,316,350

2,812,200

381,120,000

1.92

.86

9.65

771,350
3,370,800
131,600
592,100
990,350
5,092,050
960,050
1,422,550
906,750
2,813,100

244,700
1,876,950
528,200
51,450
305,000
[,345,400
67,500
166,000
350,000
363,450

55,000
75,000
1,265,950 1,589,450
389,950 261,000
21,900
8,134
241,000 155,150
626,700 136,450
15,000
16,550
80,700
80,700
310,000 279,800
239,450
98,900

29,399,800 17,050,700

7,298,650

994,
6,629,
110,
831,
1,465,
7,655,
1,494,
3,482,
1,993,
4,711,

$61,250
264,750
339,700

Total
amount
allotted.

Amount
of subscriptions
Total
taken in resources on
the names
June 20,
of other
1917.
national
banks.

20,000
128,500
128,950
13,766
85,850
494,250
15,000

Seattle
Spokane
Taooma
Portland
Los Angeles
San Francisco
Salt Lake City
Pacific States
Total, other Reserve cities
Total, all Reserve cities...

4,801
2,097
681
5,400
5,511
34,964
2,695

700 3,70S 3 C
5
POO 000
,000 211,650
258 100
400 1,627 890
680,800
483,750 200, (XX) 283 750
FAQ
543 ^00
318
208 250
44 350 163 Qfin
800 4,003 350
602,000
967 800
31,150 576 200
450 4,409 ,950 2,094,900 1 410,500 741,284 669 216
800 22,615 350 5,801 ,450 2,796 ,450 1,793,602 1 008 748
850 2,301 250
480,000
320,050
75,100 236 550

5,701,70C
2,778,200
1,000,050
6,368,600
7,606,350
40,766,250
3,175,850

56, 153500 39,2S9 640 11,243 ,500 6 256,000 3,097,136 3 196 464

67,397,000

4,233,350
384,300
2,111,640
247,350
751,750
20,500
4,605,350
5,820,450
10,000
25,411,800 7,964,050
2,621,300
146,000

65 472,000
37 643 000
1 37? 000
1
65 755 OCO
110 214 000
32f> 339 (KM)
33 370 000

1.37
1.81
2.8C
1.47
1.90
1,79
1.44

.66
1.29
1. 83
.92
1.28
.86
.96

8.69
7.38
8.79
9.60
6,90
12.49
9.51

8 772,200

650 165 000

1.73

.96

10.35

450,031 700310,812,595 88,677 400 41 977,295 26,114,745 17 438 700 538,709,100

352,789,890 36 910,550 4 576 915 000

1.94

.92

11.77

929, 155900 549,355 320 189,187 650 73 521,870 50,348,360 24,851 ,060 1,118,343,550

622,877,190 46,941,100 8 941 984 000

2.12

.82

12.51

428,750
6,709,950
8,131,300
767,221
4,386,950
307,950
45,298,300 2,494,500
6,127,450
451,800
25,010,750
777,550

86 128,000
46,652 000
42 330,000
269,531 000
58 072 000
193, 134, 000

1.47
2.49
1.32
1.87
1.47
1.64

1.31
2.12
1.20
1.69
.78
1.18

8.29
18.78
10.83
18.38
11.99
15.87

45,555,640

COUNTRY BANKS.

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States..
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Eastern States
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States




5 864 450
7 598,20C
4 024 350
44 487,250
6 103 30t
27 494 250

5,581 800 1,271 600 1 128,150 522,850 661 600
7,141 300 L,164 2(X1
990,000 656,950 429 650
3,878 350
559 700
508 600 321,550 340 850
40,728 030 5,043 600 4 570 250 2,787,900 2,297 500
5,675 550
856 900
451 900 246,150 193 750
22,727,350 3,167 300 2,283 400 550,750 1 432 300

7,136,050
8,762,400
4,584,050
49,530,850
6,960,200
30,661,550

95 571 800 85,732,400 12,063 300 9,932 300 5 086,150 5 355,650

107,635,100

95,664,700

5 227,771

695,487, 000

1.73

1.43

15.48

65,842,590
45,050,750
64,646,610
3,562,400
3,923,100
265,750

49,776,325
34,249,850
52,687,990
2,318,500
3,229,950
159,850

5 338,550
2 432,400
10 627,050
130,800
1 133,400

674 035 000
388 707 000
942, 637 000
18,625 (XX)
70 638 000
2, 182, 000

1.82
1.99
2.32
2.35
2.59
5.43

1.08
1.33
1.70
1.57
1.76
3.44

9.77
1\. 59
6.86
19.12
5.55
12.18

142,422,465 19, 662,200 2, 096, 824, 000

53 548 660
37 345, 300
42 797,540
3 123 850
2,090 900
147, 250

42,515 764 12,293 930 7 260 561 3 558,364 3 548 063
29,093 450 7,705 450 5 156 400 2 690,900 2 697 000
36,643 266 21,849,070 16 044 724 7,729,589 8,718 335
2,025, 900
438 550
292 600 199,050 145 600
1,983, 200 [,832,200 1 246 750 302,450 808 450
84, 750
118 500
75 100
15,200
59, 900

139 053, 500 112,346, 330 44,237 700 30 076 135 14 495,553 15, 977 348 183,291,200

2.11

1.43

8.74

1 091, 300
1,042,350
699, 160
300,500
836, 890
1,106,950
834,150
609, 143
650, 400
2, 808, 478
523, 100
1,
246, 230
927, 150

9,595,750
7,555,250
4,824,758
2,738,9.50
2,775,450
5,063,450
2,769,450
2,341,299
3,635,550
19,029,598
2,952,450
7,173,550
4,835,450

7,999,050 1 977,200
6,456,350
659,250
4,292,825
715,350
2,381,850
475,150
2,419,700
305,500
4,387,500 1 223,350
,
2,364,650
589,900
2,172,299
492,899
3,111,350
526,050
12,545,748 2,291,810
2,329,821
695,400
5,806,580 1,260,300
3,315,4cO
772,461

148,046,000
122,860,000
82, 847, (XX)
52, 454 000
58,965, 000
84, 464 000
67, 031, 000
35, 086, 000
44, 531, o o
n
297, 241, 000
49, 304, 000
96, 465, 000
90, 481, 000

1.60
1.73
1.46
1.13
2.31
2.18
1.92
3.01
3.30
1.69
3.03
2.96
2.08

1.14
1.30
1.09
.90
1.93
1.75
1.49
2.66
2.55
1.23
2.10
2.21
1.45

6.48
6.15
5.82
5.22
4.71
5.99
4.13
6. 67
8.16
6.40
5.99
7.44
5.34

50, 706, 399 41,092, 382 2^1,584,
556 18,490, 791 6,330,202 12, 675, 801

75,290,955

59,583,173 11, 984,620 1,229,775, 000

2.00

1.50

6.12

7 231, 950
5,426, 000
3 618, 650
2, 144, 800
1 410, 550
3 216, 350
1 479,800
1,284, 749
2, 164, 400
14, 007,800
1,461, 4(X)
4, 314, 400
2, 945, 550

6,308,600
4,861,920
3,390,275
1,910,250
1,280,100
2,904, 100
1,365,975
1,238, 349
1,977, 700
8,880, 790
1,298, 851
3,679,500
1,995,972

2,363 800
;
2,129 250
j. 206,
, 108
594,150
1,364,900
. 847,100
,
1,289,650
: ,056, 550
,471, 150
>,021,798
: ,491, 050
J, 859,
150
]
1,889,900

1,690 450
1,594, 430
902 5,50
471 600
1,139, 600
1, 400
483,
998,675
933, 950
1,133, 650
3,664, 958
1,030, 970
2, 127,080
1,319, 478

796,150
893,350
164,190
156,450
230,760
420,900
122,575
443,8S9
491,550
723,130
595,220
913,050
378,978

oo
CD

First Liberty bond subscriptions, allotments, sales, and percentages to total resources of all national banks based on special reports of July
Amount of
all subscriptions
received
exclusive of
banks' own
subscriptions.

Cities and States.

Amount
allotted.

Amount
of Liberty
bonds
subscribed Amount
allotted.
for
banks'
own
account.

Amount
thus
far
sold or
contracted
for.

Amount
Total
allotted amount of
not dis- subscription
posed of
received
July 23,
and
transmitted.
1917.

23,1917—Contd.

Total
amount
allotted.

Per
cent of
Amount
subof subPer
Total
scrip- cent of
scriptions
allottaken in resources on tions
June 20,
on own ment to
the names
1917.
account total reof other
to total sources.
national
rebanks.
sources.

$3,917,540
3,246,450
4,562,282
1,138,865
1,033,500
1,500,650
3,231,500
1,001,600

Per
cent of
total
subscriptions to
t<
otal resources.

COUNTRY BANKS—continued.

$42,739,300
19,377,600
26,302,720
13,955,715
12,213,300
9,864,900
16,050,900
2,823,450

$33,103,180
13,664,070
20,087,900
10,013,800
9,278,200
7,668,450
11,686,050
2,300,150

$434,672,000
241,272,000
419,760,000
165,218,000
162,702,000
207,379,000
241,405,000
60,276,000

1.96
3.16
2.54
1.53
1.66
.97
2.53
2.32

143,327,885

107,801,800 19,632,387 1,932,684,000

781,550 332,950 514,150
749,600 134,550 600,550
1,704,905 461,000 1,180,860
2,315,720 1,024,450 1,373,170
1,017,800 303,550 596,000
364,250
158,900 226,150
1,246,900 350,850 774,400
306,050
71,600 234,350
1,876,250 453,766 1,415,620

1,630,350
2,801,800
4,311,120
6,957,700
5,162,100
1,706,550
3,604,650
1,430,250
5,857,360

1,403,150
2,631,050
3,447,579
5,524,675
3,710,600
1,210,900
2,976,400
1,038,550
4,725,390

636,550
407,700
1,584,300
1,694', 850
320,625
196,150
699,350
180,800
1,444,651

72,852,000
75,590,000
114,685,000
140,656,000
89,991,000
35,971,000
83,867,000
33,514,000
129,480,000

19,616,190 16,304,269 13,845,690 10,363,0251 3,291,616 6,915,250

33,461,880

26,668,294

7,164,976

776,606,000

1.78

1.33

4.31

258,680 1,059,220
2,200,300 1,375,:
174,550 1,038,300
1,504,150 1,207,650
6,141,550 4,333,348 1,812,052 3,004,248
943,300
1,618.850 1,251,150 263,800
382,150
51,650
459,600
534;600
307,750
276,850
29,500
397,350
134,450
139,900
314,350
395,350

4,241,100
2,746,150
24,475,552
2,922,200
1,216,200
1,641,450
1,733,500

3,277,570
2,432,050
21,288,640
2,439,850
1,047,700
1,100,950
1,203,300

580,700
311,150
3,203,390
471,650
87,650
20,000
201,000

61,595,000
57,152,000
253,072,000
47,764,000
16,994,000
14,145,000
20,417,000

3.57
2.63
2.43
3.39
3.15
2.81
1.94

2.23
2.11
1.71
2.62
2.70
1.96
1.54

6.87
4.80
9.67
6.12
7.15
11.60
8.49

26,184,002 23,571,312 12,792,150] 9,218,748 2,724,682 6,874,868

38,976,152

32,790,060

4,875,540

$34,228,200 $26i 784,844 $8,511,100
,
11,756,100 8,980,776 7,621,500
15,635,220 13,011,
10,667,500
11,433,665 8,168,982 2,522,050
9,515,350 7,529,600 2,697,950
7,866,850 6,025,850 1,998,050
9,947,950 7,703,850 6,102,950
1,430,620 1,237,356 1,392,830

Middle States.,
North Dakota.
South Dakota.
Nebraska
Kansas
Montana
Wyoming
Colorado.
New Mexico...
Oklahoma
Western States

:,
56,318,336 $3. 192, 566 S3,173,680
4,683,294 3,602, 813 1,956,257
7,076,208 3,951, 920 4,086,950
• ~~~ ~ ~
1,844,818 1,946, 128 933,900
766, 575 1,150,375
1,748,600
1,642,600 205, 100 1,485,200
3,982,200 1,872, 300 2,373,150
1,062,794 447, 900 551,733

101,813,955 79,442,950 41,513,930 28,358,850 15,985,302 15,711,245

Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri

686,
1,948,
2,002,
3,673,
3,839
1,267
1,877,
954,
3,367,
I

Vv r ashington.
Oregon
California....
Idaho
Utah
Nevada
Arizona

621,600
1,880,450
1,742,674
3,208,955
2,692,800
816,650
1,729,500
732,500
2,849,140

2,040,800 1,901,770
1,242,000 1,224,400
18,334,002 16,955,292
1,303,350 1,188,700
681,600
588,100
1,244,100
824,100
1,338,150
888,950

944,050
853,600
308, 250
284,700
322,300
439,250
727,550
475,950
490,040

1.4.
1.94
1.
1.12
1.07
.79
1.65
1.76

9.83
8.04
6.27
8.45
7.51
4.76
6.65
4.68

2.15

1.47

7.42

1.30
1.13
2.01
2.34
1.47
1.22
2.06
1.42
1.92

1.07
, .99
1.49
1.65
1.13
1.01
1.48
.91
1.45

2.24
3.71
3.76
4.95
5.74
4.74
4.30
4.27
4.52

Pacific States

|

471,139,000

2.72

1.96

8.27

Total country banks

| 432,945, Sii 158,489,643149,037,326 106,439,849 47,913,505 63,510,162

581,983,172 464,930,492 68,547,494 7,202,875,000

2.07

1.48

8.08

Total United States

|l, 362,101,746 907,844,963J338,224,976J179,961,719J98,261,865188,361,222,1,700,326,722|1,087,807,682J115,488,594J16,144,859,000

2.09

1.11 10.53




RECAPITULATION.
New England States:
Reserve city
Country banks
Total
Eastern States:
Central reserve city
Other reserve cities
Country banks
Total
Southern States:
Reserve cities
Country banks
Total
Middle States:
Central reserve cities.
Other reserve cities
Country banks
Total
Western States:
Reserve cities
Country banks
Total
Pacific States:
Reserve cities
Country banks
Total
Total United States




;
$83,111,500155,, 428,800$3,823,200 $1,823,200 $898,300 $924,900
95,571,800 85,732,400 12,063,300 9,932,300 5,086,150 5,355,650

$86,934,700
107,635,100

$57,252,000 $755,250
95,664,700 5,227,771

4,450 6,280,550

194,569,800

152,916,700

178,683,300141,161,200 15,886,500 11,755,500

,
1,383,550 86 628 950 25 980,550 20,0101,240
402,418,350190,
131,667,700 91,711,025 32 908,5^0 14 897 395 ',641,975
44,237,700 30,076,135 14',495,553
139,053,500 112'
•"1,346,330

$471,088,000
695,847,000

0.81
1.73

5,983,021 1,166,935,000

1.36

216,364,100 5,781,350 3,371,589,000
106 608.350 12,125,300 1,291,379,000
142,422,465 19,662,200 2,096,824,000

2.57
2.56
2.11

.77
1.1
1.43

14.50
12.75
8.74

O

837,004,7001 465,394,915 37,568,850 6,759,792,000

2.42

1.05

12.38

O
H

1,125,110 489,047.300
5,018,600 164,666 200
15^
",977,348 183,291,200

0.39
1.43

18.45
15.48
16.67

w
H

673,139,550 394,440,905 163,865,150 70,954,010 44,147,768 27,121,058
37,240,350 29,729,050 13 767 400 7,578,700 3,797,300 4,301,600
50,706,399 41,092,382 24,584,556 18,490,791 6,330,202 12;
~!,675,801

51,007,750
75,290,955

37,307,750 6,482,250 571,877,000
59,583,173 11,984,620 1,229,775,000

2.41
2.00

1.33
1.50

8.92
6.12

87,946,749 70,821,432 38,351,956 26,069,491110,127,502 16,977,401

126,298,705

96,890,923 18,466,870 1,801,652,000

2.13

1.45

7.01

76,705,850 48,159,175 13,881,300 5,564 025 4,223,375 1,287,250 90,587 150
112,458,850 77,593,380 19,5*6,150 8,156 420 5,998,900 2,940,070 132 005 000
",711,245 143,327,885
101,813,955 79,442,950 41,513,930 28,358,8o0 15,985,302 15;

53,723,200 4,249,200 993,480,000
85 749.800 5,963,350 1,211,286,000
107,801,800 19,632,387 1,932,684,000

1.40
1.61
2.15

.56
.67
1.47

9.12
10.89
7.42

290,978,655 205,195,505 74,941,380 42,079,295 j26,207,577 19,938,565 365,920,035

247,274,800 29,844,937 4,137,450,000

1.81

1.02

8.84

2,812,200
7,164,976

.86
1.33[

9.65
4.31

.96
1.

M
w
Q
O

g

H
W
O

r
t1

29,399,800 17,050,700 7,298,650 3,265 650 i 2,681,134 1,057,066
19,616,190 16,304,269 13,8*5,690 10,363,025 3,291,616 6,915,250

36,698,450
33,461,f~~

20,316,350
26,668,294

49,015,990 33,354,969 21,144,340 13,628,675 5,972,750 7,972,316

70,160,330

46,984,644 9,977,176 1,157,726,000

1.92
1.78
1.83

650,165,000
471,139,000

1.73
2.72

56,153,500 39,299,640 11,243,500 6,256,000 3,097,136 3,196,464 67,397,000
26,184,002 23,571,312 12,792,150 9,218,748 2,724,682 6,874,868 38,976,152
82,337,502 62,870,952 24,035,650 15,474,748 5,821,81810,071,332 106,373,152

45,555,640
32,790,060

8,772,200
4,875,540

381,120,000
776,606,000

78,345,700 13,647,740 1,121,304,000

1,362,101,746:907,844,963 338,224,976 179,961,719 98,261,865188,361,222 1,700,326,722 1,087,807,682 115,488,594 16,144,859,000

6.06
10.35
8.27

1.38
2.09

9.49

1.11

10.53

9
o
j

CD

EXHIBIT M.
Subscriptions for and allotments of the second Liberty bonds, and percentages of subscriptions to total resources, as shown by reports of condition of
national banks on Nov. 20, 1917.
"A."

Cities and States.

All subscriptions sent
directly to Federal
reserve bank.

Number.
New York City
Chicago „

,

. .,

St. Louis
Total, central reserve
cities
Boston
New England States...
Albany , „ . „ „ , .
Brooklyn
Philadelphia
Pittsburgh

Baltimore... .
Washington
Eastern States
Hichmond
Charleston
Atlanta
Savannah
B irmingham
New Orleans
Dallas
Fort Worth
Galveston.
Houston
San Antonio

„




"B.»

Allotment
of "A."

All subscriptions
Subscriptions withsent indirectly
held to reduce own
to Federal resubscriptions.
serve bank.
Allotment
of"C."
Number.

Amount.

"I."

"D.»

"C."

Number.

Amount.

Own subscriptions
intended
to be
retained.

Amount.
$20,597,700 $112,025,700
11,351,600
5,598,550
8,765,600
10,507,050

1
1
1

$1,000,000
3 000,000
350,000

$412,000
1 316 300
350,000

71,780
7,005
10,247

403,663,500

3

4,350,000

2,078,300

89,092

36,703,300

132,142,900

85,877,150

52

1,001,500

409,650

4,336

1,101,800

5,657,750

116,811,800

85,877,150

52

1,001,500

409,650

4,336

1,101,800

5 654
15 990
117,779
33,729
39 019
30,112

10 803 450
7 186 050
108,724,300
84,579,100
19 230 400
12,279,000

8 268 700
6 376 050
81,460,600
69,974,650
17 060 450
10,495,600

92

3,505,000
2,000

2,000

10,257
20,286
884
675

242,883

242,808,300

183,642,050

94

3,507,000

1,445,500

7 012
f/ 204
8 329

16 787 250
3*914 350
5 800 000
549 650
4,780',450
5 6(30 500
7 144 050
4 809 200
561 700
7,314,800
3,805,950

12 946 500
3 532 900
5 490 G50
449 650
3,483^750
4 532 850
6 084 300
4 393'050
561 700
6,658 050
3,648,950

354,880
56,3U2
18,732

1540,240,050
50,661,500
26,963,450

$358,276,600
28, 720,350
16,606,550

429,914

617,865,000

22,693

116,811,800

22,693

3.206
3 883
8 941
6 953
1 292
10 264
7.032

Allotment
of'F."

Per cent
of total
subscriptions
Total
resources of second
the banks. Liberty
bonds
to total
resources.

105,000

52,187,800

5,181,386,062

12.01

2,263,800

602,159,356

19.56

5,657,750

2,263,800

602,159,356

19.56

4,476,300
11,292,000
266 050
82,550

2 400,000
760,0G0
17,724,650
21,144,200
2,031,600
3,346,650

897,950
590,000
5,713,000
11,309,450
1,036,251
2,331,400

63,892,970
43,903,837
661,399,849
477,856,740
146,504,097
100,013,693

16.91
16.37
16.97
17.70
13.12
12.28

32,102

10,110,900

47,407,100

21,878,051

1,493,571,192

16.49

180 400

1,788
2

13.21
6.52
10.28

1 531

1,443,500

$43,171,050 $4,095,858,696
823,265,116
8,120,600
896,150
2b2,262,250

346,100

945
52

564,300
2 888 700
16,450

56

54,054
33,000

4,749,600
640,000
1,737,900
290,000
458,000
680,250
1,093,900
890,450
65,000
1,428,700
1,209,800

2,735,000
457,250
359,900
290,000
294,800
585,900
497,800
650,9C0
64,000
1,189,950
1,241,800

108,802,616
22,595,834
78,811,304
9,338,313
29,075,659
65,398,124
SS,473,336
50,977,143
7,920,013
87,631,292
34,466,519

15. 43
17.32
7.30
5.89
16.80
8.06
8.08
9.43
7.09
8.34
11.04

95,000

to

Waco
Louisville
Chattanooga.
Nashville

9,610
20,847
20,559
2,907

1,805,950
8,537,800
4,200,000
6,318,350

1,731,450
7,244,400
4,076,250
4,321,850

1

2,000

2,000

777

Southern States.
Cincinnati
Cleveland
Columbus
Indianapolis
Detroit....
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St» Joseph

110,309

81,990,000

69,162,300

3

107,000

97,000

5,151

32,102
19,318
18,044
18,221
4,378
33,249
28,082
19,054
3,674
3,143
173
8,025
11,084
2,616

37,725,050
53,485,150
9,692,080
9,626,100
18,311,100
22,056,400
18,752,750
15,171,150
1,751,900
4,304,900
572,000
3.385,100
12,640,750
4,031,900

32,464,150
38,545,200
8,583,550
9,400,600
14,332,800
19,238,450
17,338,000
12,205,900
1,697,450
2,883,900
455,450
3,339,300
9,302,750
3,396,350

10,000
18,400

Middle States.
Lincoln
Omaha
Kansas City, Kans.
Topeka
Wichita
Denver»*
Pueblo
Muskogee
Oklahoma City....
Tulsa

201,163

211,506,300

173,173,850

3,508
10,219
1,057
7,559
2,542
9,757
5,348
1,880
4,012
10,509

2,074,800
10,805,300
1,145,850
2,007,500
1,710,000
9,988,550
1,595,600
2,068,750
2,636,100
6,164,450

1,962,300
8,854,250
1,038,850
1,697,500
1,540,000
8,134,800
1,515,600
1,771,200
2,501,000
5,615,600

Western States.
Seattle
Spokane
Tacoma
Portland
Los Angeles...
San Francisco..
Salt Lake City.
Ogden

56,391

28,195,900

34,631,100

19

1,550

19,491
4,996
2,252
14,356
15,568
36,162
6,764
1,731

9,657,700
1,934,300
1,619,800
8,483,400
17,368,900
53,856,500
4,863,100
1,555,400

8,203.200
1,753', 050
1,612,350
7,546,350
15,258,750
42,787,500
4,466,650
1,480,400

2
1

60,000
341,500

60,000
341,500

2
3
2

58,450
326,450
275,000

58,450
216,450
125,000

101,320

99,339,100

83,108,250

10

1,061,400

740,759

780,651,400

624,594,700

180

5,706,850

Pacific States
Total, other reserve
cities

Total, all reserve cities. 1,170,673 1,398,516,400 1,033,258,200




93,100

380,000
75,000
450,000
3,306,900

306,750
75,000
450,000
1,755,400

18,549,134
66,549,418
32,476,342
43,422,626

4,241,104

17,515,500

10,954,450

744,487,673

11.03

52
69
27
148
1,013

77,600
194,300
150,000
20,500
1,048,400

955,750
14,853,200
1,460,000
686,000
777,100
163,700
372,450
1,931,150
185,000
2,731,250
326,200

885,750
3,838,700
1,053,950
647,100
443,300
122,000
278,350
1,165,000
185,000
1,350,250
209,650

33L666

309,500
493,560

1517899/717^
194,858,140
54,868,850
73,951,157
113,644,268
110,860,706
163,645,671
110,446,573
21,621,138
29,884,083
5,433,754
27,268,781
231,873,770
28,603,087

24.84
27.45
17.70
13.03
16.13
19.90
11.46
13.74
8.10
14.40
10.50
12,40
5.45
14,10

2

1

1

10,000
18,400

j------------

65,000

9.74
12.83
12.90
14.50

65,000
293,750
135,950
100,000
4,973,700
233,000

12,411

7,980,350

25,853,150

73,000
839,650
83,000

937

300,000

1,281

820,950
50,500

19

28,400

688,150

39
617
5

2

250
210
2,200
300
3
8,128
11

442,000
1,978,250
315,500
55,000
190,000
691,400
103,550
50,000
6,900
566,000

407,000
1,389,850
208,500
55,000
140,000
453,550
93,550
50,000
6,400
381,550

18,007,724
118,128,989
11,627,121
8,090,157
28,055,194
101,443,793
15,950,922
39,751,212
17,343,900
53,292,750

2,879

2,167,100

4,398,600

3,185,400

411,691,822

6.85

37
15
4,100

6,800
73,050
410,000

536,950
470,700

368
205
7
107

259,000
457,200
550
6,350

2,268,200
643,450
40,700
1,105,550
9,709,250
7,417,800
649,450
358,650

992,050
1,506,950
1,757,300
393,150
338,650

75,253,644
38,614,895
14,099,651
70,680,020
119,660,526
385,414,120
37,668,819
12,119,043

12.91
5.89
11.48
12.09
14.86
14.05
12.91
12.83

801,400

4,839

1,212,950

22,193,050

5,995,750

753,510,718

13.32

2,781,950

61,718

32,820,204

123,025,150

55,259,551 5,324,180,546

14.77

4,860,250 150,810

69,523,504

255,16F, 050 107,447,351 10,505,566,608

13. 41

28,400

1,550

183 10,056,850

1,090,350

10,982,100 1,318,759,785

16,04
11.52
9.15
9.86
24.81
6.10
9.85
10.00
6.60
11.90
11.50

=

Co

Subscriptions for and allotments of the second Liberty bonds, and percentages of subscriptions to total resources, as shown by reports of condition of
co
national banks on Nov. 20, 1917—Continued.
"A."

Cities and States.

All subscriptions sent
directly to Federal
reserve bank.

Number.

"B."

Allotment
of "A."

"C."
All subscriptions
sent indirectly
to Federal reserve bank.
Number.

Amount.

"E.

"D."

Allotment
of "C."

Subscriptions withheld to reduce
subscriptions.

Number.

Amount.

"F."

Own subscriptions
intended
to be
retained.

"G."

Allotment
of " F . "

"H."

"I."

Total
resources of
the banks.

Per cent
of total
subscriptions
second
Liberty
bonds
to total
resources.

Amount.

COUNTRY BANKS.

27,338
38,634
18,381
168,936
17,659
67,659

$11,241,250
12,533,500
5,945,300
81,872,500
11,675,200
46,569,225

$10,697,280
12,089,500
5,915,600
73,270,650
10,191,450
38,117,908

483
475
16
2,849

338,607

169,836,975

150,282,388

New York
« New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia

307,526
129,789
234,187
3,423
14,285
274

139,736,250
73,445,289
121,685,650
2,176,100
7,822,650
134,800

124,969,260
61,805,889
109,560,227
2,056,100
7,187,000
134,800

Eastern States

689,484

345,000,739

36,032
28,074
23,224
11,062

21,288,250
17,098,809
13,791,450
8,672,850
4,694,900
6,878,550
5,123,200
3,934,700
4, 767,410
23,958,184
4,230,600

Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England States

Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas




7,983
16,556
12,232
8,789
8,972
53,048
9,512

$249,900
204,710
30,950
566,202
79,756
102,100

$281,050
123,100
112,550
483,750

843

$299,050
123,100
112,550
681,650
1,500
934,800

4,666

2,152,650

1,927,250

6,845

1,233,618

2,936
2,296
4,543
35

2,635,672
1,025,150
3,242,110
25,000
35,950

2,409,172
1,025,150
2,923,510
2,5,000
35,950

13,518
5,124
30,517
205
3,113
232

3,120,704
1,869,050
8,868,410
83,600
1,130,450
13,900

305,713,276 9,811

6,953,882

6,418,782

52,709

15,086,114

317
270
339
57

75,350
2,300
526,550
408,850
102,250

75,350
2,300
466,550
408,850
102,250

25
3
409
411
69

17,600
43,500
424,550
415,511
66,900

17,600
43,500
378,050
226,600
66,900

1,193
2,171
281
2,693
938
1,488
840
1,098
1,045
1,958
1,864

877,350
506,450
129,350
1,556,155
396,850
565,850
249,950
318,150
303,900
654,748
460,050

19,117,780
15,961,950
12,963,700
7,825,370
4,372,550
6,548,100
4,897,050
3,765,550
4,618,050
22,720,998
4,056,450

926,800

2,739
2,010
451
689
885
71

$891,650
892,050
697,400
4,318,700
821,047
2,731,800

$87,925,760
51,825,650
44,266,024
298,986,263
64,280,000
201,082,000

13.13
24.42
13.68
27.61
18.17
23.62

14,570,647

10,352,647

748,365,697

22.98

20,940,400
10,452,350
28,955,735
565,750
3,013,450
46,100

15,020,450
7,073,220
22,171,753
454,850
2,160,650
46,100

752,310,756
432,965,000
997,986,102
19,933,000
76,597,012
2,127,585

18.92
17.20
12.52
11.04
10.26
6.33

63,973,785

46,927,023

2,281,919,455

15.42

5,999,678
3,182,484
1,930,050
2,100,550
1,591,600
1,061,150
1,343,800
1,278,450
768,950
6,166,880
1,732,350

4,227,078
2,588,050
1,679,750
1,891,900
1,430,465
1,002,550
1,289,650
1,027,650
688,800
5,661,767
1,559,859

182,787,000
137,873,053
114,510,575
74,311,546
82,544,022
87,239,000
80,419,830
46,377,934
59,207,000
398,575,390
70,484)603

11.69
12.40
12.50
12.22
5.81
7.88
6.39
8.58
8.76
6.12
6.10

$960,250
1,101,250
765,200
7,221,250
1,167,047
3,355,650

Kentucky
Tennessee
Southern States
Ohio.. ..
Indiana
Illinois
Michigan .
Wisconsin
Minnesota
Iowa
Missouri
Middle States
North Dakota..
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Western States
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona

Pacific States
Alaska
Hawaii
Total

13, 755
6,525

11,529,000
4,531,050

10,394,600
3,283,150

110
41

225,550
15, 750

127,100
15,750

1,703
959

893,750
1,505,500

2,462,100
1,001,950

2,082,650
680,850

104,205,430
102,347,000

235,761

130,498,953

120,525,298

2,051

2,324,661

1,930,800

18,231

8,418,053

30,619,992

25,811,019

1,540,882,383

8.62
13.61
17.37
12.51
15.33
16.66
11.15
10.99
8.44

126,669
73, 801
143,955
65,552
80,595
81,146
78,873
11,024

62,446,200
33,512,300
53,408,160
26,148,000
27,848,058
24,611,560
25,554,900
5,702,525

57,313,175
32,522,100
49,458,954
21,965,380
26,148,908
21,774,210
24,158,850
5,491,325

792
693
941
252
1
180
2,514
327

977,350
284,250
426,150
176,050
2,000
77,300
658,700
141,600

916,850
284,250
401,500
92,150
2,000
77,300
500,150
119,000

2,678
5,425
14,896
2,109
2,084
1,080
2,951
3,574

1,732,700
2,729, 750
5,030,812
491,800
653,350
162,350
1,197,950
1,251,380

7,821,600
4,442, 723
11,070,106
2,876,800
4,160,600
2,817,350
4,435,974
1,982,256

6,194,600
4,114,600
9,690,172
2,570,350
3,681,650
2,688,100
4,077,374
1,620,506

465,842,426
261,048,000
430,372,000
171,605,330
167,154,591
221,430,000
.238,439,000
69,245,343

661,615

259,231,703

238,832,902

5,700

2,743,400

2,393,200

34,797

13,250,092

39,607,409

34,637,352

2,025,136,690

12.95

20,680
15,8K
25,233
13,810
19, 644
5,757
15,905
8,985
29,671

4,756,350
16,534,890
8,157,200
12,414,400
9,182,222
4,087,750
4,975,050
2,928,900
12,610,689

4,535,900
16,425,450
8,009,800
10,405,300
8,689,650
3,707,250
4,885,450
2,890,550
11,290,489

143
518
538
733
3
29
1,099
1,383

22,800
66,150
169,650
1,049,800
24,600
3,000
296,250
3,100
459,600

6,950
66,150
162,650
436,850
21,100
3,000
270,200
3,100
346,000

1,036
751
3,135
2,546
954
449
518
321
2,210

264,400
109,300
1,210,234
3,843,385
129,500
303,050
374,950
74,150
667,550

1,051,762
945,300
1,778,092
2,456,519
1,980,500
411,350
1,019,500
251,250
3,515,050

943,852
866,800
1, 721,250
2,440,419
1,252,950
402,150
950,880
249,250
3,057,900

84,281,818
87,718,593
116,242,871
157,798,161
99,625,502
46,031,264
97,928,000
36,098,793
184,690,000

5.67
18.93
7.16
8.53
9.24
8.89
5.38
8.12
7.08

155,498

75,647,451

70,839,839

4,463

2,094,950

1,316,000

11,920

6,976,519

13,409,323

11,885,451

910,415,002

8.53

557
810
3,263
194

149,200
394,000
786,740
34,300

1,771,950
1,200,150
6,583,115
1,426,950
138,000
305,000
218,900

68,428,488
69,202,224
293,400,000
57,154,491
7,557,442
16,612,000
21,192,000

11.72
10.74
14.13
11.57
10.44
12.96
14.51

8,018,550
7,335,700
40,444,742
6,558,850
600,650
1,758,600
2,920,200

i[ 259,' 450
38,102,447
5,774,750
586,850
1,532,850
2,582,600

183
855

160,904

67,637,292

63,398,647

1,040

67,200
333,550

67,200
333,550

1,040

400,750

400,750

134

98,450
903,250
53,000

401
4
2

98,450
1,024,300
53,000
188,900
395,000
155,000

1,445

1,914,650

1,165,950

82,250

4,958

1,376,090

13,061,238

11,644,065

533,546,645

13.03

11,700
55,000

1,700
50,000

2,442,000
4,923,000

2.75
8.45

51,700

7,365,000

6.56

141,309,257 8,047,630,872
248,756,608 18,553,197,480

13.26
13.34

111, 250

82,250

82,250
28,136
28,319

11,850

2,015,750
1,296,700
7,309,465
1,750,523
138,000
325,000
225,800

.400

20,163
15,185
94,637
16,460
2,981
3, 883
7,595

949,993,100
Total country b a n k s . . . 2,242,912 1,048,253,863
3,413,585 2,446,770,263 1,983,251,300
Total United States




11.28
4.44

15,234,232
20,094,482

400

82,250

38,266,443
28,323,293

129,460
280,270

66,700

46,340,886
115,864,390

175,309,094
430,477,144

CD

Subscriptions for and allotments of the second Liberty bonds, and percentages of subscriptions to total resources, as shown by reports cf condition of
national banks on Nov. 20, 1917—Continued.
RECAPITULATION.
"A."
1

Cities and States.

All subscriptions sent
directly to Federal
reserve bank.

Number.

'•B.»

Amount.

All subscriptions
sent indirectly
to Federal reserve bank.
Allotment
of'C."

Subscriptions withheld to reduce
subscriptions.

Number.

Allotment
of "A."

"G."

"E."

"C."

Number.

Amount.

"II."

"I."

Own subscriptions
intended
to be
retained.

Allotment
of "F.»

Total
resources of
the banks.

Per cent
of total
subscriptions
second
Liberty
bonds
to total
resources.

Amount.

1
o

n
Q

New England States:
Reserve city
Country banks

$116,811,800
169,830,975

$85,877,150
150,282,388

52 $1,001,500
4,666 2,152,650

$409,650
1,927,250

4,336
6,845

$1,101,800
1,233,618

$5,657,750
14,570,647

$2,263,800
10,352,647

$602,159,356
748,365,697

19.56
22.98

286,648,775

236,159,538

4,718

3,154,150

2,336,900

11,181

2,335,418

20,228,397

12,616,447

1,350,525,053

21.46

354,880
242,883
689,484

540,240,050
242,808,300
345,000,739

358,276,600
183,642,050
305,713,276

1
94
9,811

1,000,000
3,507,000
6,953,882

412,000
1,445,500
6,418, 782

71,780
32,102
52,709

20,597,700
16,116,900
15,086,114

112,025,700
47,407,100
63,973, 785

43,171,050
21,878,051
46,927,023

4,095,858,696
1,493,571,192
2,281,919,455

13.21
16.49
15.42

1,287,247 1,128,049,089

847,631,926

9,906

11,460,882

8,276,282

156,591

51,800, 714 223,406,585

111,976,124

7,871,349,343

14.48

116,309
235,7(&

81,990,000
130,498,953

69,162,300
120,525,298

107,000
2,324,661

97,000
1,930,800

5,151
18,231

4,241,104
8,418,053

17,515,500
30,619,992

10,954,450
25,811,019

744,487,673
1,540,882,383

352,073

212,488,953

189,687,598

3
2,051
2,054

2,431,661

2,027,800

23,382

12,659,157

48,135,492

36,765,469

2,285,370,056

11.03
8.62
9.40

75,034
201,163
661,615

77,624,950
211,506,300
259,231, 703

45,386,900
173,173,850
238,832,902

2
2
5,700

3,350,000
28,400
2,743,400

1,666,300
28,400
2,393,200

17,312
12,411
34,797

16,105,600
7,980,350
13, 250,092

20,117,200
25, 853,150
39,607, 409

9,016,750
10,982,100
34,637,352

1,085,527,366
1,318,759, 785
2,025,136,690

7.46
16.04
12.95

937,812

548,362,953

457,393,652

5,704

6,121,800

4,087,900

64,520

37,336,042

85,577,759

54,636,202

4,429,423,841

12.52

Total
Eastern States:
Central reserve citv
Other reserve cities
Country banks
Total

O

22,693
338,607
361,300

Southern States:
Reserve cities
Country banks
Total
Middle States:
Central reserve cities
Other reserve cities
Country banks
Total




H

a
ft

Western States
Reserve cities.
Country banks

19
4,463
4,482

1,550
2,094,950

1,316,000

% 879
11,920

2,167,100
6,976,519

4,398,600
13,409,323

3,185,400
11,885,451

411,691,822
910,415,002

2,096,500

1,316,000

14,799

9,143,619

17,807,923

15 070,851

1,322,106,824

6.85
8.53
8.01

83,108,250
63,398,647

10
1,445

1,061,400
1,914,650

801,400
1,165,930

4,839
4,958

1,212,950
1,376,090

22,193,050
13,061,238

5,995, 750
11,644,005

753,510, 718
533,546,645

13.32
13.03

146,506,897

1,455

2,976,050

1,907,350

9,797

2,589,040

35,254,288

17,639,815

1,287,057,363

13.20

82,250

82,250

400

66,700

51,700

7,365,000

6.56

28,319

28,323,293

20,094,482

280,270

115,864,390

430,477,144

248,756,608 18,553,197,480

13.31

103,843,351

101,320
160,904
262,224

99,339,100
67,637,292
166,976,392

1,040

Alaska and Hawaii

28.195,900
75,647,451

211,889

Total
Pacific States:
Reserve cities
Country banks
Total
Total United States

34,631.100
70,839,839
105,470,939

56 391
155,498

400,750

400, 750

3,413,585 2,446,770,263 1,983,251,300




o

W
O

o
O

3

EXHIBIT N.
Liberty bonds on which loans have been made or agreed^ to be made and loans made on the
security of the first and second Liberty bonds by national banks; as shown by reports of
condition for Nog). 20, 1917.
Approximate Approximate
amount of 4
Amount of Sh \inount loaned per cent bonds amount banks
have agreed
per cent bonds
on o\ per
banks have
to lend on
banks are
cent bonds.
agreed to lend
4 per cent
lending on.
additional
bonds beyond
money on.
Jan. 1, 1918.

Cities and States.

$19,687,897
2,000,950
344,133

$15,957,473
1,833,761
303,605

$120,404,602
1,326,600
2,916,200

$102,820,231
1,298, 790
3,653,913

22,032,980

18,094, 839

124,647,402

107,772,934

2,777,750

2,180,378

16,784,050

28, 493,042

2,777,750

2,180,378

16,784,050

28,493,042

375, 500
121,460
5,707,950
969,841
742,750
1,333.610

192,322
69,723
4,989,478
791,540
664,333
740,561

956,550
819,000
9,142,001
2,632,018
2,009,722
1,621, 750

1,361,972
979,903
14,590,930
4,353,965
3,240,050
1,748, 844

9,251,111

7,447,957

17,181,041

26,275,664

104,366
86,050
252,350
29,590
33,500
68,050
436,200
111,733
100
208,650
73, 750
39, 750
453,450
2,315,000
107,450

84,930
39,134
166,754
29,074
22,517
64,099
402,048
106,560
171
164, 754
60,785
23,170
390,948
2,315,000
94,783

2,382,446
1,552, 500
' 834,480
928,700
427,339

2,770,947
1,066,200
537,134
2,574
15,000
108,500
1,081,950
487,739

150,000
255,689
174,150
361,150
972,200
180,400

125,000
145,567
144,312
354,590
797,760
205,000

4,319,989

3,964,727

8,244,054

7,842,273

812,400
262,350
168,400
88,516
257,750
214,700
58,500
190,355
15,250
203,000
4,500
30,050
38, 800
350

748,383
190,665
148,655
25, 728
216,441
170,984
48,480
120,763
14,775
30,170
4,064
30,040
37,471
4,730

5,195,000
3,685,800
1,161,178
652,500
233,500
5,000,000
383,800
400,572
40,000
366,739

5, 895,488
3,903,403
954,080
522,500
1,450,000
4,800,000
327,250
252,368
659,248
200,000

142,610
459,000
196,504

147,944
427, 790
257,000

Middle States

2,344,921

1,791,349

17,917,203

19,797,071

Lincoln
Omaha.
Kansas City Kans
Topeka
Wichita
Denver
Pueblo
Musko^ee
Oklahoma City
Tulsa..

118,250
473,150
4,400
3,800

118,250
421,059
2,100
1,585
1,600
240,308
6,661

640,000
295,950
30,000

29,700

900

3,390
28,175

244, 000
30, 565

505,000
769,900
127,800
14,112
100,000
495,300
10,000
1,250
175,000
173,380

924,250

823,128

1,764,815

2,371,742

New York Citv
Chicago
St. Louis..
Total, central reserve cities
Boston
New England States
Albany
Brooklyn
Philadelphia
Pittsburgh
Baltimore
Washington
Eastern States
Richmond
Charleston..
A tlanta
Savannah..
Birmingham
New Orleans..
Dallas
Port Worth
Galveston
•
Houston... .
San Antonio
Waco
Louisville
Chattanooga
Nashville
Southern States
Cincinnati...
Cleveland
Columbus .
Indianapolis
Detroit . .
Milwaukee
Minneapolis
St. Paul
Cedar RaDids
X)es Moines
D ubuo ue
Sioux City
Kansas City, Mo
St. Joseph

Western States

198




281,600
12,450
-.-.

25,000

100,000
524,300

REPORT OF THE COMPTROLLER OF THE CURRENCY.

199

Liberty bonds on which loans have been made or agreed to be made and loans made on the
security of the first and second Liberty bonds by national banks, as shown by reports of
condition for Nov. 20, 1917—Continued.
Approximate
Approximate
amount of 4
amount banks
Amount of 3\
Amount loaned per cent bonds
have agreed
per cent bond's
on 3^ per
banks have
to lend on
banks are
agreed to lend
4 per cent
cent bonds.
lending on.
additional
bonds beyond
money on.
Jan. 1,1918.

Cities and States.

Seattle
Spokane
. . .
Tacoma
Portland
Los Angeles
San Francisco
Sajt Lake.City...
Ogden

. .

$264,250
26,450
1,900
40,050
152,050
776,956
131,850
10,060

$158,794
18,671
1,645
30,049
305,787
558,277
60,690
2,885

$69,400
23,000
5,000
318,430
648,350
1,569,777
156,450
11,300

$54,070
17,600
4,000
208,586
467,801
1,775,390
133,220
12,175

1,403,566

1,136,798

2,801,707

2,760,842

Total, other reserve cities

21,021,587

17,344,337

64,692, 870

87,540,634

Total, all reserve cities

43,054,567

35,439,176

189,340,272

195,313,568

172,000
250,5::5
162,276
1,413,544
255,203
661,602

128,759
177,335
87,530
1,039,590
223,533
438,201

479,390
1,215,882
843,700
8,253,500
944,, 650
4,414,948

381,224
1,019,403
508,375
8,240,683
1.930,892
4', 517,119

Pacific States

COUNTRY BANKS.
Maine
New HaniDshire
Vermont
Massachusetts
Rhode Island
Connecticut..

2,915,150

2,094,948

16,152,070

16,597,696

Delaware
Maryland .
District of Columbia

3,603, 496
2,411,234
1,426,203
19,850
84,808
8,300

2,668,110
1,799,324
1,138,855
14,051
119,670
3,310

27,153,775
8,686,735
7,341,019
135,692
475,467

27,409,523
6,945,348
4,880,558
75,436
380,646

Eastern States

7,559,891

5,743,320

43,792,688

39,701,511

313,981
228,687
214,982
110,420
46,711
295,835
51,897
33,811
90,650
470.018
126', 240
147,672
1,700

247,967
203,065
188,194
93,593
31,093
167,541
45,172
6,419
69.482
577; 057
105,437
140,169
1,160

2,048,743
1,577,416
2,298, 495
999,086
367,359
898,250
267,605
593,450
291,500
2,550,136
260,998
388,488
432,200

1,988,544
1,467,998
1,811,170
970,712
298, 770
775,471
138,802
427,029
312,426
2,356,661
251,980
694,995
505,003

2,132,604

1,876,349

12,973,726

8,999,561

401,271
126,204
417,693
650, 617
373,527
254.097
570,006
16,620

356,229
119,957
258,140
401,826
115,143
123,492
369,953
7,549

3,935,323
2; 022,599
3,549,810
4,097,429
1,988,796
1,435,948
4,619,790
120,785

3,773,822
1,462,634
3,252,048
2,931,315
2,038,541
1,368,878
3,963,813
137,054

2,810,035

1, 752,289

21,768,480

18,928,105

39. 824
157;077
58, 292
73,623
119, 260
12,564
96,950
9,950
225,663

25,915
116,366
43,349
58,311
104,025
8,300
55,643
9,315
189,328

582, 788
710,578
666,345
314,250
539,529
217,540
609,355
90,226
1,478,367

611,021
670,133
650,462
298,501
435,300
138,073
543,841
87,076
1,025,821

793, 203

610,552

5, 208,978

4, 460,228

New England States
New York
N6W Jersey

Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri . .

. . . .

Middle States
North Dakota
South Dakota
Nebraska
Kansas
Montana
W VOIF in'-T
Colorado
New Mexico
Oklahoma...
Western States.




200

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Liberty bonds on which loans have been made or agreed to be made and loans made on the
security of the first and second Liberty bonds by national banlzs, as shoivn by reports of
condition for Nov. 20, 1917—Continued.
Approximate
Approximate
amount cf 4
Amount of 3J Amount loaned per cent bends amount banks
have agreed
per cent bonds
banks have
on 3 | per
to lend on
banks are
cent bonds.
agreed to lend
4 per cent
lending on.
bonds beyond
additional
Jan. 1, 1918.
money on.

Cities and States.

COUNTRY BANKS—continued.
$63,272
52,225
1,433,887
21,320
14,305
24,500
61,510

..

.. .

Total

$425,950
700,275
3,128,907
227,760
28,600
41,150
461,600

$419,781
952,367
3,021,407
188,194
66,158
28,930
411, 700

1,037,310

5,014,242

5, OSS, 537

500
1,350

500
625

30,500

500

1,850

Pacific States
Alaska.
Hawaii

$44,364
37,633
864,349
28,195
4,350
19,962
38,457

1,671,019

Washington
Oregon
California
Idaho.
Utah
Nevada
Arizona.
.

1,125

30,500

500

Total country banks

17,883, 752

13,115,893

104,940,684

93, 776,138

Total United States

60,938,319

48,555,009

294,280,956

289,089,706

RECAPITULATION.
New England States:
Reserve city
Country banks

$2,777,750
2,915,150

Total

.

Total
Alaska and Hawaii
Total United States




-.

. -

102,820, 231
26,275, 664
39,701,511

29,148, 750

181,378,331

168,797,406

3,964, 727
1,876,349

8,244,054
12,973, 726

7,842,273
8,999,561

6,452,593

5,841,076

21,217,780

16,841,834

2,137,366
1, 791,349
1,752,289

4,242,800
17,917,203
21, 768,480

4,952, 703
19,797,071
18,928,105

5,681,004
823,128
610,552

1,764,815
5, 208,978

2,371,742
4, 460,228

1, 717,453

Total
Pacific States:
Heserve cities.
Country banks

120,404,602
17,181,041
43,792,688

924,250
793,203

Total
Western States:
Keserve cities.. . .
Country banks

.

15,957,473
7,447,957
5, 743,320

7,500,039

-

45,090,738

2,345,083
2,344,921
2,810,035

.

Middle States:
Central reserve cities
Other reserve cities
Country banks

32,936,120

4,319,989
2,132,604

..

4,275,326

36,498,899

Total

$28,493,042
16,597', 696

19,687,897
9,251,111
7,559,891

Southern States:
Reserve cities.
Country banks

$16,784,050
16,152,070

5,692,900

Total
Eastern States:
Central reserve city
Other reserve cities
Country banks

$2,180,378
2,094,948

1,433,680

6,973, 793

6,831,970

1,403,566
1,671,019

1,136,798
1,037,310

2,801, 707
5,014, 242

2,760,842
5,088,537

3,074,585

2,174,108

7,815,949

7,849,379

1, 850

1,125

30,500

500

60,938,319

48,555, 069

294,280,956

289,089,706

43,928,433

43,677,879

EXHIBIT O.
Classification of loans (including paper bought) made by S2% national banks in all reserve and other cities having a population of over 75,000, as of
Dec. 27, 1916. showing separately loans made to hanks and bankers, loans made to borrowers who keep deposit accounts with the lending banks,
loans made to those who keep no deposit accounts, and loans placed for account of correspondents.
Loans placed for account of correspondents.
Num- Direct and
ber of indirect loans
banks. to banks.

Cities.

Boston..
.
Bridgeport
Fall River
Hartford
. .
Lawrence
Lowell... .
Lynn
Manchester, N. H
New Bedford
Providence
Sonierville... .
Springfield
Waterbury .
Worcester
New Haven

*
. . ...

New England States...
Albany
Baltiniore .
Brooklyn
Buffalo..
Caniden
.
Elizabeth
Erie
Hoboken
Jersey City
Newark
New York
Paterson *
*
Philadelphia
Pittsburgh
Reading

,
.

10 $7,667,701.38
3
163,914.19
4
4
5,500.00
1
4
3
3
3
7 |
1 !
4!
3 i
3
290,000.00
6 |
15,000.00

$295,041.67

295,041.67

141,068,071.72

3
12
5
2
3
1

46,721.44
889,000.17

18,464,539.25
57,727,697.47
10,618,868.56
51,667,637.75
6,275,147.75
2,142,527.35
4,642,513.99
4,761,015.52
6,327,986.24
39,796,462.20
794,078,973.30
5,523,235.62
186,266,380.18
115,437,013.56
7,360,834.98

10,181,713.14
14,168,860.28
6,240,721.80
7,251,510.81
1,776,146.53
573,065.00
17,779.00
2,139,899.11
1,843,917.89
6,137,620.15
718,831,972.62
718,033.78
112,908,095.11
52,664,844.86
3,372,403.02

118,426.84
54,222,441.07

30
18
7

5,480,969.94
93,823.00
25,000.00

$5,464,265.90

$88,763,978.76
1,675,341.97
1,459,176.88
15,463,968.00
182,268.48
1,717,714.58
2,677,446.70
1,558,451.87
919,249.62
12,447,519.60
855,502.97
3,463,372.39
1,934,055.85
6,033,567.00
1,916,457.05

298,921,100.93

9
33

Other loans,
including
foreign
loans*

$184,588,069.95
9,222,905.71
7,691,042.04
19,034,081.13
580,393.11
3,652,745.06
4,419,761.29
2,726,524.03
8,335,314,77
14,664,701.17
167,674.80
14,447,375.15
4,572,919.76
11,321,913.68
13,495,679.28

8,042,115.57

3




Direct to individuals, etc.,
who keep no
deposit.

59

o

... .

Direct to individuals, etc.,
who keep
deposit.

Securities,
etc., purchased from
banks with
agreement
to resell.

30,270.00
2,239,498.53

90,897*66

1,072,442.89
874,910.00
20,000.00
9,792,284.88
1,925.96
1,472,017.50
360,812.36
1,507,359.78
60,000.00
894,550.00

56,919,046.36
121,393.93
2,740,501.30
169,794.36

Total loans.

for na- Placed for
Placed for na- Placed banks correspondtional banks tional of
ent State
outside
in reserve or reserve and
banks and
central retrust
central reserve cities. serve cities. companies.

$286,679,057.66 $2,521,700.00 18,892,106.00 $11,355,900.00
10 898 247 68
9,344,403.11
20,000.00
36,743,047.66
762,661.59
5,370,459.64
7 097 207 99
4,375,873.46
9 254 564.39
27,112,220. 77
1,023,177.77
18,983,190.43
7,381,885.61
17 645 480 68
15,447,136.33
458,118,614.77 1 2,521,700.00

6,892,106.00

3
til
o
o

S
H
W
O

5

11,375,900.00

28,692,973.83
72,787,483.88
1,133,700.00 3,082,187.10
1,216,840.00
18,331,607.86
58,919,148.56
85,000.00
110,000.00
8,412,106.64
2 715 592 35
0,167,652.77
6 900 914 63
8,231,904.13
46,052,509.19
1,624,946,983.35 108,955,874.36 18,300,504.08 142,239,686.38
6,362,723.33
307^395,946.53
742,500.00 4,581,301.00
4,441,045.95
168,195,681.42
10,928,032.30
I
-

0

to

o

Classification of loans (including paper bought) made by 522 national banhs in all reserve and other cities having a population of over 75,000, as of
Dec. 27, 1916, showing separately loans made to banks and bankers, loans made to borrowers who keep deposit accounts with the lending banhs, o
to
loans made to those who keep no deposit accounts, and loans placed for account of correspondents—Continued.
Loans placed for account of correspondents.

Cities.

Direct to individuals, etc.,
who keep
deposit.

Direct to individuals, etc.,
who keep no
deposit.

$22,958,274.75
1,233,631.63
11,580,470.90
13,727,069.95
9,193,486.86
8,208,677.93
12,656,318.77
27,199,345.77
4,839,296.40
2,502,083.22
2,076,931.90

$2,354,430.18
292,508.43
6,719,045.31
3,850,814.04
1,248,071.45
2,333,448.04
641,570.45
3,284,134.22
1,055,665.61
1,125,344.67
115,904.88

62,309,710.95 1,427,266,421.80

981,847,580.38

Num- Direct and
ber of indirect loans
banks. to banks.

Rochester
Schenectadv
Scranton
Syracuse
Trenton
Troy
Utica
Washington
Wilkes-Barre
Wilmington
Yonkers
Eastern States
Atlanta
Birmingham
Charleston
Chattanooga
Dallas
Fort Worth
Galveston . .
Houston
Jacksonville
Louisville
Memphis .
Nashville
New Orleans
Norfolk
Richmond .
San Antonio
Savannah
Waco . .
Southern States




3
2
5
5
3
5
3
13
4
3
2
181

Securities,
etc., purchased from
banks with
agreement
to resell.

$99,745.00
1,098,615.00
232,968.49
2,000.00

5
2
5
2
4
5
2
6
3
7
4
5
4
4
8
8
2
5

536,509.33
313,142.51
151,572.58
456,239.98
630,639.92
533,674.98
60,000.00
377,197.38
1,704,607.81
861,260.68
571,207.11
808,406.89
721,975.12
191,800 00
746,376.64
442,821.44
186,677.13
234,420.20

32,313,893.61
10,717,124.36
9,500,474.85
13.564.119.18
32;083;493.97
15,687,815.47
4,057,666.66
36,005,453.99
14,490,436.59
27,117,693.90
12,169,047.21
16,600,480.32
30,374,220.14
13,193,090.10
42,271,084.62
10,330,705.95
3,826,772.45
6,940,876.46

2,267,541.06
2,231,564.29
820,662.28
260,000.00
3,418; 735.45
4,428,626.90
475,000.00
3,381,648.80
2,327,504.00
3,950,656.36
757,880.30
1,155,384.06
1,130,072.09
303,601.30
10,940,999.52
3,853,024.29
366,346.17
175,931.82

81

9,528,529.70

331,244,449.83

42,245,178.69

Other loans,
including
foreign
loans.

$1,713,364.22
699,090.62
12,694.00
236,216.00
1,920,292.77
134,000.00

$894,550.00

475,046.49
552,662.62
383,969.93
400,000.00
76,648.38
2,525,986.95
74,562.50
203,429.45

23,500.00

$27,026,069.15
1,526,140.06
18,399,261.21
18,276,974.61
11,540.173.31
10,554,819.97
13,534,105.22
32,636,741.25
6,030,962.01
3,627,427.89
2,192,836.78

Placed for national banks
in reserve or
central reserve cities.

Placed for na- Placed for
tional banks correspondent State
outside of
banks and
reserve and
trust
central reserve cities. companies.

$25,000.00

$33,500.00

$177,824.65

45,910.85

o
o
j
H
O

68,068,509.16 2,520,386,772.29 110,865,574.36 26,226,816.83 148,078,483.18

30,000.00

23,500.00

Total loans.

4,722,306.32

35,117,944.00
13,261,831.16
10,502,709. 71
14,280,359.16
36,607,915.83
21,202,779.97
4,976,636.59
40,164,300.17
18,522,548.40
31,953,110.94
13,574,783.00
18,564 271.27
32,226,267.35
16,214,478.35
54,033,023.28
14,829,981.13
4,379,795.75
7,351,228.48
387,763.964.54

4,000.00

25,000.00

O

94,000.00

509,523.88
23,000.00

2,816,443.00

623,431.00

658,001.28
68,000.00
1,500.00
1,939,866.55

125,000.00

96,987.56

1,284,954.86

2,789,355.39

2,910,443.00

d
3
a

g
o
^
o
|
0
d
W
ti
H*
Y1
1
<
2
I
I
£

Akron
Cincinnati
Cedar Rapids
Chicago
Cleveland
Columbus
Dayton
Des Moines
Detroit
Dubuque
Duluth
Evansville
Fort Wayne
Grand Rapids
Indianapolis
Kansas City, Mo
Milwaukee
Minneapolis
St. Joseph
St. Louis
St. Paul
Sioux City
Toledo
Youngstown

2,200,885.21
1,373,398.87
14,361,231.31
1,041,129.82
313,520.00
50,000.00
3,470,013.79
810,353.39
66,413.33
320,166.47
376,075.61
92,068.94
131,899.72
520,524.55
21,191,493.95
1,016,623.16
3,357,328.16
1,762,949.56
5,765,277.43
2,822,009.31
3,837,030.50
214,967.00

9,410, 828.21
51,888' 619. 79
5,262, 499.78
314,86i; 849. 89
67,517:,049.48
18,618! 060.20
8,674' 571.43
10,945; 147.14
38,252, 813.07
1,458. 397.26
21,75i: 966.94
7,293: 299. 23
7,46i; 770. 85
11,288: 054. 86
30,384: 713.97
53,980: 500. 27
48,893'.307.64
79,578; 900.02
6,834. 877.61
75,778; 103.47
43,647, 906.61
7,719. 554.84
23,789, 499.02
14,055, 697.30

1,270,450.67
169,076.02
12,229,923.56
275,000.00
5,790,173.40
2,502,273.25
219,124.44
135,113,437.88
765,277.89
27,076,367.20 3,822,747.38
3,617,879.82
25,000.00 1,442,003.92
1,181,069.44
1,746,275.95
5,925,519.37
38,000.00 11,519,563.41
1,083,529.95
6,149,903.03
43,609.95
24,"366.*3i
4,130,579.32
11,079.00
386,125. 22
2,657,137.01
2.578,942. 86
1,411,600.42'
6,024,752.03
' 912,929. 79
76,834.90
30,221,743.18
6,737,009.03
7,411,302.87
' "33," 666." 66'2,481,324.76
5,906,028.58
6,578,023.75
6,720,614.65
205,166.14
51,327,958.61
16,096,488.10
3,000.00
2,705,980.66
3,850.00
4,075,809.85
200,000.04
1,786,655.00

65,125,360.08

959,347,988.88

342,828,522.99

5 "•27234,517.55
2
1,441,438.66
4
1,816,295.61
4
537,160.32
6
1,962,688.71
9
7,696,847.71
2
2,127.00
3
222,616.00
3
2,078,216.35

23,811. 246.98
1,665 971. 71
6,633 683.01
4,406: 750.40
12,752: 594.17
36,68L 779. 92
2,368,376.99
2,327,815. 22
5,593 425.45

8,569,007.24
1,600,621.41
1,918,297.85
2,309,594.43
2; 135,476.26
16,111,332.04
872,276.05
634,576.93
3,287,770.83

17,991,907.91

'6,241,643.85

37,438,953.04

12,217,362.99

496,083.79

54,275,708.80
9,609,063.65
22,913,470.69
11,047,387.30
106,997,526.97
19,599.693.18
12,024,785.76
4,612,850.63

4,966,403.87
1,430,097.48
7,660,265.49
4,522,719.71
34,748,530.48
5,647,268.67
6,010,438.80
537,167.40

1,902,121.95
21,000.00
500,000.00
68,365.05
5,100.00 1,307,275. 92
18,343,720.45
3,158,328.28

Middle States.
Denver
Kansas City, Kans.
Lincoln
Muskogee
,
Oklahoma City
Omaha
,
Pueblo
Topeka
Wichita

124

Western States..
Los Angeles
Oakland
Portland
Salt Lake City.
San Francisco..
Seattle
Spokane
Tacoma

38

Pacific States
Total, United States.




411.240.84
314; 508.98
735,560.30
184,560.00
207,100.00
39

2,349,053.91

241,080,486.98 | 65,522,891.90

522 165,346,678.12 3,354,102,092.27 |1,590,951,198.72

4,445,321.69

35,440,663.93 1,407,187,857.57
9,599,597.51
58," 870." 06
1,944,403.72
" 614,491.70

73,465.05

10,681,278. 88
66,488,504. 58
12,701,072.05
467,057,916. 77
100,222,571.77
24,016,463. 94
9,905,640.87
16,161,436.88
56,546,249. 24
2,608,340.54
28,290,012.70
11,811,033.16
10,597,102.02
15,410,497.86
37,919,755.24
112,130,746.43
59,865,558.43
95,420,280.51
15,318,441.82
133,076,505.65
62,569,404.02
14,266,416.00
28,280,275.91
15,842,352.30

25,232,446.60

5,731,878.41 155,473,573.8

21*475.00

3,126,937.68

3,011,500.00

3 725,575.00
69,793.35

1,275,500.00
45,000.00
2,999,793.05
184,631.92
119,800.00

197,100.00

60,200.00
20,000.00

42,800.00
48,500.00

7,500.00

120,000.00

200,000.00
340,363.64
140,000.00
1,449,766.58

71,000.00
53,200.00
339; 832.95
370,000.00
49,599.62
2,727,617.13

93,500.00
73,800.00
488, 878. 50
297,000.00
45,000.00
109,698.39
1,140,203.66
40,000.00

6,000.00

7,142,105.52

44,214, 369. 28
4,708: 031. 78
10,427. 146.53
7,253: 505.15
16,850' 759.14
62,434 363.39
3,242,'780.04
3,799. 499.85
10,959: 412. 63
163,889,867.79

__:::

73,000.00

73,000.00

H

o

p
w

640,318.41
060,161.13
75,000.00
553,342.07 1,005,000.00
198,991.91
825,338.20
• 850.13
,
25,000.00
242,324.56
150,018.03
334,258,344.44

o
o

18,000.00

5,360,205.22 10,627,255.73

W

1,105,000.00

123,034.77
183,250.00
237,500.00

144,600.00
760,000.00
185,000.00

303,042.95
248,400.00

386,004.00
299,300.00
199,100

1,095,227.72

o
w

l,974,004.<00

5,271,605,421.40 122,835,922.67 46,126,361.14 171,359,848.09

to

o

CO

Classification of loans (including paper bought) made by 522 national banks in all reserve and other cities having a population of over 75,000, as of *$
Dec. 27, 1916, showing separately loans made to banks and bankers, loans made to borrowers who keep deposit accounts with the lending banks, loans
made to those who keep no deposit accounts, and loans placed for account of correspondents—Continued.
Loans placed for account of correspondents.

Cities,

Num- Direct and
ber of indirect loans
banks.
to banks.

Direct to individuals, etc.,
who keep
deposit.

Direct to individuals, etc.,
who keep no
deposit.

Securities,
etc., purchased fFom
banks with
agreement
to resell.

Other Joans,
including
foreign
loans.

Total loans.

for na- Placed for
Placed f QT na- Placed banks correspondtional banks tional
outside of
ent State
in reserve or reserve and
banks and
centra} re*
central retrust
serve cities. serve cities. companies.

s

RECAPITULATION.

New England States
Eastern States
Southern States
M#die States
Western States
Pacific States
Total, United S t a t e s . . .




59
181
81
124
38
39

$8,042,115.57 $298,921,100.93
62,309,710.95 1,427,266,421.80
9,528,529.70 331,244,449.83
65,125,360.08 959,347,988.88
96,241,643.85
17,991,907.91
241,080,486.98
2,349,053.91

522 165,346,678.12 3,354,102,092.27

$295,041.67
$141,068,071.72
894,550.00
961,847,580.38
23,500.00
42,245,178.69
342,828,522.99 4,445,321.69
37,438,953.04
65,522,891.90 """73," 465.' 05"
1,590,951,198.72

$9,792,284.88 $458,118,614.77 $2,521,700.00 $6,892,106.00 $11,375,900.00
68,068,509.16 2,520,386,772-29 110,865,574.36 26,226 816.83 148,078,483.18
4,722,306.32
2,910,443.00 1,284,954.86 2,789,355.39
387,763,964.54
35,440,663.93 1,407,1,87,857.57 5,360,205.22 10,627,255.73 7^42,105,52
12,217,363.99
73,000,QO
163,889,867.79
25,232,446.60 334,258,344.44
1,105,000.00 1,095,227.72 1,974,004.00

Q

5,731,878.41 155,473,573.88 5,271,605,421.40 122,835,922.58 46,126,361.14 171,359,848.09
"
W

o
d
o
X

g

EXHIBIT P.
All loans made by the 522 national banks in all reserve and other cities having a population of over 75,000, as of December 27, 1916, arranged according
to location of borrowers in each geographical division.

Cities.

Num- New England
ber of
Eastern States.
States.
banks.

Boston.. . •
Bridgeport
Fall River
Hartford
Lawrence
Lowell
Lynn
Manchester, N. H.
New Bedford
New Haven
Providence
Somerville
Springfield
Waterbury
Worcester
New England States
Albany
Baltimore
Brooklyn...
Buffalo
Camden, N. J...
Elizabeth, N.J..
Erie, Pa
Hoboken, N. J..
Jersey City
Newark
New York
Paterson, N. J . .
Philadelphia....
Pittsburgh
Reading
Rochester
Schenectady
Scranton
Syracuse
Trenton
Troy, N. Y




Total United
States (exclusive of Alaska
and Insular
Possessions)

Alaska, Icsular Possessions, and
foreign
countries.

$283,351,671.52
10,898,247.68
, ,
9,344,403.11
36,733,047.66
, 732,661.59
'5,370,306.64
7,067,207.99
4,340,873.46
9,239,189.39
15,427,136.33
27,112,220.77
1,023,177.77
18,900,273.77
7,341,885.61
17,406.980.68
454,289,283.97

$3,327,386.14

657,973.83
786,783.88
306,607.86
* 55," 666." 66
507,241.56
404,684.68
"46," 666." 66
715,592.35
167,652.77
'" 15," 800." 66'
"""*i6,'76i."08
890,914.63
345,000.00
50,000.00
43,850.00
,231,904.13
45, 801,323.40
42,100.00
1,074,098.90
82,000.00
145,498,354.49 14,894,593.76 11,911,249.10 1,524, 967,646.46
6, 362, 723.33
40,000.00
21,900,682.22
1,414,300.84
1,260,400.00 292, 936,486.02
9,919,681.71
231,658.11
137,478.38
166, 920,358.30
574,844.28
10, 815,219.96
35,500.00
55,000.00
162,663.62
27, 011,069.15
6,184. 72
1. 521,079.15
700.00
18, 318,261.21
1,437,700.00
577,900.00
527,300. 00
18, 256,974.61
532,600.00
179,051.18
65,000.00
11, 540,173.31
10, 321,641.79
95,795.36
3,227.81
36,341.29

Southern
States.

Middle
Western
States.

Western
States.

Pacific
States.
$1,574,120.54

$203,701,098.70
10,087,399.61
9,149,808.09
29,000,177.37
718,557.21
4,945,833.29
6,621,937.99
4,142,110.37
8,821,980.77
14,578,582.52
20,943,820.39
1,023,177.77
16,883,610.70
6,355,889.67
14,777,988.59

$34,237,134.99
774,371.57
74,445.02
2,900,264.31
10,050.00
154,193.53
310,270.00
10,000.00
100,300.00
668,153.81
2,432,700.16

$9,567,238.80
8,043.20
10,150.00
1,217,612.91
1,939.38
10,000.00
65,000.00
14,981.25
7,350.00
111,400.00
362,136.19

$32,847,020.64
28,433.30
105,000.00
2,842,793.07
2,000.00
211,879.82
65,000.00
120,181.65
200,000.00
54,000.00
2,715,377.20

$1,425,057.85

1,173,297.69
861,995.94
761,760.88

326,300.62
44,000.00
585,130.67

449,443.45
65,000.00
1,007,800.53

40,000.00
5,000.00
95,607.89

27,621.31
10,000.00
178,692.12

351,751,973.04

44,468,937.90

12,331,283.02

40, 713,929.66

2,574,627.31

2,448,533.04

578,329.09
193,029.91
27,306,133.73
33,090.00
6,286,293.24
65,007,127.21
748,483.13
148,000.00
16,235,124.73
538,305.00
380,516.40
49,815,447.66
446,720.69
70,000.00
7,702,963.99
9,000.00
2,706,592.35
5,730.00
6,135,361.69
143,372.75
6,200,691.88
108,000.00
52,600.00
8,179,304.13
459,559.17
818,683.00
43,324,882.33
70,272,343.45 1,159,628,043.08 122,763,062.58
35,575.00
95,000.00
6,192,148.33
8,871,706.25 243,945,009.37 15,544,387.34
3,295,416.97
2,331,586.62 151,004,536.51
228,599.69
174,379.37
9,746,896.62
26,848,405.53
5,100.00
3,000.00
1,506,094,43
1,765,725. 72
407,155.00
13,602,480.49
334,900.00
121,800.00
17,023,623.43
120.00
11,540,053.31
116,444.69
10,066,661.15
3,171.49

570,481.10
1,348,573.58
920,000.00
7,633,022.50
130,000.00

*"*473," 766*66'
5,000.00
43,675.19
60,000.00
10,000.00
416,586.38

5,000.00
111,699.85
200,000.00
139,950.00
15,000.00

5,000.00
298,500.00
115.00
48,400.00
9,925.00
49,558.62
5,000.00
241,600.45

5,000.00

Grand total.

82,916.66
40,000.00
238,500.00

$286,679,057.66
10,898,247.68
9,344,403.11
36,743,047.66
762,661.59
5,370,459.64
7,097,207.99
4,375,873.46
9,254,564.39
15,447,136.33
27,112,220.77
1,023,177.77
18,983,190.43
7,381,885.61
17,645,480.68

3,829,330.80

28,692,973.83
72,787,483.88
18,331,607.86
58,919,148.56
8,412,106.64
2,715,592.35
6,167,652.77
6,900,914.63
8,231,904.13
46,052,509.19
1,624,946,983.35
6,362, 723.33
307,395,946.53
168,195,681.42
10,928,032.36
27,026,069.15
1,526,140.06
18,399,261.21
18,276,974.61
11,540,173.31
10,554,819.97

8

458,118,614.77

35,000.00
700.00
25,000.00
411,907.00
7,421.96

d

o

10,000.00
30,000.00
153.00
30,000.00
35,000.00
15,375.00
20,000.00

10,000.00
251,185.79
99,979,336.89
14,459,460.51
1,275,323.12
112,812.40
15,000.00
5,060.91
81,000.00
20,000.00
233,178.18

a
o

P

521
0
K

to

All loans made by the 522 national banks in all reserve and other cities having a population of over 75,000, as of December 2
1916, arranged according to
to location of borrowers in each geographical division—Continued.
o
Cities.

Utica
Washington, D. C
Wilkes-Barre
Wilmington
Yonkers, N.Y
Eastern States
Atlanta
Birmingham
Charleston, S. C.
Chattanooga
Dallas...
Fort Worth
Galveston
Houston
Jacksonville
Louisville
Memphis
Nashville
New Orleans
Norfolk.
Richmond
San Antonio
Savannah
Waco
Southern States...
Akron, Ohio
Cincinnati
Cedar Rapids, Iowa
Chicago
Cleveland
Columbus, Ohio
Dayton
DesMoines
Detroit
Dubuque
Duluth. Ind
Evansville,
Fort Wayne, Ind

Num- New England
ber of
Eastern States.
States.
banks.

Southern
States.

Middle
Western
States.

Western
States.

Pacific

States.

Total United
States (exclusive of Alaka
and Insular
Possessions).

Alaska, Insular Possessions and
foreign
countries.

$13,368,261.22
32,410,810.50
5,955,962.01
3,627,427.89
2,192.836.78

$165,844.00
225,930. 75
75,000.00

Grand total.

o
3
13
4
3
2
181

$30,000.00
12,152.66

$13,328,757.02
31,467,312.44
5,946,962.01
3,256,427.89
2,131,336.78

10,000.00

5,000.00

85,359,092. 41 1,939,848,378.09 152,973,702.97

192,644,326.56

17,863,024.30

360,000.00

15,000.00
134,171.75

1,276,987.45
275,000.00
31,000.00
340,000.00
150,500.00
1,825,338.56
55,000.00
200,200.00
433,848.45
15,000.00
581,133.00
240,000.00

212,153.74
53,246.22
47,969.00
5,000.00

980,000.00
214,900.46

9

260,000.00
898,205.58
55,000.00
475,000.00
792,197.40
383,229.00
684,912.22
300.00
9,500.00
460,000.00
317,440.80
3,160,485.80
1,421,250.00

50,000.00
40,000.00
50,000.00
70,000.00

115,000.00
10,000.00

81

335,000.00

2
8
2
10
7
8
7
4
3
3
4
3
4

100,500.00
386,188.29
85,000.00
14,599,040.02
1,400,000.00




$31.50
10,585.00

33,500.00
15,000.00

75,000.00
6,500.00

5
2
5
4
5
2
6
3
7
4
5
4
4
8
8
2
5

$3,722.70
7,671.23

$5,750.00
141,633.00
9,000.00
247,500.00
40,000.00

450.00
108,125. 77
300. 00
80,000.00

2,530.66

$771,456.17

33,580,552.75
12,781,508.95
10 502 709.71
14,020,359.16
33,915,796.56
20,777,400.01
4,422,667.58
39,016,102.77
17,915,510.40
29,347,860.16
13,519,483.00
18,354,290.67
30,871,602.35
15,882,037.55
49,495,796.45
13,123,731.13
4 379,795.75
7,351,228.48

10,112,421.26 369,258,433.43
53,719.37
1,404,012.37
289,600.00
36,475,970.82
6,630,869.00
1,462,492.54
63,154.54
4,412,811.07

2,799.00
4,924,042.71
280,000.00
26,498,750.81
874,685.56
116,254.14
17,409.44
273,473.44
379,164.82

1,457,726.83
107,373.00
90,286.30

58,500.00
639,396.05
17,183.40

10,000.00

$13,534,105.22
32,636,741.25
6,030,962.01
3,627,427.89
2,192,836.78

n

14,309,086.45 2,402,997,610.78 117,389,161.51 2,520,386,772.29

54,772.50
2,133.75

i," 666." 66*
8,000.00
15,000.00
280.60

373,057.00
10,000.00
20,000.00

45,000.00
5,000.00

5,784,007.46

880,597.71

131,186.85

10,367,972.16
58,873,256.78
11,925,669.55
361,393,500.69
90,222,489.20
22,074,491.09
9,811,810.66
15,027,280.36
51,145,073.32
2,551,220.54
25,685,403.59
11,029,857.86
10,468,814.38

255.00
191,796.54
95,802.50
13,510,012.13
642,366.79
144,976.17

5,857.30
107,471.38
15,000.00
6,628,429.21
203,587.38

860,683.08
39,940.30 "***i36,'294.*24"
11,500.00
40,320.00
128,507.11
757,592. 24
24,000.00
10,306.25
5,025.00
2,707.44

34,935,552.75
13,130,581.16
10,502,709.71
14,280,359.16
36,407,915.83
21,202,779.97
4,976,636.59
40,154,300.17
18,507,239.40
31,953,110.94
13,574,783.00
18,564,271.27
32,138,507.80
16,214,478.35
53,407,415.25
14,819,981.13
•4,379,795.75
7,351,228.48
386,501,646.71

182,391.25
131,250.00
200,000.00

io," 666." 66"
15,309.00

87,759.55
625,608.03
10,000.00

1,262,317.83

10,531,102.83
150,176.05
65,886,768.07
601,736.51
12,691,072.05
10,000.00
459,105,703.68
7,952,213.09
99,973,997.93
248,573.84
23,798,213.94
218,250.00
9,892,824.64
12,816.23
16,161,436.88
58,221,409.52 *"**324,"839.*72"
2,603,340.54
5,000.00
28,167,729.77
122,282.93
11,810,933.16
100.00
10,586,546.52
10,555.50

35,117,944.00
13,261,831.16
10,502,709.71
14,280,359.16
36,607,915.83
21,202,779.97
4,976,636.59
40,164,300.17
18,522,548.40
31,953,110.94
13,574,783.00
18,564,271.27
32,226,267.35
16,214,478.35
54,033,023.28
14,829,981.13
4,379,795.75
7,351,228.48
387,763,964.54
10,681,278.88
66,488,504.58
12,701,072.05
467,057,916.77
100,222,571.77
24,016,463.94
9,905,640.87
16,161,436.88
56,546,249.24
2,608,340.54
28,290,012.70
11,811,033.16
10,597,102.02

o
o
H
W

o
r
fed

o

a

o
Kj

Grand Rapids
Indianapolis
Kansas City, Mo
Milwaukee
Minneapolis
St. Joseph, Mo
St. Louis
St. P a u l . . .

Sioux City, Iowa
Toledo
Youngstown, Ohio
Middle States
Denver
Kansas City, Kans
Lincoln, Nebr
Muskogee, Okla
Oklahoma City, Okla...
Omaha
Pueblo, Colo
Topeka, Kans..
Wichita, Kans
Western States....
Los Angeles
Oakland, Cal
Portland, Oreg
Salt Lake City
San Francisco
Seattle
Spokane
Tacoma

3
6
12
5
4
4
7
5
6
4
3

11,000.00
428,049.48
648,022.50
360,000.00
25,000.00
665,300.00
4,410,800.00
211,002.02
20,000.00
4,699.25
67,000.00

124

23,613,007.33

5
2
4
4
6
9
2
3

457,500.00
20,000.00

172,334.48
213 235 1Q f
1,672,826.66
530,376.03
4,397,420. 00 16,967,567.27
1,044,300.00
105,665.21
766,171.38
853,469.94
251,805.01
13,621,078.60 20,530,966.80
674,366.90
171,000.00
450.00
4,450.00
602,375. 40
40,000.00
968,300.00

77,220,659. 26 72,897,174.88 1,133,777,952.26

31,411.63

2,216,444.03
10,000.00
25,000.00
450.00

582,767. 51
35,000.00

3,416,118.97
160,000.00

3

75,000.00

105,000.00

346,473.65
503,224.44
107,848. 41
221,909.41
2,776, 748.33
1,330,783.17
64, 734. 55
122,970. 77
1,357,966.56

38

1,201,679.14

5,933,013.00

6,832,659.29

9
2
4
6
9
5
3
1

Pacific States

39

United States

522

66,579.93
14 KV, nis s(>
213,401.3S
34,390,355.23
58,002,592.94 30,480,361.83
200,000.00
57, 738, 758. 22
86,078,134. 58 6,967,677. 26
1,392,471.92
12,005,394.95
5,187,522.29
88,303,187.96
8,405,974.36
49,602,026.68
10,108,819. 24 4,099,667.47
28,500.00
27,351,176.16
27,500.00
14.704.652.30
73,366,414.88

91,334.44
188,946. 75
1,030,396.10
234,435.00
556,905.94
45,000. 00
607,950.00
2,597,334.06
37,479. 29
89,075.00
34,900. 00

ir, A\n 407 CK
37,423,955. 53
111,526,360.64
59,683,158. 43
94,393,889.16
15,273,441.82
132,661,505. 65
61,661,704.02
14,266', 416.00
28,080,275.87
15,842,352.30

12,779,428.20 1,393,654,636.81

2,941,671.20 37,807,024.54
749,016.60 3,415,790.74
1,043,691.58 9,225,606. 54
360,354. 24 6,536,997.12
34,930.00 14,039,080.81
7,655,103.12 47,837,093. 74
188,236.25 2,737,929.24
340,700.16 3,331,828.92
1,362,218.43 8,023,227.64

1,279,496.88
21,880. 00
4,000. 00
36,000. 00

44,052,891.24
4,698,031.78
10,402,146.53
7,152,880.15
16,850,759.14
62,101,363.39
3,207,780.04
3,799,499.85
10,959,412.63

14,675,921. 58 132,954,579.29

1,026,912.45

163,224,764.75

51,187.25
25,000.00
1,380.000.00
790,150.00
1,379,082.08
554,000.00
255,000. 00
10,000.00

897,758.15
30,000.00
2,141,792.87
654,885.00
12,854,067.60
1,338,861.16
1,165,050.00
3,500.00

54,035.00
10,000. 00
505,000.00
11,000.00
1,039,012.18
567,500.00
430,000.00

1,505,900.00
50,000.00
2,329,760.00
650,714.82
7,621,364.99
2,508,999.75
2,060,117.00
52,000.00

4,444,419.33

19,085,914.78

2,616,547.18

16,838,856.56

283,777. 82
1,757.75

495,799.-71
604,385.79
182,400. 00
1,026,391.35
45,000.00
415,000.00
907,700.00
200,000.04

15,410,497.86
37,919,755.24
112,130,746.43
59,865,558.43
95,420,280.51
15,318,441. 82
133,076,505.65
62,569,404.02
14,266,416. 00
28,280,275.91
15,842,352.30

13,533,220.76 1,407,187,857.57
161,478.04
10,000.00
25,000. 00
100,625.00
333,000.00
35,000.00

44,214,369.28
4,708,031. 78
10,427,146. 53
7,253,505.15
16,850,759.14
62,434,363.39
3,242,780.04
3,799,499. 85
10,959,412.63

665,103.04

163,889,867.79

58,916,500.51
10,870,161.13
24,951,539.20
12,471,436.49
135,540,883. 61
22,561,941.01
13, 780.410. 88
5 084'518.03

61,491,380.91
10,995,161.13
31,552,842.07
17,194,418.92
158.964,388.16
28,151,512.45
18,162,074.56
5,150,018.03

148,937.50
65,000.00
500.00
2,572.99
1,860,950.04
438,337.68
80,250.00

61,640,318.41
11,060,161.13
31,553,342.07
17,196,991.91
160,825,338.20
28,589,850.13
18,242,324. 56
5,150,018. 03

4,498,667. 52 284,177,390.86

331,661,796.23

2,596,548.21

466,705,171.25 2,096,069,324.29 616,909,800.77 1,404,434,994.08 232,137,911.»01 315,472,537.85 5,132,329,739.25 139,275,682.15 5,271,605,421.40

59 $351,751,973.04
$44,468,937.90 $12,331,283.02
$40,713,929.66 $2,574,627.31
181 85,359,092.41 1,9
152,973,702.97
192,644,326. 56 17,863,024. 30
5,784,007.46
81
335,000.00
10,112;421.26 309,258,433.43
880,597.71
77, 220,659.26 72,897,174.88 1,133,777,952.26 73,366,414. 88
124 23,613,007.33
14,675,921. 58 132,954,579. 29
1,201,679.14
5, 933,013.00 6,832,659.29
38
16,838,856.56
4,444,419.33
19, 085,914.78 2,616,547.18
4,498,667.52
39
522




o
hrj

H

w
o
o
H

w
o

334,258,344.44

66,000.00
10,000.00
244,750. 00
2,616,232. 61
529,977. 70
560,210. 53
471,496. 68

RECAPITULATION.

New England States.
Eastern States
Southern States
Middle States
Western States
Pacific States
Total

n
o
w

$2,448,533.04 $454,289,283.97 $3,829,330.80 $458,118,614.77
14,309,086. 45 2,402,997,610.78 117,389,161. 51 2,520,386,772.29
1,262,317.83 387,763,964.54
131,186.85 386,501,646.71
12,779,428.20 1,393,654,636.81 13,533,220. 76 1,407,187,857.57
1,626,912.45 163,224,764. 75
665,103. 04 163,889,867. 79
284,177,390. 86 331,661,796.23
2,596,548.21 334,258,344.44

466,705,171.25 2,096, C69,324.29 616,909,800. 77 1,404,434,994.08 232,137,911.01 315,472,537.85 5,132,329,739.25 139,275,682.15 5,271,605,421.40

o

o
d
w
w

EXHIBIT Q.
Deposits heldy Dec. 21?1916, by the 822 national banks in all reserve and other cities having a population of over 75,000, for the credit of other banks—State
and national—and trust companies, arranged by geographical divisions.
Number of
banks.

Cities.

Boston....
Bridgeport
FallKiver
Hartford
Lawrence
Lowell
Lynn
Manchester, N. H
New Bedford
Providence
Somerville
Springfield
Waterbury
Worcester
New Haven

1

New England States

New
England
States.




Southern
States.

Middle
Western
States.

Western
States.

$52,943, 881.78 $6,665,132.94 12,899,810.59 111,544,161.93 $1,467,350*06
147,803.72
1,172, 680.28
4,360.59
5,329.99
585, 020.99
50.00
125,310.48
1,433, 935.04
359.63
10,821.24
144, 408.51
349, 860.64
163,442.17
305, 459.63
182.59
365.95
1,230, 582.39
18,408.53
48,580.77
437, 612.94
1,695.47
1,390, 591.60
52,713.08
5,910.59
200, 112.50
35,220.92
1,463, 710.21
' "2,676." i6"
541, 473.96
1,926.29
1,406, 312.99
769, 141.05
46,590.54
59 64,374,784.51
•"•

Albany
Baltimore
Brooklyn
Buffalo
Camden, N. J
Elizabeth, N. J
Erie, Pa
Hoboken, N . J
Jersey City
Newark
New York
Paterson, N.J
Philadelphia
Pittsburgh
Reading
Rochester
Schenectady
Scranton
Syracuse
Trenton

Eastern
States.

•

•- • -

7,262,787.32

Pacific
States.
$3,216,693.23

2,899,860.59 11,607,384.96

1,478,171.30

3,216,693.23

1,204,626.56
3,283,299.97
1,477.37
2,413,196.10

426 990.75

228,193.47
206,660.80

Total United
States (exclusive of Alaska
and Insular
Possessions).

Alaska, Insular Possessions, and
foreign
countries.

Grand total.

$78,737,030.53 $3,157,881.64
1,320,484.00
594,761.57
1,570,426.39
144,408.51.
513,302.81
306,008.17
1,297,571.69
439.308.41
1,449,215.27
200,112.50
1,501,607.23
543,400.25
1,406,312.99
815,731.59

$81,894,912.17
1,320,484.00
594,761.57
1,570,426.39
144,408.51
513,302.81
306,008.17
1,297,571.69
439,308.41
1,449,215.27
200,112.50
1,501,607.23
543,400.25
1,406,312.99
815,731.59

3,157,881.64

to
o
00

I
O

93,997,563.55

90,839,681.91

m

a
o

R
H

r

.

5,767,156.01 22,447, 780,05
132,157.87 22,125, 425.79
5,483.19 6,118, 659.21
67,798.65 7,875, 005.44
541 431.48
81,598.63
356,581.85
38.91 1,343,541.79
2,014,756.74
i6,*(J65.i2' 6,828,956.23
54,130,082.49 396,289,944.96
1,075, 100.67
11,180,495.70 110,536, 800.63
89,089.54 73,946,342.81
376,330.01
30,473,39 2,955,283.31
2 543.15
1,677, 118.70
342,774.82
**i,277.3i
730,898.75

30,337.28
10,324,185.36
9* 968." 72

653.58

5,649.02

"408* 562.'49'

62,307.23
112,025.95
1,021.03
130,771,061.43 169,006,500.91 41,279,449.78 59,099,835.69
11,149,312.80 14,593,030.50
12,617,215.53 20,677,154.06
41,961.8
1,394.12

804,636.89
2,505, 795.24

2,796,174.97
2,319,593.71

30,105,084.12
130.141.92
30,235, 226.04
36,161,383.37
36,260, 335.16
98,951.79
6,125,619.77
6,125,619.77
10,780,180.42
11,100, 164.81
319,984.39
541,431.48
541,431.48
81,598.63
81, 598.63
356,581.85
356,581.85
1,843,580.70
1,343,580.70
2,014,756.74
2,014,756.74
7,017,273.52
7,017,273.52
850,576,875.26 249,528,729.74 1,100,105,605.00
1,075,100.67
1,075,100.67
151,060,451.49 3,231,031.65 154,291.483.14
112,155,190.89
406,407.60 112,561, ;.49
376,330.01
376,330.01
3,027,718.50
3,027,718.50
2,543.15
543.15
1,678,512.82
1,678^ 512.82
344,052.13
344, 052.13
730,898.75
730, 1.75

w

O

Troy,N.Y
Utica
Washington, D. C
Wilkes-Barre
Wilmington
Yonkers, N. Y
Eastern States...
Atlanta
Birmingham
Charleston, S. C
Chattanooga
Dallas
Fort Worth
Galveston
Houston
Jacksonville
Louisville
Memphis
Nashville
New Orleans
Norfolk
Richmond
San Antonio
Savannah
Waco
Southern States..
Akron, Ohio
Cincinnati
Cedar Rapids, Iowa
Chicago
Cleveland
Columbus, Ohio
Dayton
Des Moines
Detroit
Dubuque
Duluth
E vansville, Ind
Fort Wayne, Ind
Grand Rapids
Indianapolis
Kansas City, Mo
Milwaukee
Minneapolis
St. Joseph, Mo....
St. Louis
St. Paul




5
3
13
4
3
2

-955.90
10,700.47
3,616.15

1,101,805.24
971,868. 69
3,287,758.82 2,396,588.74
469,018 77
502,903. 53
173,149.46

305,945.51

181 71,429.390.70 664,173,379.53 167,343,046.81 211,597,256.93
5
2
5
2
4
5
2
6
3
7
4
5
4
4
8
8
2
5
81
2
8
2
10
7
8
4
3
3
4
3
4
3
6
12
5
4
4
7
5

19,685.81
3,147.71

1,220.14
54*686*50*

485,105.21
9,426,62
545,782.29
1,579.99
688.29
3,885.08
7,212.20
120,205.69
7,542.15
71,824.67
12,992.54
122,416.28
48,191.59
2,510,193.56
1,268.21

9,911,981.16
3,461,525.35
2,996,185.96
4,568,317.44
20,807,424.09
16,386,361.60
2,666,380.31
30,496,671.23
5,548,553.39
13,880,964.14
5,646,461.66
9,092,113.66
13,363,116.68
5,729,193.61
24,418,839.64
6,422,364.98
1,827,637.44
3,909,575.12

78,739.16

3,948,314.37 181,133,667.46

10,746.63

936. 83
390,252.72 12,902,266.71

2,907,926.86 18,470,126.77
202,906.61 4,594,597.34
4,094.40
166,412.31
6,870.06
621,452.00
3,510.50

2,867.70

654,386.96

i," 235." 87*
20,814. 56
257,355.31
25,474.99
36,203.72
99.94
4,319,212.74

68,420.54
3,967.32
19,501.65
20,050.93
23,008.61

48, 111. 66

416,780.05

118,224.94

41,735.63

39," 920." 04"
2,982,757.22
354,271.70
22,074.72
982,189.49

78,703.09

202,862.13

1,392.35

25,666.66"

8,' IOO! 00
2,918.45

613 721 21
23,899,764.27
11,578,969.17
17,695,319.90 217,632,254.14
856,457.69 51,115,413.47
87,285.48 6,821,629.14
516,349.10
14,453,175.33
98,009.86 20,591,394.62
1,655,636.25
3,813,467.23
926,016.94 2,822,719.06
2,180,609.22
4,514,011.30
54J45L93" 22,198,354.39
9,883,934.15 27,864,690.91
17,393. 57 23,264,322.25
13,873.52 24,633,839.21
18,142.27 6,743,510.24
33,791,067.01 54,640,310.27
22,186.12 13,112,817.37

1,075,784.47

1,102,761.14
971,868.69
7,541,669.72
469,018.77
506,519.68
173,149.46

45,163,184. 88 65,538,108.41 1,225,244,387.26 254,791,031.56 1,480,035,398.82

713,756.01
1,546,931.52
3,470.09
632,138.69

5,099,379.84

1,102,761 14
971,868.69
6,465,885.25
469,018.77
606,519.68
173,149.46

3,093,224.34
24,527.43
553,226.57
27,448,195.93
175,593.31
i9,"i68.*62*
97,476.89
14,270.70
1,065,253.69

77,414,853.78
147,505.09
19,732,020.96
9,940,105.13
9,756,277.48
13,882,277.22

270,990.11
313,076.87
24,617,536.49
699,115.67
14*960." 86*
342,294.40
8,154.59

2,967,924.18
34,498.39
1,731,155.25
71,243.88
2,627,746.49
3.195,258.11

10,603,417. 66
3,470,951.97
3,549,083.28
4,589,399,08
21,543,311.67
17,960,186. 81
2,718,798.23
31,288,935.65
5,556,095.54
16,935,546.03
6,000,733.36
9,128,401.06
14,749,287.67
5,777,385.20
27,580,917.87
6,430,464.98
1 831 824 10
3,909,575.12
193,624,315.28
614,658.04
37,540,634.63
12,132,195 74
308,771,360.09
57,644,084.09
7,079,421.33
523,219.16
14,487,304.81
21,750,627.77
1,673,417.45
4,886,875.51
3,748,736.00
2,180,609.22
4,515,247.17
22,273,620.88
118,371,626.03
23,489,194.29
46,147,092.66
16,773,101.46
105,789,000.95
30,212,538.82

6,331.83

20,765.12
6,944.87

272,472.39
478.03
45,435.54

352,427. 78

10,609, 749.49
3,470,951.97
3,549,083.28
4,589, 399.08
21,543,311.67
17,960,186.81
2,718, 798.23
31, 309, 700.77
5,563,040.41
16,935,546.03
6,000,733.36
9,128, 401.06
15,021,760.06
5,777,863.23
27,580,917.87
6,475,900.52
1,831,824.10
3,909,575.12

o
H

193,976,743.06

614,658.04
37,565, 709.62
12,132,195. 74
5,391,753.41 314,163,113. 50
58,147,628.41
503,544.32
7,079,421.33
523,219.16
14,487.304.81
22,098,796.76
348,168.99
1,692,540.12
19,122.67
5,087,084.90
200,209.39
3,748,736.00
2,180,609.22
4,515,247.17
5," 852." 59" 22,279,473.47
5,278.61 118,376,904.64
23,525,894.39
36,700.10
47,362,621.66
1,215,529.00
16,773,101.46
105,857,134. 75
68,133.80
30,625,646.08
413,107.26
25,074.99

8

o
hrj

H

O

m
d
o
1

Deposits held, Dec. 27,1916, by the 522 national hanks in all reserve and oilier cities having a population of over 75,000, for the credit of other banks—State
to
and national—and trust companies, arranged by geographical divisions—Continued.
Cities.

Number of
banks.

Sioux City, Iowa
Toledo...'
Youngstown, Ohio
Middle States.

6
4
3

$2,086.78

124

3,785,015.94

Denver
Kansas City, Kans
Lincoln, Nebr
Muskogee, Okla
Oklahoma City, Okla
Omaha
Pueblo, Colo... . .
Topeka, Kans
Wichita, Kans

5
2
4
4
6
9
2
3
3

Western States
Los Angeles
Oakland, Cal...
Portland, Oreg
Salt Lake City
San Francisco
Seattle
Spokane
Tacoma
Pacific States
Total United States

New
England
States.

Eastern
States.

$4,066.20
18,472.77
28,937,094.63

Alaska, Insular Possessions, and
foreign
countries.

$5,286,783.98 $6,788,969.10
7,662,659.73
45,151.09
405,701.02

$12,077,839.86
7,717,874.30
424,173.79

$6,679.92

$12,084,519.78
7,717,874.30
424,173.79

1

76,352,402.43 548,022,102.88 167,104,872.99 $36,622,965.18

860,824,454.05

8,239,155.05

869,063,609.10

o

2,073.33

4,228,230.59
69,931.95
26,724. 81
32,400.39

27,809,225.59
6,567,818.76
6,972,701.62
2,752,757.62
12,633,369.51
45,298,518.22
4,126,976.30
3,295,412.44
11,468,742.23

27,811,298.92
6,567,818.76
6,972,701.62
2,752,757.62
12,633,369.51
45,298,518.22
4,126,976.30
3,295,412.44
11,468,742.23

o
o

$j,997.28

Middle
Western
States.

Western
States.

3,130.37

11,622.05

17,045.04
761,399.89
36,686.09
23,209.87
414,151.63

23,839,542.23
522,477.49 6,007,145.51
34,368.14 6' 916,264.45
1,597.34 2,734,115.24
9,552.00 11,862,417.62
6,546,315.02 34,472,534.10
4,030,834.48
3,268,687.63
200,240.44 10,821,949.77

38

3,130. 37

11,622.05

1,678,310.67

7,314,550.43 103,953,491.03

9
2
4
6
9
5

4,210.05

15,582.62

101,744.33

115,712.40

51,366.85

140,355.61

1,208.35
14,741.06
491,846.82
49,420.81
1,021.23

144,565.66

573,820. 89

389,617.89
33,200.26

8

1
39

O

Total United
States (exclusive of Alaska
and Insular
Possessions).

Southern
States.

Pacific
States.

3,580,065.47
4,995.50
22,069.03

Grand total.

7,964,417.74

120,925,522.29

2,073.33

120,927,595.62

228,171.23

319. m
15,022.00
1,344,947.88
62,201.68
7,245.66

233,075.51
1,044,065.79
1,593,062.13
618,053.19
387,684.21
10,852. 85

26,509,221.35
4,073,330.58
14,021,118.42
9,987,544.25
83,718,549.62
10,759,732.52
6,632,381.72
1,200,282.74

26,797,837.60
4,073,330.58
14,255,721.97
11,061,373.10
87,516,933.29
11,489,408.20
7,028,332.82
1,211,135.59

44,751.68
5,177.86
44,919.26
1,862.12
4,643,741.04
817,310.23
4,461.83
716. 53

26,842,589.28
4,078,508.44
14,300,641.23
11,063,235.22
92,160,674.33
12,306,718.43
7,032,794.65
1,211,852.12

329,915.56

1,545,449.31

3,938,160.53 156,902,161.20

163,434,073.15

5,562,940.55

168,997,013.70

522 139,815,626. 34 704,907,018.79 429,737,203.52 785,186,124.35 324,731,105.07 270,515,335.87 2,654,892,413.94 272,105,509.91 2,926,997,923.85

RECAPITULATION.
New England States
Eastern States
Southern States
Middle States
Western States
Pacific States
Total




59 $64,374,784.51 $7,262,787.32 $2,899,860.59 $11,607,384.96 $1,478,171.30 $3,216,693.23 $90,839,681.91 $3,157,881.64 $93,997,563.55
181 71,429,390.70 664,173,379.53 167,343,046.81 211,597,256.93 45,163,184. 88 65,538; 108. 41 1,225,244,367.26 254,791,031.56 1,480,035,398.82
270,990.11 193,624,315.28
81
78,739.16 3,948,314.37 181,133,667.46 5,099,379. 84 3,093,224.34
352,427.78 193,976,743.06
124 3,785,015.94 28,937,094.63 76,352,402.43 548,022,102.88 167,104,872.99 36,622,965.18 860,824,454.05 8,239,155.05 869,063,609.10
38
3,130.37
11,622.05 1,678,310. 67 7,314,550.43 103,953,491.03 7,964,417.74 120,925. 522.29
2,073. 33 120,927,595.62
39
144,565.66
573,820. 89
329,915.56 1,545,449.31 3,938,160.53 156,902,161.20 163,434,073.15 5,562,940. 55 168,997,013.70
522 139,815,626.34 704,907,018.79 429,737,203.52 785,186,124.35 324,731,105.07 270,515,335.87 2,654,892,413.94 272,105,509.91 2,926,997,923.85

O

w
w

fc=J

a

EXHIBIT R.
Loans

secured by ivarehouse or terminal receipts as shown by reports
national banks for Nov. 20, 1917.

of condition

of

Secured byCities and States.
Cotton.

New York City.
Chicago
St. Louis
Total, centra! reserve cities.
Boston
New England States.
Albany
Brooklyn
Philadelphia.
Pittsburgh...
Baltimore
Washington..
Eastern States.
Richmond
Charleston...
Atlanta
Savannah
Birmingham.
New Orleans.
Dallas
Fort Worth..
Galveston
Houston
San Antonio.,
Waco
Louisville
Chattanooga..
Nashville
Southern States...
Cincinnati
Cleveland
Columbus...,
Indianapolis
Detroit
Milwaukee
Minneapolis
St. Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo.
St. Joseph
Middle States.
Lincoln
Omaha
Kansas City, Kans.
Topeka
Wichita
Denver
Pueblo
Muskogee
Oklahoma City
Tulsa
Western States




Wheat and
other grains.

Commodities
other than
cotton or
grain.

Total.

59,028,533.08 $17,594,398.14 $24,580,283.90
2,153,000. 00 I 1,843,600. 00 8,127,923.00
858,670. 00
735,741.00
975,525.00

$51,203,215.12
12,124,523.00
2,569,930.00

11,917,274.08

20,413,523.14

33,566,876. 90

65,897,674.12

7,830,323. 00

229, 727.08

3,741,230. 66

11,801,280.74

7,830,323.00

229,727.08

3,741,230.06

11,801,280.74

1,767, 785. 00
70,000.00
2oo, 200.00

172,812. 51
635,628. 00
51,675.00
2,092,933.00

705,213. 29
82, 705. 08
6,192,093. 00
892, 840. 51
1,291,539.00
206,814.00

705,213.29
255,517.59
8,595,506.00
1,014,515. 51
3,639,672.00
206,814.00

2,092,985. 00

2,953,048.51 I

9,371,204.88

14,417,238.39

131,166. 00
38,575.00
5,380.00

585,141.00
110,500. 00
300,153.00
23,870. 00
159,086. 00
1,535,421.00
255,960.00

1,822, 757.00
3,982, 757.00
3,854, 336.00
2,480, 249.00
1,231, 242.00
7,134, 223.00
8,220, 986.00
1,437, 101.00
2,484, 033.00
18,711, 574.00
215, 909.00
2,711, 485. 00
1,473, 331.40
511, 898. 00
1,015, 399.00

1,106, 450. 00
3,833, 682.00
3,548, 803.00
2,440, 979. 00
1,069, 708.00
5,308, 975.00
7,965, 020. 00
1,4373 101.00
2,468. 830.00
17,783, 591.00
84, 308. 00
2,606, 119.00
24, 000.00
414, 228. 00
298, 900. 00

15,400. 00

2,448.00
289,827.00

389,649.00

•15,203.00
790,860. 00
22,514. 00
27,000.00
1,404,331.40
97,670.00
326,850.00

50,390, 700. 00

1,242,021. 00

5,654,559. 40

57,287,280.40

105,000. 00
250,000.00
32,700.00

1,161,065.00
429,940.00
800.00
404,844. 90
836,644.00
903,300.00
661,778.00
333,654.00
4,900. 00
7,059.00

1,013,095.00
534,036. 00
282,339.00
307,774. 70
517,206.00
774,695.00

2,279,160.00
1,213,976.00
315,839.00
712,619.60
1,379,779.00
1,677,995.00
1,591,778.00
624,861.00
16,960.00
329,780.00
8,190.00
113,840.00
1,386,234.00
259,175.00

25,929.00
930,000.00
291,207.00

137,123.00
109,087.00
78,366.00
45,000.00

150,247.00

5,000. 00
783,441.00
256,200. 00

12,060. 00
322,721.00
8,190. 00
108,840. 00
452,546. 00
2,975. 00

1,785,083.00

5,788,625.90

4,336,477. 70

11,910,186.60

47,535.00
377,800.00
70,000.00

31,007.02
639,208.46
15,000.00

78,542.02
1,017,008.46
85,000.00

101,066.00
117,300.00
4,245,777.00
3,122,243. 00
120,000.00

290,107.00
341,906.00
2,967.00

551,875.00
1,800. 00

197.252.00
23,181.00

391,173.00
459,206.00
2,967.00
4,245,777.00
3,871,370.00
144,981.00

7,488,020.00

1,267,376.00 j

1,540,628.48

10,296,024.48
211

212

REPORT OF THE COMPTROLLER OF THE CURRENCY.

Loans secured by warehouse or terminal receipts as shown by reports of condition of
national banks for Nov. 20, 1917—Continued.
Secured by—
Cities and States.
Cotton.

Seattle
Spokane
Tacoma
Portland
Los Angeles
San Francisco..
Salt Lake City.
Ogden

$1,463, 883.00
303, 314.00
177,341.00

Wheat and
other grains.

$224,461. 00
1,462,235.00
114,000.00
271,000.00
112,039.00
4,793,018.00
27,500.00

Commodities
other than
cotton or
grain.
$322,286. 00
269,425. 00
4,144.00
662,027.00
1,614.445.00
5,086,830.00
247,255.00
53,300.00 !

$546,747.00
1,731,660.00
118,144.00
2,396,910.00
2,029,798.00
10,057,189. <$)
274,755.00
53,300.00

1,944,538.00

7,004,253.00

Total, other reserve cities.

71,531,649.00

18,485,051.49

32,903,813.12

122,920,513.61

Total, all reserve cities

83,448,923. 08

38,898,574.63

66,470,690.02

188,818,187773

24,389.07
15,884. 80
15,000. 00
1,817,149.39
152,239.00
313,740.00

24,389.07
15,884. 8t>
26,664.00
3,268,199.56
2,030,531.00
1,215,419.00

Pacific States

8,259,712.00 I

Total.

17,208,503.00

COUNTRY BANKS.

Maine
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut
New England States.
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia.
Eastern States.
Virginia
West Virginia...
North Carolina..
South Carolina..
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Southern States.
Ohio
Indiana
Illinois
Michigan...
Wisconsin.
Minnesota..
Iowa
Missouri...
Middle States.
North Dakota..
South Dakota..
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Western States..




11,664. 00
1,448,050.17
1,878,292. 00
829,105. 00

3,000.00
" 72," 574 "66"

4,167,111.17

75,574.00

299,587.16
21,180.00
54,920.00

2,110,047.88
69,644.00
62,788.69
10,312.00

375,693.16

2,252, 792. 57

~h527} 932. 00

232^23275)"

2,338,402.26!

6,581,087.43

3,272,717.67

1,045,692.00
1,574,129.93
9,200.00
42,650.00

5,682,352.71
1,136,516.00
1,691,844.62
9,200.00
52,962.00

5,944,389. 60 I

8,572,875.33

2,272,009.00

98,986.00
52,243.00
473,514.00
1,155,049.00
357,229. 55
214,460.00
74,391.00

796, 583.00
66, 855.00
165, 325.00
37, 512.00
279, 147.00
1,401, 781.00
595, 831.00
132, 527.00
90, 917.00
2,714, 701.00
330! 382.60
654! 555.68
150; 194.00

2,556,747.00
66,855.00
1,904,765.41
4,460,298.00
10.021,761.00
2,147,676.00
5,832,428.00
4,899,277.00
5,072,309.00
38,857,839.00
12,485,188.00
869,015.68
2,496,594.00

SI, 579,360. 26

2,675,081. 55

7,416,311.28

91,670,753.09

58,975.00
3,300. 00
12,000.00
25,000.00

1,350,031.00
392,200.00
231,238.00
134,816.00
84,500.00
249,550.00
35,400.00
3,000.00

379,898.00
601,436.87
469,023.00
226,723.00
304,057.00
440,517.00
310,770.00
165,742.00

1,788,904.00
996,936.87
712,261.00
361,539.00
413,557.00
690,067.00
346,170.00
168,742.00

99,275.00

2,480,735.00

2,898,166.87

5,478,176.87

400.00

67,691.00
22,287. 70
24,700.00
200, 752.00
100,872.00

74,478.00
35,000.00
55,728. 84
214,431.00
25,348.00

83,616.00

142,569.00
57,287.70
80,428.84
415,183.00
126,220.00
10,000.00
95,966.00
172,670.00
12,901,960.00
14,002,284.54

1,739, 440. 41
4,405, 886.00
9, 742, 537.00
745, 895.00
5,137, 611.00
4,714, 507.00
4,507, 878.00
34, 988, 089.00
11,797, 575.85

16,900. 00
77.00

10,000.00

11, 701,508.00

432,817.00

12,350.00
172,670.00
767,635.00

11,701,908.00

932,735. 70

1,367,640. 84

REPORT OF THE COMPTROLLER OF THE CURRENCY.

213

Loans secured by warehouse or terminal receipts as shown by reports of condition of
national banks for Nov. 20, 1917—Continued.
Secured by—
Cities and States.
Cotton.

Wheat and
other grains.

Commodities
other than
cotton or
grain.

Total.

COUNTRY BANKS—continued.
$9,025.00
788,915.00

840,898.00

Pacific States

$2,029,356.00
3,001,584.00
1,551,626.00
105,217.00

42,958.00

Washington .
Oregon
California
Idaho
Utah
Isfevada
Arizona

60,897.66
97,300.00

$111,850.00
184,473.00
1,514,447.00
30,398.00
9,600.00
38,988. 00
34,976.00

$2,150,231.00
3,186,057.09
3,854,988.00
135,615.00
9,600.00
99,885.00
175,234.00

6,845,980.00

1,924,732.00

9,611,610.TX)

13,645. 00

Alaska

13,645.00

Total country banks

98,764,245.59

15,276,543. 82

21,889,642.85

135,930,432.26

Total United States

182,213,168.67

54,175-, 118.45

88,360,332.87

324,748,619. 99

RECAPITULATION.
New England States:
Reserve city
Country banks

$11,801,280.74
6,581,087.43

305,301.08

6,079,632.92

18,382,368.17

17,594,398.14
2,953,048.51
2,252,792. 57

24,580,283.90
9,371,204.88
5,944,389.60

51,203,215.12
14,417,238.39
8,572,875.33

22,800,239.22

39,895,878.38

74,193,328. 84

1,242,021.00 . 5,654,559.40
7,416,311.28
2,675,081.55
3,917,102.55 13,070,870.68

57,287,280.40
91,670,753.09

50,390,700.00
81,579,360.26
131,970,060.26

Total
Middle States:
Central reserve cities
Other reserve cities
Country banks

148,958,033.49

2,888,741.00
1,785,083.00
99,275.00

Total United States




11,088,485.90

16,221,237.57

32,082,822.47

1,267,376.00
932,735. 70

1,540,628.48
1,367,640. 84

10,296,024.48
14,002,284. 54

2,200,111.70

2,908,269.32

24,298,309.02

1,944,538.00
840,898.00
2,785,436.00

.

Alaska

14,694,459.00
11,910,186.60
5,478,176.87

19,189,928.00

Total

8,986,593.00
4,336,477.70
2,898,166. 87

7,488,020.00
11,701,908.00

Pacific States:
* Reserve cities
Country banks

2,819,125.00
5,788,625.90
2,480,735.00

4,773,099.00

Total
Western States:
Reserve cities
Countrv banks

Total

$3,741,230.66
2,338,402.26

11,497,211.24

Total
Southern States:
Reserve cities
Country banks

$229,727.08
75,574.00

9,028,533.08
2,092,985.00
375,693.16

Total
Eastern States:
Central reserve city
Other reserve cities
Country banks

....

$7,830,323.00
4,167,111.17
11,997,434.17

*

7,004,253.00
6,845,980. 00
13,850,233.00

8,259,712.00
1,924,732.00

17,208,503.00
9,611,610.00

10,184,444.00

26,820,113.00

88,360,332.87

324,748,619.99

. .

13,645.00
182,213,168.67

54,175,118.45

13,645.00

EXHIBIT S.

Acceptances executed for customers, as shoion by reports of condition of national banks for
Nov. 20, 1917.
In transactions
Secured by
involving the
warehouse
In transactions domestic shipreceipts or
ment of
other such
involving the
documents
importation or goods secured
securing title
by shipping
exportation of
covering
documents at
goods.
readily martime of
acceptance. ketable staples.

Reserve cities.

Boston

Albany
Brooklyn.
Philadelphia
Pittsburgh
Baltimore
Washington
Eastern States
. . . .

Southern States
Cincinnati..
Cleveland
Columbus
Indianapolis
Detroit
Milwaukee
Minneapolis .
St Paul
Cedar Rapids
Des Moines
Dubuque
Sioux City
Kansas City, Mo
St. Joseph
Middle States
Lincoln
Omaha
Kansas City Ivans
Topeka .
Wichita
Denver .
Pueblo
Muskogee
Oklahoma City
Tulsa
Western States

214




86,930,691.64

6,149,757.11

5,531,263.26

98,611,712.01

4,401,492. 46

6,595,121.08

38,869,332. 75

4,401,492.4(3

6,595,121.08

38,869,332.75

9,500.00
2,613,124.00
283,034. 02
284,000.00

100,000.00
1,653,114.00
185,000.00

100,000.00
9,500.00
8,551,366.00
456,255.92
2,105,015.00

3,189,658.02

1,938,114.00

11,222,136.92

1,137,000. 00
675,000.00

New England States

$90,970,596.01
6,380,264.00
1,260,852.00

C,094,364. 90

. . .

575,666.66

4,285,128.00
173,221.90
1,636,015.00

Total central reserve cities

.

$4,956,263.26

27,872,719.21

.

$5,466,730.11
484,000. 00
199,027.00

27,872,719.21

New York City
Chicago
St^ Louis

Richmond
Charleston
Atlanta
Savannah
Birmingham
New Orleans.
Dallas
Fort Worth
Galveston
Houston
San Antonio
Waco
Louisville
Chattanooga.
Kashville

Total.

300,000.00
325,000.00

87, 700. 00

1,524,700.00
1,000,000.00
25,000.00
1,020,400.00

SSO, 547, 602.64
5,896,264.00
486,825.00

655,400.00

25,000.00
365,000.00

850,180.00
1,725.00

1,692,600.00

2,542, 780. 00
1, 725.00

150,000.00

150,000.00
59,729.54

„
59,729.54

120,050.00

303,383.00

3,562,367.54

625,000.00

2,440,350. 00

6,627,717.54

692,633.00
1,731,542.00
100,000.00
800,000. 00
6,080.00
300,000. 00
718,539.00
200,000.00

295,398.00
125,147.00

4,000.00
1,881,386.00

992,031.00
3,738,075.00
100,000.00
800,000.00
300,979.00
449,000.00
1,400,789.00
200,000.00

183,333.00

294,899.00
149,000.00

50,000.00

5,000.00

4,598,794.00

574,545.00

682,250.00

55,000.00
2,862,535.00

8,035,874.00

96,333.00

96,333.00

96,333.00

•96,333.00

REPORT OF THE COMPTBOLLEB OF THE CUBBENCY.

215

Acceptances executed for customers, as shown hy reports of condition of national banks for
Nov. 20, 1917—Continued.
In transactions
Secured by
involving the
warehouse
In transactions domestic shipreceipts or
involving the
ment of
other such
importation or goods secured
documents
exportation of
by shipping
securing title
goods.
documents at
covering
time of
readily maracceptance. ketable staples.

Reserve cities.

$656,037.00
1,079.00

Ogden

$130,414.00

$786,451.00
1,079.00

254,331.00
. 11,624.00
5,299,559.00

Seattle
SDokane
Tacoma
Portland
Los Angeles
San Francisco
Salt Lake City

Total.

174,662.00

428,993.00
11,624.00
5,299,559.00

. . .

6 222 630 00

6,527, 706.00

$S, 790,695. 48

14,237,529.08

71,379,100.21

135,281,567.29

14,940,452.59

19, 768, 792.34

169,990,812.22

919,258.34
703,218. 00
361,972.00

1,108,871. 42
116,000.00

963,561.20
205,490.00
250,000.00

2,991,690.96
1,024,708.00
611,972.00

1,984,448.34

1,224,871.42

1,419,051.20

4,628,370.96

200,000.00
50,000.00
69,109.00

Total ail reserve cities

305,076.00

48,350,875. 65

Pacific States
Total other reserve cities

256,336.19

849,507.04

1,305,843.23
50,000.00
87,758.73

832.00

832.00

COUNTRY BANKS.

Maine
New Hampshire
Vermont . . .
Massachusetts
Rhode Island
Connecticut......

....

New England States
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia

...

....

Eastern States
Virginia .
West Virginia .
North Carolina
South Carolina
Georgia...
Florida..
Alabama
Mississippi

18,649.73

319,109.00

274,985.92

850,339.04

1,444,433.96

224,318.00
50,000. 00
1,511,400.00

50,000.00

1,499,184.00

50,000.00

22,500.00

. .

90,000.00

346,672.46
151,187.00
583,698.00
126,300.00
74,080.00
195,000.00
60,000.00
590,698. 61
185,399. 60
15,947.00
847,225. 00

1,773,502.00
50,000.00
1,908,072.46
151,187.00
583,698.00
126,300 00
186,580.00
195,000.00
64,000.00
590,698.61
185,399.60
78,866. 77
848,097.00

. . . .

Louisiana
Texas
. .
Arkansas
Kentucky
Tennessee
Southern States

4,000.00
872.56

62,919.77

1,813,090.00

252,919.77

4,675,391. 67

6,741,401.44

133,333.00

344,292.00

90,000.00
31,500.00
33,350.00

567,625.00
31,500.00
33,350.00

8,802.00

8,802.00

344,292.00

163,652.00

641,277.00

Kansas
Montana

43, 723.00
30,088.00

344,715.00

43,723.00
374,803.00

Oklahoma.

32,515.00

138,245.00

170, 760.00

106,326.00

482,960.00

589,286.00

Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota

. . .

Missouri
Middle States

133,333.00

North Dakota

Western States




216

EEP01T OF TSE GOMFmOIXEJt ®F THE

Aweptimces executed for customers, ns shown by reports of condition of national banks for
Nov. 20, 1017—-Continued.

In transactions
involving the
importation or:
exportation of
goods.

Reserve cities.

In transactions
Secured by
involving the
warehouse
domestic shipreceipts or
ment of
other such
goods secured
documents
by shipping
securing title
documents at
covering
time of
readily maracceptance. ketable staples.

Total.

COUNTRY BANKS—continued.
Washington
Oregon
California
Idaho
Utah
Nevada
Arizona

$17,510.00

$17,510.00

17,510.00

Pacific States..

17,510.00

Total country banks

$4,249,980.34

$2,203,395.11

7,608,903.91

14,062,279.36

Total United States

139,531,547.63

17,143,847.70

27,377,696.25

184,053,091.58

RECAPITULATION.
New England States:
Reserve city
Country banks

$27,872,719.21
1,984,448.34

5,466,730.11
3,189,658.02
274,985.92

4,956,263.26
1,938,114.00
850,339.04

90,970,596.01
11,222,136.92
1,444,433.96

8,931,374.05

7, 744,716.30

103,637,166.89

625,000.00
252,919.77

2,440,350.00
4,675,391. 67

6,627,717.54
6,741,401.44

877,919.77

7,115,741.67

13. 3fiQ_ TIR. 98

6,383,089.00
4,598,794/00
133,333.00

683,027.00
574,545.00
344,292.00

575,000.00
2,862,535.00
163,652.00

7,641,116.00
8,035,874.0Q
641,277.00

11,115,216.00

1,601,864.00

3,601,187.00

16,318,267.00

i06,326.00

96,333.00
482,960.00

96,333.00
589,286.00

106,326.00

Total

43,497,703.71

5,375,457.54

Middle States:
Central reserve cities
Other reserve cities
Country banks

8,014,172.28

3,562,367,54
1,813,090.00

Total

5,626,363.88

86,961,076.54

Total

$38,869,332.75
4,628,370.96

80,547,602.64
6,094,364.90
319,109.00

Southern States:
Reserve cities
Country banks

$6,595,121.08
1,419,051.20

29,857,167.55

Total.
Eastern States:
Central reserve city
Other reserve cities
Country banks

$4,401,492.46
1,224,871. 42

579,293.00

685,619.00

SOS, 076.00
17,510.00

6.527,706.00
17,510.00

Western States:
Reserve cities....Country ban3cs
Total
Pacific States:
Reserve cities
Country banks
Total
Total United States




6,222,630.00
.

6,222,630.00
139,531,547.63

322,586.00
17,143,847.70

6,545,216.00

27,377,696.25

184,053,091.58

EXHIBIT T.

The following is a copy of a letter which the Comptroller of the Currency addressed to the Interstate Commerce Commission, showing the
importance of granting to the railroads an increase in freight rates, because of the heavier expenses which they are being coded on to meet
owing to the advances in wages and in the cost of materials used in
operation:
TREASURY DEPARTMENT,
OFFICE OF COMPTROLLER OF THE CURRENCY,

Washington, November 1, 1917.
To the Honorable
The INTERSTATE COMMERCE COMMISSION,

Washington, D. G.
The official reports made to this office by the national
banks of the United States show that these banks are the holders of
about $500,000,000 of railroad bonds, largely of high character,
selected with care and discrimination during a period of years. In
addition to these large holdings the State banks, savings banks, and
trust companies hold approximately $1,500,000,000 additional of
railroad securities.
These investments the banks purchased in the belief that they
would maintain the prices at which they were purchased, or grow
more valuable from year to year, with the growth and development
of the country's business and of the corporations issuing them. A
crisis, however, has arisen. The net earnings of many of our most
important railroad systems, as well as of the less important lines,
despite the greater volume of business, show a shrinkage which not
only imperils dividends, but is threatening the ability of many railroads to meet their interest charges and their solvency. There has
been a serious collapse in the market values of railway securities and
such a demoralization of credit that the sale of new securities to
provide fresh capital or to meet maturing bonds has been shut off,
and, even temporary financing is now only being obtained at rates
which are costly if not ruinous.
The impairment of confidence and consequent shrinkage in securities owned by the national banks had become so pronounced that on
October 15, 1917, as Comptroller of the Currency, I gave to the press
a statement which said, in part:
GENTLEMEN :

In view of all conditions, the Comptroller of the Currency has instructed nationalbank examiners that they need not at this time require national banks holding highgrade bonds of unquestioned intrinsic value and merit to charge such investments
down to present abnormal figures; but an intelligent and conservative discretion
will be exercised as to the prices at which national banks can safely and reasonably
be permitted to carry such high-class securities, and as to what proportion of the
depreciation should be charged off in any six months' period.

In giving out that statement I did so in the confident belief that the
credit and welfare of the railroads of this country would be safeguarded and protected and that they would be permitted to charge
such rates for the transportation of freight and passengers as would,
with honest and efficient management, enable them to meet their




217

218

BEPOBT OF THE COMPTROLLER OF THE CURRENCY.

expenses and yield a fair return upon the billions of dollars of capital
which has been invested in them, and I am, of course, still confident
that this will be done.
This office has received so many earnest requests asking the Comptroller of the Currency, in behalf of the national banks of the country,
to make to your honorable commission representations as to tne
serious consequences which may ensue if relief is not promptly
afforded the railroads in the shape of increased rates, to enable the
roads to meet the unprecedented increases in the cost of materials
and labor and yet maintain their credit, that I ask the liberty of
submitting to you this memorandum and brief summing up of the
situation as I see it at this time, in the light of an experience of about
20 years as a railway executive (as well as banker) before retiring
entirely from these activities and, divesting myself of all financial
interest in railroads and in banks, as I did, to accept public office
more than four years ago.
As an illustration of the communications which have come to me as
Comptroller of the Currency from banks which are under the supervision of this office, I beg leave to quote the following extract received
under date of October 29, 1917, from the president of the First
National Bank of
, who says in part:
Why does not the Comptroller appear before the Interstate Commerce Commission
and make an appeal for the banks of which he is supposed to be the guardian and
protector? With millions of our funds invested in railroad securities, it would seem
this would be his duty. * * * With the farmers granted over double prices,
the coal, steel, and copper double and more, the railroads are certainly entitled to
a paltry 15 per cent.

With this apology, I trust that I may be pardoned for respectfully
submitting to your honorable commission this communication,
based, as above stated, upon my own knowledge and observation of
past and present conditions.
From the close of the Civil War up to the beginning of the present
century the principal media for investment of the surplus earnings
of the American people, in the way of public securities of any kind,
were the bonds and shares of our railroad corporations. The railroad mileage of the country grew from 52,922 miles in 1870 to 192,940
miles in 1900, an increase of nearly fourfold. This new construction
was paid for partly from the savings of our own people and partly
from capital sent in from Europe.
Confidence in railway securities as investments was rudely shaken
between 1892 and 1897, during which years 213 railways having an
aggregate mileage of 56,402 miles failed and passed into the hands of
receivers. The total railway mileage of the country in 1892 was
171,563 miles—in 1897, 183,284 miles, so that the companies which
became bankrupt in thosefiveyears represented nearly one-third of
the entire railway mileage of the country. This is exclusive of many
thousands of miles which had already become insolvent before 1892
and were in receivers' hands at the beginning of that five-year period.
The records show that the persistent and steady decline in railroad
freight rates which had been going on through several decades culminated in 1898-99, but this shrinkage did not cease until the solvency
of over one-half of the entire railroad mileage of the country, which
had been built up to that time, had been destroyed.
The average rate, which in 1888 was 10.01 mills per ton per mile,
declined
 in 1890 to 9.41 mills. By 1895 it had fallen to 9.39 mills, and


REPORT OF THE COMPTROLLER OF THE CURRENCY.

219

the low point was reached in the fiscal year 1898-99, when the average
rate per ton per mile was only 7.24 mills. But although the shippers
got this reduction of 25 per cent in the freight rate and also a reduction
in the same period of 18 per cent in the average passenger mile rate,
along with these reductions came the bankruptcy of companies operating tens of thousands of miles of railroad lines. In those years it is
fair to point out the Interstate Commerce Commission did not possess
the control over railroad rates which has since then been conferred
upon it by Congress. With the powers now exercised by the commission such disastrous rate wars as were sometimes waged in the past
by rival roads to ruin one another and which brought much demoralization, we are happy to realize, are no longer possible.
I t is a long lane that has no turning. Finally the turn came, and a
slight upward trend in ton-mile rates began in 1899. Contemporaneously with this upward movement came the revival in the general
business of the country.
In 1901 the average rate per ton per mile was 7.50 mills, and these
rates did not again go below 7.48 mills until 1912, when the downward
dip again manifested itself and an average rate of 7.41 mills was established. In 1913 the rate declined still further to 7.29, with a general
business depression. In 1914 there was in the first half of the year a
slight improvement in general business and the average rate moved
slightly up to 7.33 mills. In 1915 the average rate was 7.32 mills.
This rate of 7.32 mills was very close to the minimum rate established
in 1898-99, of 7.24 mills, when over one-third of our railroad mileage
had been turned over to receivers. At that time (1898-99), however, the cost of materials and labor was very much less than in
recent years. Now, on top of unsatisfactory and inadequate freight
rates, come enormous increases in the cost of both materials and
wages, and the situation has again become perilous.
The following figures show the comparative stability of railroad
rates after the minimum of 7.24 mills had been reached in 1899, and a
7.50 mill rate established in the fiscal year 1900-1901.
1901.
1902.
1903.
1904.

Mills.
7.50
7.57
7.63
7.80

1905
1906
1907
1908

Mills.
. 7.66
. 7.48
. 7.59
. 7.54

With the rapid development of the country and prosperous and
tremendously expanding business of those years, there was a pronounced revival of interest in railway securities, which rose to a very
high level, and there were carried, out in those years the successful
reorganizations of many of the important trunk lines which had
passed through receiverships in the five years prior to 1898. These
reorganized properties included such well known systems as the
Atchison, Topeka & Santa Fe, the Baltimore & Ohio, the Union
Pacific, the Norfolk & Western, and many others.
Between 1898 and 1907, 42,807 miles of new railroads were added to
the country's mileage, but this was 13,596 miles less than the mileage
which had become bankrupt in the five years prior to 1898.
The financial panic of 1907 was followed by several years of more or
less uncertainty and there were ups and downs in business without any
12040°—CUR 1917—VOL 1



15

220

BEPOBT OF THE COMPTROLLER OF THE CURRENCY.

great variations in railroad rates, until the outbreak of the European
war in 1914. The swollen business of the country incident to the
European war in 1916 brought large earnings to the railroads, which
reached their maximum, both as to gross and net, in that year.
The year 1917 has been a period of unprecedented advances in the
prices of products and commodities of all kinds accompanied by
heavy declines in the market values of bonds and stocks generally, but
especially of railway securities. Some moderate advances in rates
have been granted to railroads in some sections in the past 12 months,
it is true, but the advances thus far allowed do not begin to offset the
enormous increases which have taken place in the prices of materials
and in wages.
The apprehension and fear that the railroads of the country may not
be allowed to charge rates which will adequately offset the heavy
increases in wages and in all materials which they use in operation is
in a large measure responsible for the shrinkage which has taken place
in the railway security market in the past year*
To the inability of the railroads during the past ten years to charge
rates commensurate with the increases which have taken place during
this period in wages and other operating costs is attributable a portion, but not the whole, of the enormous shrinkages in railroad values
which have taken place in this longer period.
The annexed table shows vividly the unprecedented declines in the
market value of their shares which have been sustained by 12 of the
leading railroad systems of the country from the highest prices reached
in 1905 and later to the low prices prevailing at this time. These 12
systems include railroads in every portion of the country—-north, east,
south, and west—and their gross earnings amounted for the year 1916
to approximately $1,400,000,000, or about 40 per cent of the total
earnings of all the railroads of the country. Their mileage represents
over 80,000 miles, or more than 30 per cent of the total railroad mileage
of the United States.
The table only gives the declines that are shown in the market value
of the shares of common stock of the parent companies of the 12 systems, and does not express the great losses that have been experienced
in the preferred shares and in the bonds of the parent companies, or in
the stocks or the bonds of the many subsidiary or auxiliary companies
which are embraced in the mileage of those systems. The shrinkage
in these has also been enormous.
From this table it is shown that the capital stock of these 12 parent
companies is
$2,169,000,000
The market value of these stocks at the respective high prices for
the period named aggregated,
3, 289,090,000
Their market value at the recent low levels of prices is only
1, 592, 228,000
This means that there has been a total shrinkage in values of 51.59
per cent, the total shrinkage in these 12 stocks being
1, 696, 862, 009

This collapse in prices has wiped out, in this brief period, values,
in the aggregate, nearly as great as the entire capital and surplus
of all the national banks of the United States. Such a destruction
or elimination of values, existing or supposed to exist, is well calculated to produce a profound and far-reaching effect* This vast
loss or shrinkage also represented a sum greater than the total net
operating income of all the railroads of the United States for any
two years combined prior to 1916.



REPORT OF THE COMPTROLLER OF THE CURRENCY.

221

Besides the direct losses inflicted upon individual investors and
holders of railway bonds and shares, there must be taken into account
the indirect losses suffered by the men and women who are stockholders in corporations of many kinds which hold railway securities
among their investments, such as the insurance companies (both
mutual and joint stock), savings banks, trust companies, National
and State banks.
The total outstanding capitalization of the railroad corporations
of this country at this time, which is now imperiled (including stocks,
bonds, and other obligations), is close to $18,000,000,000.
I t is noteworthy that while railroad shares are now in many
instances at the lowest prices at which they have ever sold, the
shares of many industrial corporations are still selling at prices
above the highest quotations which prevailed for them at any time
prior to the outbreak of the European war.
Unless the roads are now enabled to secure substantial relief
through an increase in rates, we will probably have a repetition of
the experiences of 1892-1897, when hundreds of railroad companies,
operating about a third of the entire mileage of the country, including trunk lines and independent roads, were handed over, insolvent,
to the management of receivers. The ton-mile rate is now close to
the minimum rate of that period, although the roads are now compelled to pay from 50 per cent to 150 per cent more for wages and salaries, and for every material and article used by them in their
operations. The enormously increased carrying capacity of the
roads per car and per train, and efficient and scientific methods of
management do not begin, as it is easy to demonstrate, to be sufficient to offset the big increases in wages, in taxes, and in the prices
of materials which the railroads are now obliged to meet.
Within the past few days the announcement has been made of a
large increase (45 cents per ton) in the price of coal in a large section of the country, to enable operators to meet an increase in wages
to the miners. Many roads which a year ago were paying from 85
cents to $1.10 per ton for their coal, are now obliged to pay from $2
to $2.45 or more. An advance of a dollar a ton on the 200,000,000
tons used by the railroads means an increased annual expense of
$200,000,000. The railroads need an increase in rates to enable them
to meet the great increase in wages and materials, far more than do
the coal operators who had already gotten an increase in the rates
they are allowed to charge for coal of over 50 per cent.
For the fiscal year 1916 the freight rate per ton per mile was unofficially reported to have been 7.14 mills. This is, in fact, lower
than ever before recorded; the previous minimum having been
reached in 1898-99—7.24 mills, and at the end of the calendar year
1916 we had 34,622 miles of railroad, embracing 70 railroad corporations representing every section of the country, administered
by receivers. The mileage of these insolvent roads ranged from a
few miles up to the Rock Island system with 7,653 miles. Among
the lines in the hands of receivers were nine systems of over 1,000
miles each, namely, the Boston & Maine, 2,398 miles, the Chicago &
Eastern Illinois, 1,136 miles; the Chicago, Rock Island & Pacific,
7,653 miles, the International & Great Northern, 1,160 miles, the
Missouri, Kansas & Texas, 3,536 miles, the Missouri Pacific, 3,931



222

REPORT OF THE COMPTROLLER OF THE CURRENCY.

miles, the St. Louis, Iron Mountain & Southern, 3,555 miles, the
Pere Marquette, 2,249 miles, and the Texas Pacific, 1,944 miles.
Your honorable commission in the past has shown itself to be the
best friend of the railroads, as well as the protector of the public,
and one can not look back to the old days of cutthroat competition
among the railroads, or remember the gross discriminations in rates
in times past when the railroads used their rate-making and ratecutting powers to make fortunes for favored shippers and to ruin
others, without appreciating the enormous power for good which
your commission has so beneficently exercised; nor should we fail
to remember the time when certain leading trunk lines not only
gave special-low rates to certain monopolies or trusts, but also
granted to those monopolies a bonus for every ton of freight hauled
by them for the competitors of the "trust."
Fair-minded and well-informed men have admired the firmness
with which this honorable commission has resisted the pressure so
often brought to bear upon it in divers ways by selfish interests, and
the force and clearness with which it has presented the sound reasons
for the conclusions which it has reached. Right-thinking men have
also deplored the unjust and malicious criticisms that your honorable body has been required to endure in the just and fearless performance of its duties.
When the railroads shall have laid before you frankly the facts
and figures to show to what extent the rates now in force are insufficient to maintain the credit of the roads and to enable them to
perform efficiently their public functions, under the present unusual
and extraordinary conditions, we are entirely confident that the
decision which you may reach will be one which your superior
knowledge and painstaking study of the whole situation will amply
justify; but I trust that I may be pardoned for expressing the
earnest hope that this decision, whatever it may be, will come
promptly.
The construction of new railroad lines has now practically ceased,
and existing roads have been forced to shut down largely on their
improvement and betterment work. Unless a way can be found
now to reduce the prices of materials and the cost of labor to a normal basis, and this for the present is hopeless, it seems clear, on
the facts as they now appear, that a revision and modification of
the fabric of rates to meet these new conditions has become
imperative.
If this is not <}one, I fear we may look forward to defaults in
dividends and in interest, and to another era of railroad receiverships, with all the evils, destruction of credit and demoralization
which that implies. If the relief required is granted, confidence in
our railroad securities will be revived and a basis established for new
financiering and for proceeding with new development and construction work which is now so greatly needed. The beneficent influence and effect of such action would be felt throughout our entire
country.
Respectfully yours,




JNO. SKELTON WILLIAMS,

Comptroller of the Currency.

REPORT OP THE COMPTROLLER OF THE CURRENCY.

223

Shrinkage in the shares of the common capital stock of the parent companies of 12 leading
railroad systems from the high prices in 1906 or later to the low level of November, 1917.
Value on b a sis of present
Outstanding Highest capitalization Recent Value on baprice
capital stock since
present
and highest lowest sis of prices.
(common).
low
sales.
1906.
prices
reached.

Chicago, Milwaukee &
St. Paul
$117,000,000
Baltimore & Ohio
152,000,000
Delaware & Hudson...
42,000,000
Erie
112,000,000
109,000,000
Illinois Central
New York Central &
249,000,000
Hudson River
New York, New Haven & Hartford
157,000,000
Norfolk & Western
118,000,000
Pennsylvania
499,000,000
Southern
120,000,000
272,000,000
Southern Pacific
222,000,000
Union Pacific
Total

2,169,000,000

Percentage
of
shrinkage to
capital
stock.

Shrinkage
shown by
multiplying
given decline
by present
capitalization.

156g
72}
132^
35f
74f

$183,251,000
109,820,000
55,650,000
40,040,000
81,477,000

199| $233,561,000
122}
185,820,000
227£
95,550,000
50|
56,980,000
172
187,480,000

43
50
95
15*
97}

$50,310,000
76,000,000
39,900,000
16,940,000
106,003,000

147

366,030,000

68

169,320,000*

79

196,710,000

2041
1471
loli
421
138}
219

321,653,000
173,608,000
754,738,000
51,450,000
376,040,000
486,180,000

21*
101

33,755,000
119,180,000
476,545,000
27,600,000
223,040,000
253,635,000

183|
46*
55f
19|

287,898,000
54,428,000
278,193,000
23,850,000
153,000,000
232,545,000

3,289,090,000

82
114|

1,592,228,000

104-|

78.23 1,696,862,000

NOTE.—Percentage of shrinkage to value on basis of present capitalization and highest prices reached,
51.59 per cent.




INDEX.
Page,
ACCEPTANCES EXECUTED FOB CUSTOMERS, AS SHTOWN BY NATIONAL BANKS IN REPORTS OF CONDITION
FOR NOV. 20, 1917
215

ALASKA (see also Condition of national banks):
Amendment recommended to permit branch, banks in

21

ALLIES:

Advances to
10.
Investments by national banks in Government and other foreign bonds and securities from
June, 1912 to 1917
40
AMENDMENTS (see also Legislation-recommended; National bank act; Federal resent act):
Federal reserve act, enacted
165
National bank act, approved October 5,1917.
164,172
National bank act, recommended
17
APPENDIX:

Authorization of first war loan, April 24,1917
172
Authorization of second war loan, September 24,1917
174
Deposits with banks of proceeds of war bonds and certificates
180
Federal reserve act amendments, approved June 21,1916
165
Forms for computation of reserve
155-157
Gold coin, gold certificates, and total cash in banks
158-159
List of banks by States, subscriptions of which for first Liberty Loan amounted to 5 per cent or
more of total resources
144-151
List of national banks in each Federal reserve district which failed to subscribe for the first
issue of Liberty bonds
152-153
List of national banks which failed to subscribe for the second issue of Liberty bonds
154
National bank act amendments, approved October 5,1917
172
Number and amount of loans made by national banks upon which various rates of interest
were charged in excess of 6 per cent, but less than 24 per cent
160-161
Number of women and other shareholders in national banks—dormant account
163
BANK ACCEPTANCES (see also Condition of national banks):
Comparison of amount reported in September, 1915, June and September, 1917
43
BANKING POWER OF UNITED STATES:

Amount of items representing for each class of banks, in June, 1917
Greater than that of the world in 1890
Increase of, in 1916 and 1917
Mulhall's estimate of, in 1890
Responsibilities and duties of Nation in connection with

103
2
102
3
3

BANKING POWER OF THE WORLD:

Volume of, in 1890 and 1917.

3,103

BANK PREMISES AND OTHER REAL ESTATE OWNED (see also Condition of national banks):

Comparison of amount invested in, by national banks, in September, 1916 and 1917

40

BANKS IN THE UNITED STATES:

Cash in
114
Classification of cash in
114
Comparative statement of principal items of, assets and liabilities of, in 1916-17
100
Comparative statement of, in 1912 to 1917
110
Condensed statement by States of all reporting, in June, 1917
106
Consolidated statements from reports of condition of
100
Consolidated statement from reports of all National and State banks, and, separately, from Federal reserve banks, in June, 1917
101
Development of banking during the year as indicated by loans, deposits, and aggregate resources
of
102
Growth of, since 1863
?
Ill
Individual deposits in each class of, in June, 1917
116
Investments by, in United States bonds
77
Principal items of resources and liabilities of, annually 1863-1917
112-113
Summary of returns from all, in continental United States and island possessions, in June, 1917. 103,104
224




IKDEX.
BILLS PAYABLE (see also Condition of national banks):
Amount of, at date of each report in past y e a r . . . . . .

225
...,...„..

Page.
35

BONDS AND MONEY BORROWED BY NATIONAL BANKS:

Amount of, in June and September, 1917
Large increase due mainly to flotation of Liberty bonds
BONDS, SECURITIES, ETC. (see also Condition of national banks):
Investment by national banks in, exclusive of United States bonds
BONDS OF THE UNITED STATES. (See United States bonds).

„

43
43
39

BRADSTREET'S COMMERCIAL AGENCY:

Statistics furnished by, relative to State and private bank failures

72

BUILDING AND LOAN ASSOCIATIONS:

Development of business of, in District of Columbia since 1909
Information in relation to all, in United States
Number, membership, and assets of, in each State, in 1916
Receipts and disbursements of, in 1916
CAPITAL OF NATIONAL BANKS (see also Condition of national banks):
Comparison of amount of, November, 1916 and 1917
Increase of, since 1897
CAPITAL, SURPLUS, AND UNDIVIDED PROFITS (see also Condition of national banks; State bank returns):
Amount and comparison of national bank, in September, 1916 and 1917
Relation of, to deposits, etc., of national banks, in September, 1912 and 1917

117
117
118
119
12
12
42
45

CASH IN ALL REPORTING BANKS:

Amount of, classified, in National and State banks, June, 1917

114

CELLARIUS, H . F.:

Information submitted by, relating to building and loan associations in the United S t a t e s . . . . . .

117

CASH IN BANKS AND BALANCES WITH FEDERAL RESERVE BANKS (see also Condition of national banks):

Relation of individual deposits in national banks to, in September, 1912 and 1917

45

CHANGES IN VOLUME OF PRINCIPAL ASSETS AND IN DEPOSITS OF NATIONAL BANKS:

Summary, by geographical divisions of, at date of each report during the year

43

CHARGE TICKETS AND DEBIT SLIPS:

Legislation recommended relative to

27

CHARTER NUMBER:

Change of

=

56

CHEMICAL NATIONAL BANK OF N E W YORK:

Conviction of president of, for embezzlement, etc

23

CLEARING-HOUSE ASSOCIATIONS:

Kinds and amounts of moneys paid in settlement of balances with the New York Clearing House.
Statistical history of the New York
Summary of transactions of
Transactions of assistant treasurer at New York with

86
86
85
86

COAL:

Enormous advance in price of

4

COMMERCIAL AND FINANCIAL CHRONICLE:

Range of rates for money in New York, and for sterling exchange, reported by

83,84

COMMODITY PRICES:

Conditions causing advance in

3

CONCLUSION:

Expression of appreciation of work performed by employees of the bureau and examinimg
force
*
Increase in volume of work of the Currency B ureau

140
140

CONDITION OF NATIONAL BANKS:

Abstract of reports of conditions, from November, 1916, to September, 1917
Analysis of principal items of resources and liabilities based on the year's abstract
Assets shown by reports of, analyzed
Classification of loans and discounts, in June, 1915,1916,1917
Liabilities shown by reports of, analyzed
Loans and discounts

34
34-43
34
36
34
36

CONGRESS:

Amendments to law by, recommended
17,24
Appropriations for conduct of war and demands for materials and products
4
Attention of, called to the requirements of public utility companies
9
Legislation relating to banking enacted by
164,172
CONVERSION OF STATE BANKS. (See National-bank charters and liquidation of national banks.)
COST OF FAILURES. (See National-bank failures.)
COTTON:

Increase in price of, since 1914
CREDIT BALANCE. (See United States a great creditor Nation.)




226

INDEX.

CRIMINAL VIOLATIONS OF NATIONAL-BANKING LAWS:

Page.

Convictions for, during the yeaT
Criminal cases resulting in convictions during the year
Martindale case
:
CURRENCY BUREAU. (See Expenses of the Currency Bureau.)
DEBIT SLIPS. (See Charge tickets and debit slips.)
DEMAND DEPOSITS (see also Deposits in national banks):
Amount of, in national banks, at date of each report in past year
Reserve required on

23
31
23

44.
47

DEPARTMENT OF COMMERCE:

Statistics relating to savings banks in the principal countries of the world furnished by the
Bureau of Foreign and Domestic Commerce of
121
DEPOSITORS IN NATIONAL BANKS:

Increase in number of, since 1910
14
Losses to, by reason of failures of banks
14
DEPOSITS IN NATIONAL BANKS (see aIso Condition of national banks):
Comparison of, in 1916 and 1917
12
Demand, at date of each report, in the past year
44
Increase in, since 1897
12
Legislation recommended, authorizing transfer of dormant accounts to the Treasury of the
United States
26
Legislation recommended guaranteeing, to a limited amount
24
Ratio of, to capital, quinquennially, from 1897 to 1917
13
Relation of capital to, in September, 1912 to 1917
45
Reserve required on
47
Special tables relating to
201,205
Time, at date of each report in the past year
44
DENOMINATIONS OF NATIONAL BANK CIRCULATION:

Amount of each, outstanding 1900 to 1907
Issue of SI and $2 notes authorized
Limitations on issue of $5 notes removed

80
80
80

DEVELOPMENT IN NATIONAL BANKING:

Principal items of assets and liabilities by banks in reserve cities and elsewhere, on specified
dates since October, 1913
DISCOUNT RATES OF FEDERAL RESERVE BANKS. (See Federal Reserve Banks; Rates for money
in New York.)

48

DISTRICT OF COLUMBIA:

Banks and banking in.
Building and loan associations in
Development of building and loan associations since 1909
Number, capital, deposits, and aggregate resources of each class of banks in

117
117
117
117

DIVIDENDS OF NATIONAL BANKS:

Amount and per cent of, paid during the past year
Paid on claims of creditors of insolvent banks
DOMESTIC AND FOREIGN SECURITIES HELD BY NATIONAL BANKS.
DORMANT DEPOSITS:

14
61,62
(See Investment securities.)

Balance of dormant accounts
Legislation recommended for transfer of, to the United States Treasury
Number of accounts showing no withdrawals since 1912
:

163
27
163

D U E FROM BANKS:

Deposits with Federal reserve banks at date of each report since December, 1914
Effective transfer of reserve to Federal reserve banks
Increase in amount due from Federal reserve banks
Transfer of reserve effected without disturbance to money conditions

41
40
40
40

D U E TO BANKS:

Comparison of amount, in September, 1916 and 1917

43

EARNINGS OF NATIONAL BANKS:

Comparison of amount of gross and net
Dividends paid from

13
14

EMPLOYEES OF NATIONAL BANKS:

Legislation recommended relative to vacations and desk rotations
EXCHANGES FOR CLEARING HOUSE (see also Clearing-house associations):
Fluctuations in amount of, and comparison with prior year
EXHIBITS (see also Appendix):
Deposits with banks of proceeds of sale of war bonds and certificates
Federal reserve bank act amendments..•...
..........-.•
Forms for computation of reserve




23
42
180
165
155,156,157

INDEX.

227

EXHIBITS—Continued.
Page.
Gold coin, gold certificates, and total cash on hand in all banks, not including Federal reserve
banks, on June 20,1917
158,159
Interstate Commerce Commission, letter to from the Comptroller of the Currency relative to
railroad freight rates
217
Legislation affecting or relating to national banks—
Federal reserve act amendments, approved June 21,1917
165
First war loan
172
National bank act amendments, approved October 5,1917
172
Second war loan
174
List of banks by States, whose subscription for themselves, to the first Liberty Loan amounted
to 5 per cent or more of their total resources
145
List of national banks by Federal reserve districts which, according to their sworn reports to
this office, failed to send in for themselves or their customers subscriptions to the first Liberty
Loan
152
List of national banks by Federal reserve districts which, according to their sworn reports to
this office, failed to send in for themselves or their customers subscriptions to the second
Liberty Loan
154
Number and amount of demand and time loans made by national banks at various rates in
excess of 6 per cent
160
Number of women and other shareholders in national banks; amount of interest-bearing deposits
upon which interest has been credited during the past 12 months; number and amount of accounts dormant since 1912
163
Subscriptions to thefirstLiberty bonds by national banks located in cities with population of
over 100,000
183
Subscriptions and payments on account of subscriptions for first Liberty bonds by national
banks
184
First Liberty bond subscriptions, allotments, sales, and percentages to total resources of
national banks
187
Subscriptions for and allotments of the second Liberty bonds and percentages of subscriptions
to total resources
192
Liberty bonds on which loans have been made, or agreed to be made, and loans made on the
security of the first and second Liberty bonds by national banks
198
Classification of loans made by national banks in all reserve and other cities having a population of over 75,000
201
Loans made by national banks in all reserve and other cities having a population of over
75,000, arranged according to location of borrowers in each geographical division
205
Deposits held by national banks in all reserve and other cities with a population of over
75,000, for the credit of other banks—State and National and Trust Companies
208
Loans secured by warehouse or terminal receipts
211
Acceptances executed for customers
214
EXPENSES OF THE CURRENCY BUREAU:

Salaries, etc., during the year, and since 1863
EXPORTS. (See United States a great creditor Nation.)

82

FAILURES AND SUSPENSIONS OF NATIONAL BANKS. (See National bank failures.)
FEDERAL FARM LOAN BANKS:

Benefit to the country by the establishment of
Comparative cost of a loan by, on the amortization plan
Conditions under which loans may be made by
Loans applied for and loans closed by Federal land banks in each State and Federal land bank
district
Statement of condition of each Federal land bank, October 31,1917

136
137
136
138
139

FEDERAL RESERVE ACT (see also Amendments):

Amendments to, enacted

165

FEDERAL RESERVE BANK NOTES (see also Federal reserve banks):

Issued, redeemed, and outstanding October, 1917

82,83

FEDERAL RESERVE BANKS:

Assistance rendered by, in placing Government certificates, and acting as agents for the Government in the Liberty bond issues
Comparative statement of condition of, 1914 to November 30,1917
Cooperation of, with department in securing subscriptions to Liberty bonds
Discount rates of, in effect on December 4,1917
Earnings and dividends of
Federal reserve bank notes, issued, redeemed, and outstanding, secured by United States bonds.
Fully vindicated claims made for the system
Growth of, as shown by statements in November, 1914 to 1917
Growth of business of
Increase in amount of notes, secured by commercial paper



34
129
16
84
124
135
33
33
124
132

228
FEDE&AL RESERVE BANKS—Continued.

Page.

Interest rates limited and: stabilized by
Investments by, in United States bonds
Mutilated notes of, by denominations, received, destroyed, aa<t <m hand October 31,1917
National bank deposits with, at date of each report since December, 1914
Notes of, by denominations, printed, issued, an4 in vault, October 31,1917
Notes of, by denominations, printed, issued, and on hand, October 31,1917
Notes of, and security for, November, 1914, to November, 1917
Notes of, by denominations, issued through reserve agents, together with amounts retired and
outstanding, October 31,1917
»
United States bonds on deposit to secure bank notes

33
77
135
41
136
133
131
134
135

FEDERAL R E S E R V E SYSTEM. (See Federal reserve banks.)
FINANCIAL AND BUSINESS CONDITIONS I N 1917:

Abnormal activity
-.
Foreign demand for products reflected in
Prices for grain, steel, and other products since 1914
Quotations of prominent industrial shares compared

3
3
3
4

FOREIGN BRANCHES OF NATIONAL BANKS:

Condition of,in June, 1917
Establishment of, authorized
Location of all authorized

,.

57
56
56,57

FOREIGN NATIONS:

Advances to, and bonds and obligations of, placed with individuals, banks, and other corporations in this country
„
Credits to, reflected in banking totals
Granting of credits to, and potential effect of, in carrying on commerce
Savings banks of

10
11
10
122

FREIGHT RATES:

Letter relative to railroad

217

GILPIN, WILLIAM J,:

Statistics relating to transactions of clearing-house associations, reported by
GOLD (see also Specie and other lawful money):
Coin and certificates in all banks in 1917
.
Imports of, since 1914

85
15s
10

GOVERNMENT ACTUARY:

Computation by, of profit on national-bank circulation

551

GOVERNMENT LOANS AND THE NATIONAL BANKS:

Allotment of Liberty bonds to banks' customers
*
15,1b
Banks which did not subscribe for
152,154
Conversion of first Liberty Loan
15
Banks which subscribed 5 per cent or more of assets to Liberty bonds
145
Liberty bonds issued
15
Number and amount of Liberty bonds subscribed by or through national banks
16
Number of subscriptions to Liberty bonds
15
Proceeds of bond sales deposited with banks
16
Reference to banks, by name, which failed to subscribe for Liberty bonds
16
Reference to banks, by name, which subscribed for Liberty bonds to an amount not less than
5 per cent of their resources
16
Services performed by national banks in connection with the flotation of Liberty bonds
15
Subscription terms for first and second Liberty Loans
15,16
GRAIN:

Highest prices country has ever known
Prices for, since 1914.

4
3

GROWTH OF NATIONAL AND STATE BANKS:

Comparative condition of 1914 and 1917

1

GUARANTEEING DEPOSITS:

Legislation recommended providing for
IMPORTS. (See United States a great creditor Nation.)
INDIVIDUAL DEPOSITS (see also deposits in National bauifcs, State banks, etc.):
Amount of, classified, in State and other banks, in June, 1917

24

116

INDUSTRIAL CORPORATIONS:

Comparison of law and high points in market value of shares of, 1914,1915,1916
Enormous and abnormal profits indicated by market value of shares
High prices attained in 1916
,
Shrink age in price of shares in 1916
*

4
4
4
4

INSULAR POSSESSIONS:

Amendment recommended to permit branch banks in




21

INTEREST:
Paga.
Amount of d e m a n d a n d time loans make on various rates
160
Efforts to abolish a n d prevent excessive
23
Evidence of material reduction in rates of
23
Bates of, in excess of 6 per cent to 24 per cent, and amount of loans at various rates
160
Unusual rates of, should not be exacted b y banks
10
INTEREST-BEARING BONDED DEBT OF THE U N I T E D STATES {see, also Liberty bonds; United States
bonds):
Amount and rate of interest on interest-bearing obligations of United States, on June 30,1917
74
Available as security for national bank circulation
75
Conversion of, in conformity with provisions of the Federal reserve act
75
Federal reserve bank investments in
77
Maintenance of deposit of, b y national banks rendered unnecessary b y act of June 21, 1917
75
National bank investments in
.
76
Prices and interest realized by investors in
76
Rates of interest on, and amounts of registered and coupon bonds of each issue outstanding
June 30,1917
75
Reduction of t h e amount of, available as security for circulation
75
Withdrawals and deposits b y banks each m o n t h during t h e year ended October 31,1917
76
INVESTORS I N U N I T E D STATES BONDS. (See Interest-bearing bonded debt of United States.)
INVESTMENT SECURITIES OF NATIONAL BANKS (see also Condition of national banks):
Classification of, held in June, 1916 and 1917
33
Government and other foreign bonds held b y national banks in June, 1912-1917
40,76
LEGISLATION AFFECTING OR RELATING TO NATIONAL BANKS:

Acceptance powers enlarged
Amendments approved June 21,1917
Authorization of first war loan, April 24,1917
Authorization of second war loan, September 24,1917
Authorizing issuance of national bank notes in the denominations of $1 and $2, a n d the removal
of limitation on t h e issuance of $5 notes
Federal reserve banks authorized to receive deposits from nonmember banks, etc., under certain
conditions
Measures passed b y Congress since the issuance of t h e Comptroller's last annual report
National bank act amendments approved October 5, 1917
Reserve transference to Federal reserve banks required
Restricting loans to officers and directors of banks

165
165
172
174
164
1G5
1G4
172
164
ir»5

LEGISLATION R E C O M M E N D E D :

Renewal of recommendations made i n 1916, relating to—
Branch b a n k s i n the United States a n d territorial possessions
Circulation for extended banks
Consolidation of national oanks
Direct a n d indirect loans to one interest
Directors' oaths
Establishment of branches of national b a n k s
Interest charges for small loans
Investment i n b a n k building
Limitations of deposits i n proportion to capital a n d surplus
Limiting interest on deposits
Limiting overdrafts
Penalties for violations of law a n d regulations
Penalty for false statements
Penalty for making excessive loans
Preventing erasures on b a n k ' s books
Preventing wild-cat banking in the District of Columbia
Proceedings against directors for losses sustained
Punishment for breaking into or entering a national bank with felonious intent
Removal of directors for violations of law
Sale of bonds of bank in liquidation
Signatures on bank notes
Signing certificates of deposit
Standardization of by-laws
Surety bonds for officers and employees of banks
New r e c o m m e n d a t i o n s Desirability of guaranteeing deposits in banks
Exemptions from State taxation of national bank United States bond investments
Guaranteeing deposits in national banks
Investments in United States bonds—Exemption from State tax
LETTERS OF CREDIT (see also Condition of national banks):
 of, at date of each report in past year
Amount



21
21
22
18
19
21
19
22
20
20
20
19
22
18
21
20
13
22
19
22
21
20
21
20
24
24
24
24
35

230

INDEX.

LIBERTY BONDS:

Page.

Circular of Secretary of the Treasury relating to deposits with banks of proceeds of sale of Liberty bonds, etc
180
Deposits with banks of proceeds of sale of
180
Figures concerning part taken by national banks in negotiating of
17
List of banks subscribing 5 per cent or more of assets for first issue
145
List of banks which failed to subscribe for first issue
152
List of banks which failed to subscribe for second issue
154
No disturbance to money market by reason of flotation of
17
Payment of subscriptions for
15,16
Percentage of total resources of national banks represented by subscriptions to second Liberty
Loan
17
Subscriptions, etc., to first and second issues
15,16,183-200
, LOANS. (See Condition of national banks; Banks in the United States.)
LOANS AND DISCOUNTS OF NATIONAL BANKS (see also Condition of national banks):
Classification of, by banks in New York in June, 1913 to 1917
38
Classification of, by banks in reserve cities and elsewhere, in June, 1917
37
Classification of, for June, 1915,1916,1917
36
Comparative statement of amount and percentages of, in reserve cities, etc., in June, 1915,1916,
1917
,
37
Comparison of, as shown by reports in 1915,1916, and 1917
36
Comparison of, in November, 1916 and 1917
11
Increase of, since 1897
12
Number and amount of, upon which interest was charged at rates in excess of 6 per cent but less
than 24 per cent
160,161
Pvatio of, to deposits, quinquennially, from 1897 to 1917
13
Special tables relative to.
201,205,211
LOAN AND TETJST COMPANIES:

Principal items of assets and liabilities of, in 1912-17
Summary of condition of, in 1916-17
MARTINDALE, J.

99
98

B.:

Embezzlement by
MONEY IN CIRCULATION. (See Money in the United States.)

23

MONEY IN THE UNITED STATES:

Banks 7 holdings of, 1892 to 1917
Banks' holdings of, 1863 to 1917
Distribution of, in June 1892 to 1917
General stock increased during the year
Imports of gold since 1914
In circulation, exclusive of amount in Treasury and banks, 1892-1917
In banks, gold stated separately, in June, 1917
Treasury holdings of, 1892 to 1917

115
112
115
114
10
115
158
115

MULHALL:

Estimate of banking power of United States and of the world by, in 1890

Z

MUTUAL SAVINGS BANKS:

Comparison of returns from, in 1916-17
Depositors and deposits in, 1908-1917
Depositors and deposits in, by States, 1916-17
Deposits in, and in stocks savings banks, annually, since 1820
States in which located
NATIONAL BANK ACT (see also Amendments):
Amendments to, enacted
Amendments to, recommended

92
93
94
97
92
164
17

NATIONAL AND STATE BANK FAILURES:

Comparison of, for 20 years
2
Statistics relative to
60,72
NATIONAL BANK AND FEDERAL RESERVE NOTES (see also National bank circulation; Federal reserve
banks):
Issues, redemptions, and amount outstanding, year ended October 31,1917
15
Vault account of
15
NATIONAL BANK CIRCULATION:

Amount of, together with Federal reserve bank notes, issued, redeemed, and outstanding
82,83
Available for shipment to banks
79
Comparison of amount outstanding in November, 1916 and 1917, and quinquennially since 1897.
12
Denominations of, outstanding 1900 to 1917
80
Expenses of shipments of
81
Increase or decrease of, since 1875
79
Issue of SI
80
 and $2 notes authorized
Limitations on issue of $5 notes removed
80



INDEX.

231

NATIONAL BANK CIECULATION—Continued.

Page.

Losses incident to shipments of, adjusted
Monthly receipts of, for redemption
Outstanding, issued by banks in reserve cities and elsewhere at date of each report during the
year
Principal sources of receipts for redemption
Profit on
Redemptions of
Shipments of, during the year
Statement by months, year ended October 31,1917, of bonds on deposit, and circulation secured
by bonds and by lawful money
United States bonds available as security for
Vault account of

81
78
42
78
81
78
80
77
75
79

NATIONAL BANK CHAETEES AND LIQUIDATIONS OF NATIONAL BANKS:

Applications for charters received, approved and denied, in 1916 and 1917
Comparison of number and capital of banks chartered and liquidated in year ended October 31,
1917
Liquidation of national banks during the year
Net results of
Number and capital of associations organized and closed annually from 1863 to 1917
Number and capital of associations organized, failed, and liquidated, by States, during the year
ended October 31,1917
Number and capital of associations organized under various acts of Congress since 1900
Number and capital of banks with individual capital of less and more than $50,000 organized
since 1900
Number and classification of associations organized each month from November, 1916, to October,
1917
Number issued in each month from March, 1900, to October, 1917
State banks converted into national
Summary, by States, geographical divisions, and classes of associations organized from 1900 to
1917
NATIONAL BANK DEPOSITOES. (See Depositors in national banks.)

13
13
13
53
52
64
53
55
55
55
53
54

NATIONAL BANK EXAMINATIONS:

Increased thoroughness and efficiency of

.

28

NATIONAL BANK EXAMINEES:

Failures averted due to improved and encouraging conditions
28
Increased thoroughness and efficiency of work of
28
List of
28
Meetings of directors to be called by
28
Salaries, etc
82
NATIONAL BANK FAILUEES (see also Failures and suspensions of national banks):
Active receiverships
61
Aggregate deposits, dividends paid, estimated probable losses in each year, from July, 1881, to
June 30, 1917
66
Associations placed in charge of receivers during the year
60
Capital of all insolvent associations by years from 1881 to 1917
66
Capital of associations failed in each reserve city and elsewhere from 1881 to 1917
64
Collections from assets of
61
Condition of all insolvent national bank trusts, active and inactive
62
Cost of failures
63
Cost of, great reduction in percentage of losses by reason of
14
Deposits, dividends, and estimated losses by, in reserve cities and elsewhere in 1881 to 1 9 1 7 . . . .
64
Dividends paid to all creditors
61
Expenses of receiverships
61
Grouped according to capital stock, 1881 to 1917
68
Grouped according to capital stock, 1900 to 1917
69
Grouped according to States, 1881 to 1917
70
Number of, and capital involved, in 1916 and 1917
14
Number of, capital and gross assets of associations closed in each State during the year ended
October 31,1917
59
Percentage of losses by, to deposits in all national banks from 1881 to 1917
66
Principal causes of failures
63
Shareholders of, rebates on assessments
61
Shrinkage in proportion of losses to depositors by reason of
14
States and reserve cities in which none occurred in past 36 years
14
Trusts closed during the year
62,63
NATIONAL BANKING EESOUECES (see also Condition of national banks):
Comparison of increase in, from November 17,1916, to November 20,1917
11
of, since 1897
Growth
12
tBmm



N E W YORK. (See Clearing-house associations; Condition of national banks.)
N E W YORK CLEARING HOUSE.
NUMBER OF NATIONAL BANKS:

(See Clearing-house associations)
P&ge.

Increase in, quinquennially, sfciee 1897......
OVERDRAFTS (see also Condition of national banks):
Amendment relative to, suggested
Percentage of, diminishing
Results of efforts to eliminate, gratifying

...........
,.....•
,

12
20
38
38

PANIC:

Efficieney of new banking and currency system hss avoided,

5

PERCENTAGE OF PRINCIPAL ITEMS OF ASSETS AND LIABILITIES OF NATIONAL BANKS:

Comparative statement of, from 1907 to 1917
PIG IRON. (See Steel billets.)

„

45

POPULATION:

Principal countries of the world
,. *
.
.
122
United States in 1917
106
POSTAL SAVINGS DEPOSITS (see also Deposits in national banks; United States Postal Savings System)*
Included with time deposits in computing reserve
43
POSTAL SAVINGS SYSTEM. (See United States Postal Savings System.)
PRESIDENT:-

Emergency laws enacted intrusting, with power tofixand limit prices

.

PRICES, AND INTEREST REALIZED ON INVESTMENTS IN UNITED STATES BONDS.

bonded debt of United States.)
PRIVATE BANKS (see also Banks in the United States):
Location of, from which reports are received
Refusal of many, to report
Summary of returns from, in 191&-17

6

(See Interest-bearing

99
99
99

„

PRODUCTIVITY OF LOANS AND BOND INVESTMENTS OF NATIONAL BANKS:

Percentage of gross earnings to loans and investments in bonds, etc., by geographical divisions..

51

PROFIT ON NATIONAL BANK CIRCULATION:

Government actuary's computation of.

81

PUBLIC SECURITIES:

Decline in, led by shares and bonds of railroads
Maintenance of efficiency and credit of companies issuing
Shrinkage in, during past 12 months
PUBLIC UTILITY COMPANIES (see also Public securities):
Advance of funds to, recommended
.
Attacks upon
Attention of Congress called to condition of.
Bonds of, owned by national banks
Breaking down of, national calamity
Direct relief can be given by State commissions, municipal and local authorities
Losses sustained by investments in securities of
Maintenance of efficiency and credit of, essential
,
Percentages of additional cost of products of, from 1915 to 1917
Threatened with ruin
-

„

7
7
7
9
8
9
9
9
9
7
7
8
8

RAILROAD FREIGHT RATES:

Letter relative to

217

RAILWAY SECURITIES:

Circular issued on October 13,1917, relative to banks' investments in
Comparison of f reiglit and passenger rates with wages ^
Depression in
Depression in, owned by banks
..
Earnings realized on
Lowest level reached in past quarter of century
Surplus earnings of the people invested in

7
6
6
6
6
6
6

—

RATES FOR MONEY IN N E W YORK:

Discount rates of Federal reserve banks
.•. — .'.
•-•.-•
Range of rates for each class of loans in each month since November, 1916.

85
83

RED CROSS:

Legislation recommended authorizing national banks to contribute to

.

25

REDEMPTION OF NATIONAL BANK CIRCULATION:

Charges for
Monthly receipts
Principal sources of receipts
Retirements annually since 1875
REDISCOUNTS (see also Condition of national banks):
Amount and fluctuations of, since 1913..*.„...




.,.

*-•
-

-

81
78
78
79
50

INDEX.

233

RESERVE (see also Condition of national banks):
Page,
Amount and percentage held, together with, the amount of the excess, at date © each report
f
during the year, by banks in reserve cities and elsewhere in country, by geographical divisions 46
Forms for computation of
155,156,157
Percentage of, required on demand and time deposits
-..*....,..,.....
47
Provisions of act of June 21,1917, relating to
47
Required and held by national banks in eaoh reserve city and elsewhere at date of each report
during the year
46
RESERVE CITIES:

Number of, and additions to, during the year

..............

56

Receipts, from 1864 to 1917
...................
SAVINGS BANKS. (See also Bank failures; Foreign savings banks; Mutual savings banks; Postal
savings banks: Stock savings banks.)

82

REVENUE TO THE GOVERNMENT FROM TAX ON NATIONAL BANK CIRCULATION:

SAVINGS BANKS IN THE PRINCIPAL COUNTRIES OF THE WORLD:

Data relative to, furnished by the Bureau of Foreign and Domestic Commerce, Department of
Commerce
121
Depositors, deposits, and average deposit in each class in each of the principal countries of the
world
22
SECRETARY OF THE TREASURY:

Deposit of proceeds of sale of Liberty bonds with banks by*.Resolution directing report of State bank returns by

„...........

16
87

SHARES:

Inflated prices of products of industrial corporations expressed in market vUues
SHAREHOLDERS (see also National bank failures):
Rebate to, of insolvent national banks
Number of women and all other
« ...
,
,

4
,

.

..

61
163

SPECIE AND OTHER LAWFUL MONEY (see also Gold):

Classification of, held by national banks in June, 1916 and 1917...
,
..
41
Comparison of amount of, held by national banks in June, 1916 and 1917
41
Gold coin, gold certificates, and total cash in all banks, exclusive of Federal reserve banks
158
Imports of gold since 1914
10
STATE AND PRIVATE BANK FAILURES (see also National and State bank failures):
Number, assets, and liabilities of National, State, and private banks closed in each year, from
1892 to 1917
73
Statistics relative to number, capital, assets, liabilities, and dividends paid, 1864 to 1896, and
number, assets, and liabilities from 1897 to 1917.
72
STATE BANKING AUTHORITIES:

Legislation recommended relative to cooperation between Federal and
STATE BANKS (see also Banks in the United States):
Act of Congress requiring report of, by Comptroller of the Currency
Bonds, classified, held by.
Individual deposits in, classified
Loans, classified, held by
Number and capital of reporting

27
,

.

88
91
92
91
91

STATE BANKS CONVERTED INTO NATIONAL BANKS (see National bank charters and liquidations):

Number and capital of, by classes, effected since 1900

53

STATE BANK RETURNS:

Compilation of returns since 1832
Legislation relating to obtaining

87
87

STATE, SAVINGS, PRIVATE BANKS, AND LOANS AND TRUST COMPANIES (see also Banks in the United

States):
Consolidated returns from, for 1913 to 1917
Consolidated statement of, June 20,1917
Individual deposits in
Resources and liabilities of, by classes, June 20,1917
Summary of returns from

91
89
116
90
88

STEEL BILLETS:

Quotations for, and for iron, grain, and cotton

4

STERLING EXCHANGE:

Actual rates, bankers' bills, monthly, since November, 1916
STOCKS. (See Investment securities of national banks.)

84

STOCK SAVINGS BANKS:

Depositors and deposits in, by States, 1916-17
Depositors and deposits in mutual and, annually, since 1820
Principal items of assets and liabilities of, in 1916-17.
Not possible to obtain complete returns from
State banking departments do not separate returns from




96
97
95
94
94

234

INDEX.

SUBSCRIPTIONS TO LIBERTY LOANS (see also Liberty bonds; United States bonds):
National bank
National banks failing to make

Page.
145
152,154

SURETY BONDS:

For bank officers and employees recommended

22

TAXATION:

Exemption from State taxation on shares of national banks invested in United States bonds
recommended

24

T A X ON NATIONAL BANK CIRCULATION (see also Taxation):

Revenue to Government from
TIME DEPOSITS (see also Deposits in national banks; Condition of national banks):
Amount of, at date of each report in the past year
Reserve required on

81
44
47

TITLE AND LOCATION OF NATIONAL BANKS:

Changes of, during the year
TRAVELERS CHECKS. (See Letters of credit.)

55

TREASURER OF THE UNITED STATES:

Clearing-house transactions of the assistant, at New York

86

TREASURY OF THE UNITED STATES:

Coin and other money as assets of, 1892 to 1917
Legislation recommended for transfer of dormant deposits to

115
27

UNITED STATES A GREAT CREDITOR NATION:

Importations of gold since 1914
10
Imports and exports of merchandise in 1914 to 1917
10
Trade balance for past four years exceeds indebtedness of the United States to the rest of the
world in 1914.
10
UNITED STATES BONDS (see also Condition of national banks; Liberty bonds):
Acts authorizing first and second war loans
172-174
Amendment recommended to authorize sale of, for national banks in voluntary liquidation
22
Amount of, owned and deposited as security for circulation
38
Borrowed by national banks
.
43
Deposited by insolvent national banks to secure circulation
62
Deposits with banks of proceeds of saie of Liberty
ISO
Exemption from State taxation of national bank capital invested in, recommended
24
Federal reserve bank investments in
125
Held by banks other than national
89
Held by National and State banks
104
Investments in, by national banks, shown by reports in the past year
34
Liberty bonds
11,15,17,34,38,172,180
Profit on national bank circulation secured by
81
Subscriptions to, Liberty
15,44,145
UNITED STATES DEPOSITS (See also Condition of national banks; Deposits in national banks):
Exempted by law from reserve requirements
43
UNITED STATES POSTAL SAVINGS SYSTEM:

Deposits, withdrawals and balances, by States, June 30,1917
Deposits in, June 30,1916 and 1917
Information relative to, submitted by Third Assistant Postmaster General

120
120
119

VAULT ACCOUNT OF NATIONAL BANK AND FEDERAL RESERVE NOTES:

Statement of, on October 31,1917

15

VOLUNTARY LIQUIDATION OF. NATIONAL BANKS:

Capital and assets of associations closed during the year
Number, capital, and assets of associations closed voluntarily in each State during the year

58
59

WAGES:

Abnormal increase of, for skilled and unskilled labor

5

W A R CONDITIONS:

Banks should not take advantage of, to exact heavy interest
Disposition manifested on part of some banks to exact unwarranted interest on

9
10

W A R RELIEF PURPOSES:

Legislation recommended, authorizing national banks to subscribe to the Red Cross for

25

W A R REQUIREMENTS:

Comparison of relative cost of
Important products, in 1914,1915,1917, in relation to the amount of money in circulation

3
5

WOMEN:

Number of, as shareholders in national banks

163

WORLD:

Banking power of
Population of principal countries of




3,103
122

O


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102